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April 2022

ARE YOU AWARE OF THE TAX IMPLICATIONS OF EXTRACTING YOUR PROPERTY PORTFOLIO FROM COMPANY TO PRIVATE OWNERSHIP?

Many investment properties are acquired through a limited company for a variety of reasons.   Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.

What is the difference between your domicile and residence tax status?

Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.  

How will the basis period reform affect your business cash flow from the 2024-25 tax year?

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

Will your unincorporated business be affected for basis period changes in 2023/24 – Transitional year?

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.

Why business owners should consider a Business Lasting Power of Attorney

As a business owner, it’s important to consider who would look after your business if you were unable or unavailable to make decisions.