Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that gives rise to neither a gain nor a loss. The transferee spouse/civil partner effectively takes on the transferor’s base cost. This can be very useful…
Continue Reading
If you’re an employer who is looking to provide job placements for young people, then the Governments Kickstart Scheme is a great way to take on young people with the help of significant funding. The Government are providing funding to create jobs. Who can apply for the Kickstart Scheme funding?…
Continue Reading
From 1 August 2021 until the scheme ends, the Government’s grant reduced a final time to 60% of furloughed employees’ wages for their unworked hours at a cap of £1,875. Your client has needed to contribute 20% to staff wages up to £625 and this will remain the same until…
Continue Reading
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme, and to provide those whose finances were…
Continue Reading
Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an individual who is a participator or an associate of a participator, a tax charge of 32.5% is payable by the company should that loan remain outstanding nine months after the…
Continue Reading
What happens if your business is ‘chosen’ for an HMRC enquiry? HMRC has the power to enquire into any return and request any information to establish whether that return is correct. No reasons need be given and invariably will not be disclosed. What happens if your business is ‘chosen’ for…
Continue Reading