Employers are able to claim an employment allowance which reduces the amount of secondary employer’s NIC that they pay. For 2015/16 the allowance is set at ... Continue Reading
The capital gains tax rules on gifts between spouses as being at ‘no gain/no loss’ apply until the end of the tax year of separation. Ideally therefore, ... Continue Reading
The success of the business may rest on one individual and insurance (key man insurance) may be taken out to protect against loss of profits resulting from the death, ... Continue Reading
Under real time information (RTI) employers must report details of pay and deductions to HMRC by means of a full payment submission (FPS) ‘on or before’ ... Continue Reading
A property deal is termed as being made at ‘arm's length’ if it is a normal commercial transaction between two or more persons. A transaction not likely ... Continue Reading
A company can only pay a dividend if there are sufficient retained profits from which to pay the dividend. There are no such restrictions on the payment of a salary.Salary ... Continue Reading
Hefty penalties apply to people who fail to file their Tax Return on time and you could pay as much as £1,300 in penalties if you file your Tax Return six ... Continue Reading
Losses from a property business are calculated in the same way as losses from a trade. Losses made on the same type of property are automatically offset against ... Continue Reading
Regardless of whether you are running your business as a sole trader, a company or a partnership, you need to tell HMRC.If you are a sole trader or an individual ... Continue Reading
If you own an asset that has become worthless you can make a claim to treat the asset as if you had sold it and immediately reacquired it at the time of the claim ... Continue Reading
