Author: Hannah Powe

2 minutes to read Capital gains tax: negligible value claims What would happen if an asset you bought becomes worth almost nothing? Maybe you bought shares just before the pandemic but they aren’t worth anything! When this happens, you could make a negligible value claim. This claim will allow you to crystalise the capital loss and give you the …

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4 minutes to read Homes for Ukraine Scheme – a new Government scheme which offers a lifeline for those who have been forced to flee their country. What is the Homes for Ukraine Scheme? Homes for Ukraine Scheme is a government-led initiative which allows homeowners & landlords to welcome Ukrainian refugees and their immediate families into their homes or …

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3 minutes to read The Treasury recently announced that it intends to recognise stablecoins as a valid form of payment as part of wider government plans to ‘make Britain a global hub for cryptoasset technology and investment’. Here, we consider cryptoassets in greater detail.  Outlining cryptocurrencies  The government defines cryptoassets as ‘cryptographically secured digital representations of value or contractual …

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3 minutes to read Tax year 2023/24 brings important adjustments to the way tax liability is calculated for unincorporated businesses. The change is called basis period reform. Do I need to know about this? Yes, if you operate as a sole trader or in partnership, and your accounting year end is anything other than 31 March or 5 April …

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2 minutes to read Employment status and employment rights are knotty issues.  The employment status and associated rights of the workforce of Pimlico Plumbers Ltd have been battled out at the highest judicial levels for years. There is now another verdict. What is the takeaway message if you run a business with a labour force that doesn’t fit the …

Continue reading "Holiday pay on tap: what you need to know about the Pimlico Plumbers"

3 minutes to read   At the March 2022 Spring Statement it was announced that there is an increase to the Employment Allowance from £4,000 to £5,000 as of 6 April 2022. It is estimated that around 495,000 businesses will benefit from this increase being almost a third of all UK firms. Tax cut of £1,000   An increase …

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4 minutes to read Just over five years ago saw the introduction of the Spring Statements with the narrative that ‘The Chancellor will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it.’ Given the current economic circumstances it is therefore not surprising that the 2022 Spring Statement included some significant announcements. …

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3 minutes to read If you sell or dispose of a property and make a profit on the sale, a “capital gain” will arise and you may have to pay Capital Gains Tax (CGT). The capital gain is calculated after taking the proceeds of sale and deducting the costs of acquisition and any enhancements costs, as well as incidental …

Continue reading "Thinking of Selling a Property? What you need to know – Capital Gains Tax!"