Beware of the higher section 455 charge!
Directors and shareholders in close companies are often able to influence the payments that are made to them. Broadly, a close company is one that is controlled by five or fewer shareholders. Personal companies and most family companies are close.in a close company,...
Badges of Trade Explained | South Ockendon Accountants
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...
Common Pitfalls of Business Property Relief Explained Clearly
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...
Mileage allowances above approved rates?
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...
Getting tax relief on bad debts!
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...
Family Business Succession Tax Planning | Trueman Brown
Tax Issues in Family Business Succession Advice on family business succession tax planning from Trueman Brown If you’re considering stepping back from your business and handing it over to the next generation, careful family business succession tax planning is...
VAT invoice – what entries are required?
Local accountants and tax advisers, 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...
Dividend Traps for Directors | 2025/26 UK Tax Guide
Dividend Traps for Directors – What Company Directors Must Know As a company director, understanding dividend traps for directors is crucial. Drawing a dividend sounds straightforward, but mis-timing it, mis-calculating it or ignoring the legal and tax rules can...
Capital Gains Tax Deferment: 2025/26 Expert UK Guide
Capital gains tax deferment: what it is and how it can help you When you dispose of business-assets in the UK you may face a charge to Capital Gains Tax (CGT). But by claiming one of the special reliefs you may obtain capital gains tax deferment – essentially delaying...
Increasing the normal minimum pension age
Local accountants and tax advisers, 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...