Directory results

 
Result 1 of 5 results
  • 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...
    Click here
  • Tax - CGT unpaid proceeds claim
    CGT unpaid proceeds claim If you sell an asset and the buyer fails to pay all or part of the proceeds, and you are unable to recover them, you can claim a reduction for the amount of gain chargeable to tax. Consideration payable after saleWhere you sell an asset and agree with the buyer that payment can be made by instalments, the capital gains tax (corporation tax for companies) payable is worked out as if all the consideration (proceeds) had been paid at the time the sale was agreed. As a rule, capital gains...
    Click here
  • Tax - Claim for a capital loss for repayment of a loan as guarantor
    Claim for payment under a guaranteeOne way of helping a growing business is to act as guarantor to its loan finance. If things don't turn out as planned and you are called upon to make good some or all of the loan, you may be able to make a claim to treat this as a capital loss.Capital losses - payment under a guaranteeRather than lending it money, you may have helped a business by giving a guarantee on a business loan. For example, if you're a company director you may have had to give personal guarantees in...
    Click here
  • Tax - Election to carry back earn out loss
    Election to carry back earn out lossIf you sell a business, an earn-out arrangement might be used to determine the sale price. For example, the buyer might offer the majority of the purchase price on completion of the contract plus more over three years if the business hits turnover or profit targets. You must pay tax on the amount you estimate. If you receive less, the difference is a capital loss. You can elect for the loss to be treated as arising for the year in which you sold your business instead of the...
    Click here
  • Tax - CGT schedule of capital enhancements
    CGT schedule of capital enhancements The cost of structural alterations or improvements to properties counts as capital expenses (enhancements). They can be deducted as expenses when calculating the capital gain or loss following the sale of the property. Allocating and recording expenditure There may be a long gap between the time you improve or alter a property and the time you sell or transfer it. For this reason you should keep an up-to-date record of anything you spend for this purpose. You can then refer...
    Click here
 
Result 1 of 5 results