Capital Gains Tax

2 min readPreviously, 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 …

Business Asset Disposal relief (Previously known as Entrepreneur’s Relief)

2 min readBusiness Asset Disposal Relief, is available for those in business, which may reduce the tax rate on the first £1 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. BADR …

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 Business Asset Disposal Relief (BADR) you may still be able to take advantage of the ow 10% rate of tax through IR. Business Asset Disposal Relief (BADR) has been extended to external investors (other than certain employees or officers of the company) in unlisted trading companies. To qualify …

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 …

Self Assessment Tips and Advice

4 min readSelf assessment tax returns can be complicated, with many tax payers struggling to complete these correctly. A recent study found that 735,258 tax returns in January 2019 were submitted less than 24 hours before the self-assessment filing deadline at midnight 31st January 2019. Legislation changes frequently, meaning that taxpayers risk paying too much tax and/or …

Top Three Accountants in Maidstone

1 min readLoucas have been awarded one of the Top Three Best Rated Accountants in Maidstone, Kent for the last three consecutive years 2020, 2019 and 2018. Using a 50-point inspection, The Three Best Rated team based the Top Three Accountants award on reputation, history, value for money and reviews from clients. The Best Three Rated team …

Can you claim vat back on your staff Christmas party?

2 min readWith Christmas fast approaching many Company Directors want to thank and reward their staff for their hard work. For limited companies, there are certain tax benefits on staff annual and Christmas parties and giving gifts to employees. Tax free staff Annual and Christmas parties For any annual event, be it a summer BBQ or Christmas …