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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Relief for losses in the early years of a trade
Relief for losses in the early years of a trade It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the ...
Making a negligible value claim
Making a negligible value claim Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. This claim can be made either o...
Personal and family companies – Optimal salary for 2021/22
Personal and family companies – Optimal salary for 2021/22 A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employmen...
Statutory payment changes from April 2021
Statutory payments from April 2021 By law, there are various statutory payments that an employer must make to an employee while the employee is absent from work. This can arise from the birth, adoption or death of a child. The employer must pay employees who meet the qua...
Making tax-free payments to employees working from home
Making tax-free payments to employees working from home As a result of the Coronavirus (COVID-19) pandemic, many workers have been forced into working from home. While working from home saves the costs of commuting to the workplace and perhaps allows workers to adopt a mor...
Giving money to charity to save inheritance tax
Giving money to charity to save inheritance tax One way to reduce the amount that the taxman takes from an estate in inheritance tax is to make a donation to charity. This is can be particularly tax effective. The donation is taken off your estate before inheritance tax is...
The Budget 2020 Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...
Changing a will after death As long as certain conditions are met, it is possible to change a will after death. This is known as a post-death variation, and it can be a useful tax planning tool. A post-death variation can be made to: ...
Annual investment allowance or writing down allowance?
Annual investment allowance or writing down allowance? The way in which relief for capital expenditure is given depends on the way in which the accounts are prepared. For companies, sole traders and partnerships not eligible to use the cash basis, accounts must be prepar...
What to do if you need to change your tax return
What to do if you need to change your tax return You made it and filed your self-assessment tax return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. ...
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