An Introduction to the Badges of Trade — What They Mean for You Understanding whether your activities are a “trade” — and not just a hobby or investment — is vital for UK tax and accounting purposes. The key tests HMRC uses to make this determination are called the...
Business property relief – what it means and why it matters When it comes to passing on a business, the relief known as business property relief (BPR) can make a substantial difference to your inheritance tax (IHT) position and lifetime gifting strategy. Whether...
Local accountants and tax advisers, Trueman Brown, advise local businesses that the actual cost of using of their private vehicles for business purposes may no longer be covered by approved mileage allowances rates. Where an employee uses their own vehicle for...
Local accountants and tax advisers, Trueman Brown, warn local businesses that the occurrence of bad debt will increase with the forthcoming cost of living crisis. Bad debts are a fact of business life, and most businesses will suffer a bad debt from time to time. This...
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