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Sole Trader & Partnerships

Top 10 – Tax Savings Tips for Small Business in 2020

2020’s Top 10 Tax Savings Tips for Small Business & SME’s The tax world is increasingly complex and fluid. However, getting your tax position right can quite literally pay dividends. 

Transfer of Goodwill: Richard Villar v HMRC

Transfer of Goodwill: Richard Villar v HMRC Background – transfer of goodwill This case involved an orthopaedic surgeon selling his trading practice ‘Richard Villar Practice’ but continuing to work for the 

What are Capital Allowances?

What are capital allowances? A commonly asked question among UK businesses. Under the capital allowances regime, capital expenditure by companies on qualifying items can be claimed and offset against taxable 

UK Business Structures and Tax Implications

While this is an article about the different types of UK business structures and their tax implications – a word of caution: one shouldn’t put the cart before the horse and 

Disapplication of an option to tax – seller beware!

Disapplication of an option to tax We were contacted recently by a new client of ours who had received an email from HMRC, in which HMRC sought to deny the 

VAT spotlight – Transfer of a VAT exempt business

We were recently asked to provide VAT advice in respect of a VAT registered business, which made both VAT-able and exempt supplies and was selling a VAT exempt part of 

Budget 2015: Tweaks for Entrepreneurs Relief

Entrepreneurs’ relief, joint ventures and partnerships Last week’s Budget announced that the availability of Entrepreneurs’ Relief (ER) has now been restricted. With immediate effect, new measures will deny relief on 

The end of goodwill to all men?

Every once in a while a Budget or Autumn Statement throws something out of leftfield. Some thing unexpected. Something which seems a little hard to fathom. It is probably fair 

Denial of Entrepreneurs’ Relief and Restriction of Corporate Tax Relief for Goodwill

Rather surprisingly, the Chancellor announced that Entrepreneurs’ relief will no longer be available on the transfer of the “goodwill” of a business to a close company if the proprietor of 

Could your partners be reclassified as employees?

Under proposed legislation unveiled in the 2014 Finance Bill, members of limited liability partnerships (LLPs) will need to be more vigilant to ensure they remain self-employed and continue to enjoy