Latest blogs for Specialisms

With only just under 6 months until the 2019/2020 ATED return filing deadline of 30th April 2019. It may be an appropriate time to consider whether your limited company may be obliged to submit an ATED return. The annual tax on enveloped dwellings (ATED) applies to companies which own an interest in a residential property…

A gain on sale of residential property is chargeable to capital gains tax (CGT) as follows: 18% to the extent that the gain falls within the basic rate band 28% thereafter An annual exemption is available if not utilised elsewhere (currently £11,700, rising to £12,000 in the 2019/20 tax year). Principal Private Residence Relief (PPR)…

During the Autumn Budget on 29th October 2019, it was announced that the small trading tax exemption limits for Charities is set to increase.   The exemptions apply to Charities who trade outside of their primary purpose. A Charity will not pay tax on trading profits that are a part of the Charity’s primary purpose…

Following the budget on 29th October 2018, the Gift Aid Small Donations Scheme limit has been increased to donations of £30 or less from 6 April 2019. The scheme was introduced for Charities who accept small donations to still claim for Gift Aid despite not collecting the usual declaration paperwork from the donor. This has…

Observers of recent Budgets will have noticed that the Chancellor has made several references to “EIS Knowledge Intensive Funds”, as a new initiative to help finance growth in innovative firms. He has even invented a new phrase to describe this type of funding: ‘Patient Capital’. The initial March 2018 Consultation Paper has now closed for…

A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January…

HMRC has issued a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to: think about how they will need to adapt their business to comply with new systems, processes and controls assess the impact of the increased demand for customs declarations on their business consider whether…

It is common practice for a trading subsidiary company to pay their profits to their charitable parent as a donation under gift aid. This is tax efficient for the subsidiary company, as the profits that have been donated are treated as a donation expense and therefore there is no corporation tax due if paid within…

The government has announced an increase in the Annual Investment Allowance (AIA) to £1 million in relation to qualifying expenditure incurred from 1 January 2019. Since 1 January 2016 the AIA limit has been £200,000.  It may be worth deferring planned significant capital expenditure as, I am sure you will agree, the additional £800,000 relief…

The Autumn Budget 2018 confirmed that many private sector contractors will no longer be responsible for deciding if they are caught by the IR35 rules. Engagers who are medium or large organisations will now decide the IR35 status of the PSCs they contract with. What will constitute a medium or large organisation? It is not…