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Can I transfer a company property to personal ownership?

How do you transfer a company property to personal ownership? We were recently contacted by Fred, whose company bought a residential property several years ago which he lives in. His co-directors have recommended that the property be transferred to the shareholders’ personal ownership. What are the possible tax consequences? Company-owned dwellingsHMRC aren’t keen on a […]

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Get on your bike!

Did you know that you can claim business mileage for riding your bike at work? Here is how to get fit, save tax, and protect the environment. Do you use a bike at work to go and visit customers, suppliers or your Accountant? A little know fact is that you can claim business mileage for […]

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How do I avoid Inheritance Tax on my property?

​Pass on your house free of IHT. The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. Pass on your house free of IHT The introduction of the residence nil rate band (RNRB) opens up the possibility of […]

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Can I employ a family member?

Can I employ a family member in my business? How much should I pay them? What are the pitfalls to avoid? Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly. The case in […]

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Should I pay a salary or dividends?

Dividends provide an opportunity to extract profits in a tax-efficient manner. Extracting profits as dividends Dividends provide an opportunity to extract profits in a tax-efficient manner. As a rule of thumb, it is generally tax-effective to take a salary equal to the primary and secondary threshold for National Insurance purposes or the personal allowance (set […]

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Using loan trusts to save IHT

A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust. A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust. How does it work? There […]

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Claiming tax relief for employment expenses

In most cases, employees will be able to claim back any expenses that they incur in doing their job from their employer. However, where the employer will not reimburse the employee’s expenses, there may be tax relief to be had. In most cases, employees will be able to claim back any expenses that they incur […]

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Starting a business – what profits are taxed?

An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year. An unincorporated business pays tax on what […]

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Annual investment allowance

The annual investment allowance (AIA) is a capital allowance that enables a business to write off the cost of most items of plant and machinery in full against profits in the year in which the expenditure is incurred. The annual investment allowance (AIA) is a capital allowance that enables a business to write off the […]

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​Property development – guidance on property development tax

For many, buying a property, doing it up and selling it for a profit is an attractive proposition. However, it will not always be clearcut when the line between simply investing in property and trading is crossed. From a tax perspective, the distinction is important as the tax consequences are not the same. Property development […]