Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax…
Wellwood Hoyle Associates Limited
Philip C Hoyle FCCA Chartered Certified Accountant, Bolton Le Sands, Carnforth, Lancashire.
Category: Income Tax
Winding up the company
Closing your business will normally involve winding-up your company and taking out any residual value as a capital payment subject to capital gains tax (CGT) at 10% or 20%. HMRC will accept this as long as you are not involved…
Trivial Benefits
Home › Trivial Benefits Trivial Benefits Employees react well to lit tle rewards from their employer, especially if the treat is unexpected and seen as a genuine “thank you”. These occasional trivial benefits can be provided tax free if all four of…
Tagged with: Income tax
Selling a let property
Many landlords are deciding to sell their residential properties. From 6th April 2020, none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead, the landlord receives a tax credit equal to…
Tagged with: Property letting
Marriage Allowance
The UK tax system is based on the independent taxation of each individual so it is difficult to reward couples for being married, but the marriage allowance attempts to do that. It is a transfer of 10% of the personal…
Tagged with: Marriage
Winding Up
If you have stopped trading through your own personal limited company and have no further use for it you could sell the shares or wind it up taking out any value as cash. There is a very limited market for…
Loan Charge
Sometimes past decisions can come back to haunt you. If you were persuaded to take a loan in place of part of your pay in the past and you have not repaid it, you may now be liable to pay…
Tagged with: Loan charge
Start up planning
It is very tempting, when starting a new business, to think only about the day to day trading, and opt for the cheapest method of starting-up by opting for free-banking and avoiding the “perceived” expense of solicitors and accountants. A…
Tagged with: Start ups
Child Benefit Claw Back
The high income child benefit charge (HICBC) was introduced in January 2013 to claw back child benefit where the highest earner in the family has total net income of £50,000 or more. The full amount of the benefit is clawed…
Tagged with: Self Assessment
Self Employed Travel Expenses
As a self-employed trader, do you diligently record the mileage for every business journey you take? This attention to detail is necessary to convince HMRC that the cost of the journey is tax deductible. There are several apps which can…
Tagged with: Travel
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