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Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available,
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person's life are not subject to tax at the time of
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern
In the coming months we will start to see how our new government intends to change the UK tax rules to further its economic growth agenda. Whatever they decide to do, readers who presently
Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the bottom of your balance sheet. Simply put it is the value of your physical
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the
Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register. You can order: a company certificate
The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach. The seven step approach advocated is set out
The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country better off. In her first speech as
As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest majority
As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private
HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below this level can also apply for a voluntary
In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many of the foods are zero rated as a result of historical legislation dating
Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities. The
Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning is an essential part of general business planning. In some
