Supporting businesses impacted by COVID-19

2 min readIn an interconnected global economy, the new coronavirus (also known as COVID-19) is affecting UK businesses and their operations. It has resulted in restrictions on travel and public gatherings, as well as supply chain disruptions and market uncertainty. We share some practical steps you can take to help manage the impact of COVID-19 on your …

Budget Highlights

2 min readChancellor Rishi Sunak unveiled his first budget on 11 March 2020. Our summary focuses on the range of tax and financial measures which may affect you. Entrepreneurs’ relief lifetime allowance reduced to £1m It had been widely reported that the chancellor would abolish the generous relief where gains on certain qualifying shares and business assets …

Should I buy an electric car?

3 min readThe electric car market is growing quickly, with almost 265,000 models on UK roads (December 2019). If you are thinking of making a change to your car, you now have more choice than you would have last time you went car shopping. Options such as petrol and diesel have been expanded to include hybrid and …

Capital Gains Tax

2 min readCurrently disposals of UK residential properties are reported and any capital gains tax (CGT) calculated through your Self-assessment Tax Return.  The tax is therefore due for payment on the 31st January following the tax year of disposal. What is changing? This will all change for disposals of UK residential property after 6th April 2020 (the …

HMRC delays the introduction of off-payroll rules to the private sector

3 min readThe reforms will shift the responsibility for assessing employment status to the organisations employing individuals. The rules would have applied to contractors working for medium and large organisations in the private sector, and were due to come into effect on 6 April. Steve Barclay, Chief Secretary to the Treasury, stressed that the introduction of the …

Entrepreneurs’ Relief

2 min readEntrepreneurs’ Relief, is available for those in business, which may reduce the tax rate on the first £10 million of qualifying lifetime gains to 10%. This is targeted at working directors and employees who own at least 5% of the ordinary share capital of the company and the owners of unincorporated businesses. From 6 April …

Selling a business

8 min readSelling a business is often the culmination of years of work. It can be a difficult, emotional and time-consuming task. It is not something that many managers or owners do more than once. You have to get it right first time. This briefing outlines: The advice you will need. Grooming the business for sale. The …

Investors’ Relief (IR)

1 min readIf you do not meet the criteria for Entrepreneurs’ Relief you may still be able to take advantage of the ow 10% rate of tax. Entrepreneurs’ Relief has been extended to external investors (other than certain employees or officers of the company) in unlisted trading companies. To qualify for the 10% CGT rate under ‘investors’ relief’ …

The construction industry and VAT: analysing the changes

6 min readThe VAT domestic reverse charge for building and construction services comes into effect from 1 October 2019. Given the scale of the changes, it would be appropriate for businesses to plan for the reverse charge now. The reverse charge: an overview The reverse charge represents part of a government clamp-down on VAT fraud. Large amounts …

End of Year Tax Planning Tips

3 min readWith less than a month left of the current tax year, it is time to consider end of year tax planning opportunities. Pension and Gift Aid contributions Pension contributions and gift aid contributions made prior to the end of the tax year can help mitigate your tax liabilities – even more so when your income …