Budget 2017 – highlights and (more) lowlights!

Here is a summary of all the Budget 2017 proposals affecting mainly small and mediums sized businesses and private clients: Corporation tax: Offshore property developers: all profits arising on or after 8 March 2017 from trading in and developing land in the UK will be taxed in the UK. Substantial

VAT – Limited Cost Traders

At the start of 21st century it dawned on the then generous Commissioners (HMRC) that VAT was a subject too complicated for small businesses (with turnover up to £150,000) to be spending their business time on. So, they inserted a new Part VIIA into the Value Added Tax Regulations1995 introducing

UK Company Laws

Companies’ legislation in the UK comprises both primary and secondary legislation. The primary legislation is made up of Acts of Parliament and comprises the following Acts when it comes to Companies’ legislation: Acts of Parliament Companies Act 2006 Company Directors’ Disqualification Act 1986 Partnership Act 1890 Limited Liability Partnerships Act

Annual Tax on Enveloped Dwellings (ATED)

ATED is a tax (s.94 Finance Act 2013) charged on ‘non-natural persons’ (a company, a partnership with a company member, or a collective investment scheme) that hold an interest in one or more UK residential dwelling(s) known as (a ‘single-dwelling interest’) and where that single dwelling interest is worth a

Summer Budget 2015 – Key Tax Changes

Here are some of the key changes proposed in the 2015 summer budget: • Personal allowance: the income tax personal allowance will be increased from £10,600 in 2015-16 to £11,000 in 2016-17, and to £11,200 from 2017-18. • Higher rate threshold will be increased from £42,385 in 2015-16 to £43,000

Sole Trader v Private Limited Company

Historically, businesses would set out as sole traders and would then ‘graduate’ to limited companies as growth graphs climbed. Until not too long ago, the limited company was perceived by creditors and investors to be a more ‘credible’ structure than the sole trader one. However, the ‘contractors’ revolution of the

LLP taxation – disguised employment

An LLP is normally regarded as transparent for tax purposes and each member is assessed to tax on his/her share of the LLP’s income or gains as if s/he was a member of a general partnership governed by the Partnership Act 1890. Specifically s. 863 of the Income Tax (Trading

Now £2,000 off the employers’ NIC

Employment Allowance 2014 The finance bill for 2014 includes a National Insurance Contributions Bill 2014. The bill has introduced Employment Allowance that can be claimed by eligible employers from 6 April 2014. If eligible, an employer can reduce Class 1 NICs by up to £2,000 each tax year. The Employment

Tax changes 2014 – Autumn Statement

Business taxes: A new social investment tax relief for investments in social enterprise to begin in April 2014. Investment in Social Impact Bonds will also be eligible, subject to consultation. A new limited corporation tax relief for commercial theatre productions and a targeted relief for theatres investing in new writings