How does being married affect Capital Gains Tax (CGT)

16 May 2024 | Business

When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...

What shares should I issue when forming a new company?

20 Feb 2024 | Business

Issuing large numbers of shares creates a debt to the Company and can remove the benefits of limited liability. When a Company goes into liquidation, shareholders can lose the value of their shares because they might have to pay the share capital personally to...

What are the tax savings of an electric car?

9 Feb 2024 | Business, Healthcare

Tax on electric cars Since April 2020, electric cars have become very tax efficient.  For example: Buying an Electric Car (as Company car) If you take £30,000 profit from a company to buy an electric car: Car cost = £30,000. Corporation tax = £0; Income tax:...

Should I set up as a Sole Trader for my new business?

2 Feb 2024 | Business

Not necessarily, a Limited Company can result in you paying less tax and – while a Company owner might lose their business – a Sole Trader (self-employed) can lose personal assets as well! See video. If profits are below about £12,570, acting as a Sole...

I earn less than £10,000 from self-employment. Do I have to register for anything?

1 Feb 2024 | Business

Yes, is the short answer. You certainly must sign up for Self Assessment with HMRC if you earned more than £1,000 through self-employment.  Once you register for Self Assessment, you will be given a Unique Taxpayer Reference number as proof that you are a...

What is a director’s loan account?

1 Dec 2023 | Business

Many directors/shareholders borrow money from their Companies but, as long as they repay it within 9 months of their following accounting year end date, there are no great tax implications. If it is not repaid by that deadline, a law called s.455, says the Company...