Business Asset Disposal (‘BAD’) Relief (formerly Entrepreneurs’ Relief) is a reduced rate of Capital Gains Tax that applies when ones sells certain business assets; or all/part of a business; or more than 5% of shares in a small company in which you work or hold...
Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0% up to £150,000; 2% on the next £100,000; 5% over £250,000. VAT Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0%...
Tax relief: Gift Aid is a way you can increase the value of a charitable donation – at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to...
They are not illegal, but HMRC do not really like ‘alphabet shares’ (where there are several different classes of shares issued). It has been argued that these shares merely give a “right to income” and don’t represent ownership of the Company. Some years ago, there...
Many couples are unable to benefit from the Marriage Allowance; AND the maximum benefit is only £252 (2022/23). But it’s simple to calculate and to claim. It is for Married Couples and Civil Partnerships where one is a Basic Rate Taxpayer (taxable income £12,570...
Talk the franchise proposition through with an accountant. If you still think it is a good proposition, decide on the business structure (e.g. Limited Company), bookkeeping records and VAT registration, as with any business. Franchisees often pay a large lump sum for...
