BUSINESS
Entrepreneur’s relief and resignation
If you are going to resign make sure it is after you have disposed of your shares and not before. You need to be a director or employee in the twelve months before.
Clarification regarding the employment allowance (for NIC)
To qualify for the employment allowance small employers must have at least one other employee, other than the director, who is paid at a rate of at least the secondary...
EIS, SEIS and now investors’ relief!
The aim of investors’ relief is to attract new investment into unlisted companies. The legislation is still not final but amendments have been made to extend the relief to...
Rent a room relief and bed and breakfast income
Rent a room relief (£4,250 to 15/16; £7,500 from 16/17) can be claimed against bed and breakfast income, even though this type of letting activity amounts to a trade. So if...
Farmers’ losses
There is a restriction which prevents relief for farming losses being claimed against other income if a loss results for tax purposes for more than five years in a row. What...
Second hand schemes and VAT
Although a business might be able to take advantage of a second hand scheme in order to only account for VAT on the ‘margin’; when it comes to looking at what the measure for...
Dividends and personal allowances
Although from 6 April 2016 the first £5,000 of dividend income is taxed at 0% it can affect the rate of tax payable on other income as it is still taxable income. So if you...
SEIS investments
Another reminder! To be eligible to raise funds under SEIS the company’s gross assets must be valued at no more than £200,000, and it must not have more than 25 full-time...
Transfer of a going concern (VAT)
If a business is transferred from one type of legal entity to another the turnover of the old legal entity must be taken into account when determining whether VAT registration...
Salary sacrifice
Salary sacrifice schemes are used to save employers and employees tax and national insurance. An employee gives up some of their salary in exchange for a benefit in kind or...
Investors’ relief (CGT break)
Introduced in the Finance Bill 2016, this allows external investors to subscribe for shares in an unquoted company and provided the company is qualifying and the shares held...
Farmers (and market gardeners) averaging – changes for 2016/17 onwards
For a long time HMRC have recognised that farming profits can be affected by a lot of factors, including the weather and therefore to smooth out the rate of tax payable they...