The following notes are not intended to be a comprehensive narrative on all of the Budget announcements, rather a summary of the items that we believe may be of value to clients. Please do let us know if you require any clarification or if there are any items that you feel we may have overlooked.…
Procedures for a company that has ceased to trade If your company has ceased to trade, you can apply to get it struck off the Companies House Register if the following conditions are met by the company: It has not traded or sold off any stock in the last 3 months It has not changed…
Increase to The National Minimum Wage Rates The Government has announced that the national minimum wage rates are increasing in April this year. Please see https://www.gov.uk/government/news/government-announces-pay-rise-for-28-million-people for further details. Do contact us if you require any further clarification or advice.
Company Pre and Post Year-End Planning Notes As your company approaches its year-end, you should bear in mind that the profit declared in the final accounts will be liable to Corporation Tax (currently at a rate of 19%) payable 9 months after the end of the year. There are certain items that you should perhaps…
CHANGES TO CAPITAL GAINS TAX ON SALE OF RESIDENTIAL PROPERTIES There are three major changes to the way that Individuals are taxed on capital gains arising on the disposal of ‘buy to let’ & ‘second home’ residential properties, coming into effect from the 6th April this year. DATE OF PAYMENT From the 6th April…
Expense claims for the self-employed You can claim tax back on some of the costs of running your business, or what HMRC calls ‘allowable expenses’. These appear as costs in your business accounts and will be deducted from the profit that you pay tax on. In other words, expenses can reduce the average sole trader…