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 […]
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Cash basis for landlords
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 […]
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Trading and property allowances
These £1,000 annual allowances were introduced by F(no 2)A 2017, and backdated to apply from 6 April 2017. However, the detailed guidance on exactly how each allowance works has only just been published in HMRC’s Business Income Manual (BIM) and the Property Income Manual (PIM). The trading allowance and miscellaneous income allowance (TMIA), and the […]
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 […]
We offer Private Clients Services for high networth individuals including those with property portfolios, holiday lettings, offshore funds, UK investments portfolios etc. Personal Tax Planning The service covers: Income Tax Capital Gains Tax (CGT) Inheritance Tax (IHT) Trusts Trish Daniels can assist with both UK domiciled and non domiciled individuals on the tax implications of areas including […]
We undertake Business Valuations for tax purposes and provide written reports, letters of opinion, independently review existing valuations and provide help on multiples, etc when appropriate. We prepare business valuations for a number of purposes including: Tax Covering Capital Gains Tax (CGT) including 31st March 1982 valuations for rebasing and indexation purposes, Inheritance Tax (IHT) and […]