BUSINESS
Understanding Employment Allowance Eligibility for Small Employers
Understanding Employment Allowance Eligibility for Small Employers
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
Understanding Rent a Room Relief for B&B Income Rent a Room Relief allows homeowners to earn up to £7,500 tax-free (previously £4,250 before 2016/17) by letting out...
Farmers’ losses and tax relief
Restrictions on Claiming Tax Relief for Farming Losses Many farmers rely on tax relief for farming losses to offset profits from other income. However, a restriction applies...
Second hand schemes and VAT
Businesses selling second-hand goods, antiques, or works of art may benefit from a second-hand VAT scheme. Instead of paying VAT on the full selling price, they only account...
Dividends and personal allowances
Dividends and personal allowances are a hot topic at the moment. And why? Well, since 6 April 2016, the first £5,000 of dividend income has been taxed at 0%. However, this...
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 schemes
Salary sacrifice schemes allow employees to exchange part of their salary for a non-cash benefit that is exempt from tax or National Insurance Contributions (NICs). This...
Investors’ Relief: A Valuable CGT Break for External Investors
Introduced in the Finance Bill 2016, investors’ relief provides a capital gains tax (CGT) break for external investors subscribing for shares in unquoted companies. This...
Farmers’ averaging rules – changes for 2016/17 onwards
Farming profits can fluctuate significantly due to factors like weather, market conditions, and supply chain issues. To ease tax burdens, HMRC allows farmers to average their...
Borrowing money tax free from your limited company
Remember that if you borrow up to £10,000 there is no benefit in kind. However the company has to pay 32.5% of the value of the loan to HMRC if the loan is still outstanding...