Posts Tagged: tax deduction

Accelerated Capital Gains Tax

There will be major changes to the tax rule for gains made from the sale of residential properties which will take effect from April 2020.   At present capital gains made by individuals are reported through self assessment, i.e if you sell a property between 6 April 2019 and 5th April 2020 you must declare… Read more »

Transferring Assets to your Spouse – Is it tax avoidance?

Tax rules have changed considerably over the years. In 1936 the House of Lords famously ruled that “Every man is entitled, if he can, to order his affairs so that the tax is less than it otherwise would be”. But in 2013 the General Anti-abuse rule was introduced. This has given HMRC the power to… Read more »

Cost of Entertaining Staff & Customers

Entertaining¬†is categorized as business entertainment and therefore the cost isn’t tax deductible. There is an exception to this rule as staff entertainment can be tax deductible.     The cost of entertaining staff includes costs relating to the director shareholders. HMRC extends this to all business owners, ie business partners and sole traders, who take… Read more »