capital What does full expensing include?| Full expensing of capital purchases 19 February 2024 Mike Wakeford 0 comments Full expensing gives a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on providing a “main rate” plant or machinery. Full expensing is only available to companies subject to Corporation Tax. Read more Selling shares? 25 October 2019 Mike Wakeford 0 comments As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Read more CGT planning for married couples 4 January 2019 Mike Wakeford 0 comments This article is also relevant to couples who have entered into a civil partnership. For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700. This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400. Read more CGT planning for married couples 4 January 2019 Mike Wakeford 0 comments This article is also relevant to couples who have entered into a civil partnership. For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700. This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400. Read more HMRC to speed up capital gains tax payments for residential property sales 4 May 2018 Peter Richardson 0 comments Payments on account required from April 2020. Read more HMRC to speed up capital gains tax payments for residential property sales 4 May 2018 Peter Richardson 0 comments Payments on account required from April 2020. Read more Determine your main residence 27 April 2018 Jonathan Green 0 comments Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief. Read more Determine your main residence 27 April 2018 Jonathan Green 0 comments Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief. Read more Should we give shares to children and pay £5,000 dividends tax free? 23 May 2017 Angela Evans 0 comments The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018). Read more Should we give shares to children and pay £5,000 dividends tax free? 23 May 2017 Angela Evans 0 comments The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018). Read more 100% tax relief for low emission cars 16 December 2016 Stuart Datlen 0 comments Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legislation has now been passed to reduce the threshold to just 50 grams from April 2018 but also to continue the tax relief for 3 years until 2021. Read more 100% tax relief for low emission cars 16 December 2016 Stuart Datlen 0 comments Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legislation has now been passed to reduce the threshold to just 50 grams from April 2018 but also to continue the tax relief for 3 years until 2021. Read more Business expenses you can claim 18 July 2016 Mike Wakeford 0 comments Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. Read more Business expenses you can claim 18 July 2016 Mike Wakeford 0 comments Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. Read more
What does full expensing include?| Full expensing of capital purchases 19 February 2024 Mike Wakeford 0 comments Full expensing gives a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on providing a “main rate” plant or machinery. Full expensing is only available to companies subject to Corporation Tax. Read more
Selling shares? 25 October 2019 Mike Wakeford 0 comments As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Read more
CGT planning for married couples 4 January 2019 Mike Wakeford 0 comments This article is also relevant to couples who have entered into a civil partnership. For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700. This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400. Read more
CGT planning for married couples 4 January 2019 Mike Wakeford 0 comments This article is also relevant to couples who have entered into a civil partnership. For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700. This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400. Read more
HMRC to speed up capital gains tax payments for residential property sales 4 May 2018 Peter Richardson 0 comments Payments on account required from April 2020. Read more
HMRC to speed up capital gains tax payments for residential property sales 4 May 2018 Peter Richardson 0 comments Payments on account required from April 2020. Read more
Determine your main residence 27 April 2018 Jonathan Green 0 comments Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief. Read more
Determine your main residence 27 April 2018 Jonathan Green 0 comments Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief. Read more
Should we give shares to children and pay £5,000 dividends tax free? 23 May 2017 Angela Evans 0 comments The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018). Read more
Should we give shares to children and pay £5,000 dividends tax free? 23 May 2017 Angela Evans 0 comments The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018). Read more
100% tax relief for low emission cars 16 December 2016 Stuart Datlen 0 comments Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legislation has now been passed to reduce the threshold to just 50 grams from April 2018 but also to continue the tax relief for 3 years until 2021. Read more
100% tax relief for low emission cars 16 December 2016 Stuart Datlen 0 comments Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legislation has now been passed to reduce the threshold to just 50 grams from April 2018 but also to continue the tax relief for 3 years until 2021. Read more
Business expenses you can claim 18 July 2016 Mike Wakeford 0 comments Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. Read more
Business expenses you can claim 18 July 2016 Mike Wakeford 0 comments Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. Read more