While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.
When making the claim, the claimant will also have to confirm that their business was adversely affected by Coronavirus on or after 14 July 2020.
Currently, the annual ISA allowance enables individuals to save up to £20,000 a year tax-free. This means that there is scope for a couple to save £40,000 a year between them. Junior ISAs also enable tax-free savings for children under the age of 18 years.
Where the PPE is required for the employee to perform the duties of their employment, the employer should provide this. Consequently, the issue of the employee meeting the cost of necessary PPE should not arise. In their guidance, HMRC state that employees are not entitled to tax relief on the expense of providing PPE needed to undertake their role.
Where transactions are linked, it is necessary to look at the whole picture – the buyer pays SDLT by reference to the total value of all the linked transactions rather than separately on the value of each individual transaction.
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