Electing not to have Incorporation Relief
If a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business
Business Advice
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Finance (No.3) Bill and the Budget
The Financial Secretary to the Treasury, Mel Stride has confirmed that the government will publish Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance
MTD for VAT pilot extended
The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep their
Data protection self-assessment checklist launched for small business owners
The Information Commissioner's Office (ICO) has launched a self-assessment checklist to help small business owners and sole traders to assess their compliance with the GDPR and the Data Protection Act
The end of late payments by large organisations?
The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the
Importing from non-EU countries
There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware
Self-assessment filing deadline
The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The
VAT – option to tax
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent
Companies and trading losses
Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the
The Digital Disclosure Service
HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is