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The impact of the Coronavirus Pandemic (Covid-19) There is no doubt that the current trading environment continues to place considerable pressure on businesses. We have a number of clients, that are concerned about the impact on their businesses and the knock-on effect on assets, e.g. property, that they hold. Their concern is clear, if the […]
All three of the main Political Parties included a commitment in their pre 2019 General Election manifestos to either abolish or “review and reform” entrepreneurs’ relief (ER). This sounds like the death knell for ER to apply to the proceeds from company liquidation. There may be opportunities to take advantage of Entrepreneurs’ relief now to […]
FA 2019, Schedule 16 has introduced four changes to entrepreneurs’ relief (ER). The new conditions for an individual’s shareholding in their personal company to qualify for ER took effect from 28 October 2018. The three other changes to ER take effect for disposals made after 5 April 2019. Qualification period For disposals after 5 April […]
A voluntary form of cash basis accounting was introduced from 6 April 2013, but only for unincorporated trading businesses with turnover under the VAT threshold. Until 6 April 2017 landlords were required to use accruals accounting for property income. From 6 April 2017 the tables are turned as smaller unincorporated property businesses are required to […]
There is now huge pressure on indebted landlords to incorporate their property businesses, to avoid the restriction on the deduction of interest and other finance charges which has applied since 6 April 2017. Where an actively-managed property portfolio is transferred to a company the gains arising maybe rolled into the value of the shares received, […]
Income arising from investment in property portfolios by sole traders or partnerships face an increasing tax burden because of the interest relief restriction. We advise on the options available including mitigation of capital gains tax and IHT. changes in deductibility of interest costs for Sole Traders, Partnerships and LLPs that came into play in April […]
Stephen Burwood Chartered Tax Adviser and Cert IoD Led by Stephen Burwood, the PTS team keep abreast of the many and regular changes to tax legislation, case law decisions and valuation standards in order to understand the latest strategies to maximise value for our clients. Stephen is recognised in the tax world as an expert […]