Category: Our Blog

Selling the Buy to Let property at a loss
Articles

Selling the Buy to Let property at a loss

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.

Extracting income family company
Articles

Extracting income from a family company with no retained profits

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.

Claiming the second grant SEISS
Articles

Claiming the second grant SEISS

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.

Paying for School Fees
Articles

Paying for School Fees

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.

Tax implications Personal Protective Equipment
Articles

Tax implications Personal Protective Equipment

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.

SDLT Linked Transactions
Articles

SDLT Linked Transactions

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.

Winding up business
Articles

Winding up Business

The decision of how and when to cease a business is usually prompted by a combination of three main factors – market conditions, market forces, and life changes.

Bonus for retaining staff when CJRS comes to an end
Articles

Bonus for CJRS comes to an end

When the scheme comes to an end, employers will need to assess their staffing requirements and decide whether they can bring furloughed employees back to work.

Stamp Duty on Share Transactions
Articles

Stamp Duty on Share Transactions

Stamp duty is referred to as an ad valorem tax – meaning it is payable in proportion to the estimated value of goods or transaction concerned.

ER but not as we know it
Articles

ER but not as we know it

The investor can also elect to postpone paying tax on that gain until they come to sell the shares. This is usually done via the self-assessment tax return. If the company stops being a trading company, ER can still be claimed if the shares are sold within three years.