Inheritance Tax (IHT) Under Schedule A1 of the Inheritance Tax Act 1984, shares in a company that owns UK residential property are not treated as excluded property. As a result, they remain within the scope of UK inheritance tax. The portion of the company’s...
In the past, business owners have been heavily taxed when they had a business car which they also used for personal, but this is all changing with HMRC reducing the BIK (Benefit in Kind) taxable benefit to zero for 20/21 on new or unused emissions-free electric cars...
Please note that this is a general guide only, you should consult an IFA for advice on pensions. If you are running your own company, then contributions from the company may be preferable over personal pension contributions. Pension contributions paid from the company...
When you close down your limited company and you have Retained Earnings in your company, you could possibly claim Business Asset Disposal Relief. There are potentially big tax savings in doing this. To claim Business Asset Disposal Relief on the retained earnings of...
With this blog we’d like to share with you some ideas to help reduce your tax bill and/or maximise your money. Claim all valid business expenses in your company, such as: Use of home when doing billable work from home (you can ask us about the calculation if you’re...
