Do you own worthless shares? – Negligible Value Claim

2 min readIf you hold shares in a company that have become of negligible value, even if you have not yet disposed of them, it is possible to make a negligible value claim and potentially reduce your tax liability. If such a claim is made, you will be treated as if you have sold the shares and …

Transfer a Property to Children via a Trust

2 min readThere are a number of reasons that you may wish to gift an investment property to a trust rather than directly to your children. The two most common are Asset Protection and Capital Gains Tax. From a tax perspective, it is important that neither you, your spouse nor any minor children are able to benefit …

Your Guide to Furnished Holiday Lettings

2 min readMuch of the country is holidaying in the UK due to the current uncertainty around foreign travel, which has led to increased rents for UK furnished holiday lets (FHL). This article looks at the tax benefits of investing in such properties. What is a Furnished Holiday Let? In order to qualify a property should be …

Employee Ownership Trusts

3 min readEmployee Ownership Trusts (“EOT”) were first introduced in 2014 to facilitate more businesses being wholly or partly owned by employees. There are some generous tax breaks on offer to encourage business owners to consider the EOT model. What actually is an EOT? A trust is set up which will hold all or some of the …

Selling Part of your Garden

2 min readPressure on local authorities to increase the housing stock in the UK has meant that more and more home owners have had success in obtaining planning permission and selling part of their garden to a developer or developing the land themselves. The tax implications of such transactions are not straight forward. One needs to consider …

VAT Deferred Period – HMRC VAT Direct Debits

1 min readThe VAT payment deferral period, which was introduced as a measure to ease financial pressure on businesses during the COVID-19 pandemic, ends on 30 June 2020.  Any liabilities that fall due on or after 1 July 2020 should be paid in full by the due date, unless there is a time to pay arrangement in …

COVID-19 Business Support Measures Update

2 min readThe Government have recently issued further guidance on two of the support packages available to businesses affected by COVID-19. Coronavirus Job Retention Scheme (“CJRS”) The updated guidance on the CJRS sets out the procedures following the changes that come into force on 1 July 2020.  The major change on 1 July will be that employers …

A welcome delay to the introduction of the VAT Domestic Reverse Charge

1 min readHMRC have announced a five month delay to the introduction of the VAT Domestic Reverse Charge.  The significant changes to how VAT is applied to services in the construction industry will now not come into force until 1 March 2021.  The delay will no doubt be a relief for many construction businesses who are already …

Covid-19: The tax implications of working from home

2 min readEmployees who work from home due to measures to control the coronavirus pandemic are covered by home-working expenses rules, HMRC has confirmed. Many of us are now working from home as offices are closed during the COVID-19 pandemic. This can mean additional expenditure for both employers and employees. What tax reliefs are available? Employer Reimbursed …

Why Consider a Bounce Bank Loan

2 min readIn an attempt to help businesses that were unable to access funds through the Coronavirus Business Interruption Loans (CBILS), the treasury recently announced the Bounce Back Loan Scheme (BBLS). The terms of these loans have now been confirmed as follows: Loans range from £2,000 up to 25% of a business’ turnover to a maximum of …

Self Employment Income Support Scheme

1 min readHM Revenue & Customs have today released a guide detailing how it will assess eligibility for the Self Employment Income Support Scheme for sole trader businesses that have been affected by COVID-19. The guide sets out how the profits will be calculated, on which the grant will be based.  There are no real surprises, although …

Information Commissioner’s Office (ICO)

2 min readThousands of small-business owners and landlords say they are confused by Information Commissioners Office (ICO) letters demanding a fee to ensure the protection of their customers’ and tenants’ personal information. The Information Commissioner’s Office (ICO) upholds information rights in the public interest, promoting openness by public bodies and data privacy for individuals. ICO is an …