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  • Tax - Employee contract pay in lieu of notice clause
    Employee contract pay in lieu of notice clauseIn the absence of an express payment in lieu of notice clause, you don't have the contractual right to terminate employment summarily upon making such a payment. This doesn't mean you can't do it, but you do need to weigh up all the pros and cons.PILON or damages?In the absence of an express Employee Contract Pay In Lieu Of Notice (PILON) Clause, pay in lieu of notice will be regarded in employment law terms as a payment of compensation in connection with termination...
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  • Tax - Property rental business loss relief claim
    Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results from capital allowances.Amount of loss reliefProperty business loss relief is limited to the lessor of the:capital allowances claimed; andamount of the loss.Profits and losses from all properties must be aggregated and only if there's an overall loss can relief be...
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  • Tax - Schedule of pre-registration expenditure
    Schedule of pre-registration expenditureIf you trade before you register for VAT, you could claim input tax going back up to four years.Pre-trading expenditureIt is possible for you to reclaim some of the VAT you incur before you register on the first VAT return (when you eventually do). VAT can be reclaimed on pre-registration purchases of both goods and services, but there are restrictions. VAT can be reclaimed:on goods if the purchase was incurred during the four years prior to registrationon services if...
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  • Tax - Year-end tax planning checklist
    tax planning checklist 2017/18Each tax year there are a number of tax allowances, exemptions and rate bands which if not utilised are essentially wasted as you cannot carry them forward. We've put together a handy checklist to help you avoid overlooking anything that might be available to you - particularly if you have some degree of control over your income.How do I use the checklist?Just read through the planning points and consider whether you want to utilise any of them, but be aware that you need to have...
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  • Tax - Entrepreneurs' relief checklist
    Entrepreneurs' relief checklistWhen you sell or transfer all or part of your business you might be entitled to claim entrepreneurs' relief in respect of any capital gain you make. This means that the maximum rate of tax that will apply will be 10%. However, to qualify there are conditions that you and your business must meet.When is relief available?Entrepreneurs' relief (ER) is available for qualifying business disposals. The relief imposes a lower rate of capital gains tax (10%) than the top standard rate...
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  • Tax - Holdover relief claim
    Holdover relief claimWhen you give away an asset for no consideration, or knowingly sell it for less than it's worth, you will be charged capital gains tax based on the market value. However, you might be able to make a claim to hold this gain over depending on exactly what the asset is.When is relief available?There are numerous ways that the tax legislation permits a capital gains tax bill to be deferred. One of these is by means of holdover relief for gifts of business assets.Where a qualifying business asset...
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  • Tax - Agricultural flat rate scheme letter
    Agricultural flat rate scheme letterIf you operate a small farming business, you might qualify for a little known scheme that can give your cash flow a boost.When is the scheme available?The agricultural flat rate scheme (AFRS) is available to a wide range of "farming" businesses. Farming for the purposes of the scheme is very widely drawn and includes any business involved in:Crop production. General agriculture, including viticulture, growing of fruit and of vegetables, flowers and ornamental plants, whether...
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  • Tax - Exchange of joint interest relief claim
    Exchange of joint interest relief claimIf you swap a joint interest in land or buildings to rationalise your ownership for no proceeds, you may be able to defer a capital gains tax charge.ReliefWithout any form of relief on any reallocation of interests, capital gains tax would arise in respect of the interest given up, with the consideration being the value of the interest obtained. It may be, however, that no cash actually changes hands.HMRC introduced a relief in 1984 which was replaced for exchanges taking...
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  • Tax - Letter requesting pension charge payment
    Letter requesting pension charge paymentIf you exceed the pensions annual allowance in any tax year, you will be subject to the annual allowance charge. But how can you get your pension provider to pay this?Annual allowanceThe amount of tax-relieved contributions you can make in any tax year is restricted further to the available amount of annual allowance (AA) for the tax year in question. The AA is currently £40,000, by reference to the gross contribution, but you can carry forward any unused amount for up...
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  • Tax - Company terminal loss relief claim
    Company terminal loss relief claimIf your company incurs a loss in its final twelve months of trading, you could make a claim for a special form of relief.Terminal lossesA company which suffers a loss in its final twelve months of trading can carry back certain losses for 36 months against profits of the same trade rather than the normal twelve months. These are known as terminal losses.Amount of lossThe terminal loss is calculated as: the full amount of any trading loss arising in the final period of trade,...
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