There are three circumstances when you may not have to pay capital gains tax (CGT) on a gift. They are: It the taxable value of the gift is below the CGT annual tax-free allowance of £12,300. Gifts to your spouse or civil partner, or Gifts to charities. Gifts to your spouse or civil partner You […]
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As we approach the beginning of the next fiscal year, from April 2022 to March 2023, what options do you have to rethink your planning options for your personal and business finances? The list that follows is not exhaustive, but it does outline some of the opportunities you have to reconsider your options. Personal finances […]
Since January 2021, large companies have been requested to sign up to a government initiative that requires them to set out how effective they are at settling supplier payments. This information can be a critical factor if you are a small company supplying goods or services to a larger concern and cannot afford to wait […]
The following press release issued by the Charity Commission sets out how to ensure your donations reach those affected by the invasion of Ukraine. “The Charity Commission and Fundraising Regulator have urged the public to ‘give safely’ to registered charities as people make generous donations to causes helping to support and protect people affected by […]
Many of us have chosen to donate to relief organisations in the past week as the plight of displaced persons in Ukraine continues to dominate the news. The following notes explain how you can claim for tax relief on these, and any other charitable donations made this tax year. Giving from your personal funds Donations […]
High street retailers will be interested in the recent publication of an early-stage consultation that explores the argument for and against an Online Sales Tax. It is argued by the retail sector that business rates discriminate against the high street. The idea is to use any revenue from this tax to fund reductions in business […]
HMRC recently published a reminder targeted at married couples with an unused personal tax allowance. They said: Marriage Allowance allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer. Eligible […]
Now that the majority of COVID-19 restrictions are being eased, or removed completely, can we assume that normality can return in place of the unremitting uncertainty of the past two years? Whilst this may seem to be a welcome prospect, business owners badly affected by this disruption will have two issues holding them back: A […]
You and each member of your family is entitled to make tax-free capital gains of up to £12,300 in the 2021-22 tax year. If you have made no disposals that would trigger a capital gain in 2021-22, consider the following: If you have assets, shares for example, that you are thinking of selling, you may […]
You usually need the agreement of your company’s directors and shareholders to close a limited company. The way you close the company depends on whether or not it can pay its bills. If the company can pay its bills (it is ‘solvent’) You can either: apply to get the company struck off the Register of […]