Tax issues on transferring shares to family – succession
Aveley Accountants, Trueman Brown, have some advice for businessman about .to retire and transfer their business to a relative. Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved....
Completing a VAT invoice – what entries are required?
Essex Accountants, Trueman Brown, advise traders that they require a valid VAT invoice to claim Input VAT.. When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time of ordering or after...
Dividend Traps
Essex Accountants, Trueman Brown, advise that a shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan'). However, there are set rules that need followed with regard to dividends and it is...
Different ways of deferring CGT by selling or gifting a business asset
Essex Accountants, Trueman Brown, advise businesses how they can defer a capital gains tax liability. Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of 'business assets' by a trader...
Increasing the normal minimum pension age
Upminster Accountants, Trueman Brown, advise client's that a recent change to pension will lead to a change in retirement planning. The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an...
New reduced rate of VAT for hospitality and leisure
Hornchurch Accountants, Trueman Brown, advise businesses in the hospitality sector that a new reduced rate of VAT of 12.5% applies from 1 October 2021 until 31 March 2022 The hospitality and leisure industry were particularly hard hit by the effects of the Covid-19...
Electric charging points – Is there a tax liability?
Romford Accountants, Trueman Brown, advise employers whether a tax charge arises if employers provide employees with a charging point to enable employees to charge their own electric vehicles at work. As part of the Government’s push to encourage drivers to ‘go...
Furnished holiday lettings and business asset rollover relief
Upminster Accountants, Trueman Brown, advise clients that a big plus of furnished holiday lettings is the availability of business asset rollover relief on the sale of the property. Furnished holiday lettings have a number of tax advantages compared to standard...
Making use of a spouse’s allowable losses
Essex Accountants, Trueman Brown, advise married couples about a special rule to transfer capital gains tax losses from one spouse to the other.. Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets...
Tax and NIC implications of private bills being paid for by a company
Upminster Accountants, Trueman Brown, advise companies that pay their employees private bills that there are thngs that they should be aware of. Working from home during the Coronavirus pandemic created a range of tax issues, not least where private bills, such as for...