Tag: Tax relief

Relief for Trading Losses
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Relief for Trading Losses

If the individual does not have sufficient income in the current or previous tax year, but has a capital gain, the relief can be set extended to capital gains (net of capital losses but before the annual exempt amount).

Dealing with Finance Costs
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Dealing with Finance Costs

It should be noted that it is only the interest and other finance costs which qualifies for relief – no relief is available for any capital repayments which may be made.

Seed Enterprise Investment Scheme
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Seed Enterprise Investment Scheme – SEIS

In one single tax year, investors have the ability to invest a maximum of £100,000. However, this can be spread over several companies. They must also not own a controlling stake in any of the businesses that they choose to invest in.

Tax Relief Research and Development
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Tax Relief Research and Development – Qualifying

Qualifying advances involve those projects where overall knowledge or capability is extended. It also involves the creation of a process, material, device, product or service which also helps to improve the knowledge or capability.

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The Patent Box

Not all income qualifies for the Patent Box scheme. In order to be considered eligible for the effective Corporation tax rate of 10%, the income will need to come from the sale of patented items or those that include a patent which could be the sale of spare parts.

Capital Allowances on Properties
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Capital Allowances on Properties

Anyone who has owns a property, regardless of whether it is a freehold property or a leasehold property or even as a tenant and is susceptible to capital expenditures through either acquiring the property, developing it from new or refurbishing the property will be able to claim capital allowances.

Tax Relief Business Related Loans
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Tax Relief Business Related Loans

One of the main qualifying conditions for the deduction is that the interest must be paid wholly and exclusively for the purposes of the business and at a reasonable rate of interest. Tax relief is only available on interest payments – the repayment of the capital element of a loan is never tax-deductible.

Tax Relief for Charitable Donations
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Tax Relief for Charitable Donations

Donors who pay tax at the higher or additional rate of tax are able to claim relief of the difference between the higher or additional rate and the basic rate through their self-assessment returns.

Faster Tax Relief Capital Expenditure
HMRC

Faster Tax Relief Capital Expenditure

Where a business spends more than the annual AIA limit, any additional qualifying expenditure will still attract relief under the normal capital allowances regime, but this will result in relief being spread over several years, rather than in one go.