Sell your shares to your spouse to save tax

Giving a share of your business to your spouse can reduce the tax bill on its profits. Alternatively, you could sell part of the business to them which can save even more tax. How’s it done? Family (tax) planning Owning your company jointly with your spouse, rather than on your own, is standard planning where […]

Working from home – what’s the tax position when you sell?

You switched from working in the office to working at home a while ago. You’ve heard that this can result in a tax bill if you move home, is that the case? Do your homework Working from home is increasingly commonplace and misunderstandings about the capital gains tax (CGT) and VAT consequences when you sell […]

The ins and outs of reclaiming pre-registration VAT

Pre registration VAT

  The rules regarding pre-registration VAT have always been a source of confusion. HMRC’s tinkering of its own internal guidance has made matters worse. What do you need to know to ensure you reclaim all that you’re entitled to? HMRC’s guidance HMRC’s guidance manuals are supposed to provide in-depth information about the tax rules, primarily […]

What’s the right way to treat entertainment costs for tax purposes?

Tax treatment for entertainment

  Special tax rules block relief for business entertainment costs. However, the rules can be applied in different ways. What are the dos and don’ts? Business entertainment As you probably know, both income and corporation taxes rules block businesses from claiming a deduction from profits for expenses they incur on entertainment, such as taking customers […]

What’s the personal financial risk of failing the IR35 test?

Rules effective from April 2017 and April 2021 shifted the responsibility for deciding if IR35 applies to a contract from the worker to the client, but not in all cases. Many workers must still make the decision. What might be the consequences of getting it wrong? Old IR35 rules In 2019 First-tier Tribunal (FTT) ruled […]

When is the right time to opt to tax a property?

The right time to opt to tax a property and whether you apply VAT to land and buildings that you own can be an important factor in your business tax planning. What are the key factors you should take into account before you “opt to tax”? Buildings – capital goods scheme If you spend £250,000 […]

Why Should You Set up a Limited Company?

Why Should You Set up a Limited Company? And why it is better than Self-employment? Limited personal liability One of the most beneficial advantages of forming your own company is the limited liability protection. This means that if your company run into any problem, your own personal assets are secure. This is because a limited […]

The EU General Date Protection Regulation (GDPR): Is your business ready?

The GDPR comes into effect on 25 May 2018, the new regulations apply to all businesses who hold or process personal data, which will impact organisations worldwide. No matter what the size or location of your business you will need to comply with the new requirement as long as you handle personal data of European […]