There are special rules which can apply to farmers and market gardeners that prepare their accounts on accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses
Farming – using the herd basis
read more
blog
Company Share Option Plans
There are a number of government approved share schemes which offer tax advantages to employees. One of these schemes is known as the Company Share Option Plans (CSOP). Under a CSOP, employees do not
Overdrawn director’s loan account
An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for
CGT Rollover Relief
Business Asset Rollover Relief, usually referred to as ‘rollover relief’, is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of
IHT Business Relief
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died. One of these reliefs is known as IHT Business Relief and
Incorporation relief
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business
Retaining tax return records
There are no set rules for the way in which you keep your tax records, but they are usually evidenced on paper, digitally or as part of a software program.
If you are keeping records used to complete
Help for Households campaign
The new Chancellor, Nadhim Zahawi, has visited a school holiday club in London where he committed to continuing to help families with increases in the cost of living. The visit shone a light on the
Claiming Employment Allowance
The Employment Allowance reduces an employer’s NIC liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers or eliminates their total Class 1 NIC bill.
Overseas seller VAT check
Since 2018, online marketplaces (such as eBay or Amazon) have been required to help tackle online VAT fraud. These measures, known as joint and several liability (JSL) for marketplaces aim to ensure
VAT Flat Rate Scheme
The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is
Contacting HMRC by email
HMRC has published a new guidance titled ‘Corresponding with HMRC by email’. The guidance was published on 9 August 2022 and explains some of the risk factors associated with contacting HMRC in this
Employee ownership and involvement
There are many ways that employees can own a stake in their employer’s company. However, employee ownership usually refers to a situation where all employees of a business have a ‘significant and
Definitions of connected persons
The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons” for Capital Gains Tax
VAT and food supplies
HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
