Tax Documents
Professionally drafted, regularly updated documents each with its own "how to use" introduction

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Recently added or updated Tax Documents

Letter to employees regarding trivial benefits
The tax and NI exemption for trivial benefits is a great way to reward your employees with small gestures. You need to maintain certain records as a matter of best practice.Tax-free rewardsSince 6 April 2016 a benefit provided to employees that costs an employer no more than £50 is exempt from tax... Read more
DOWNLOAD January 2021
Type: Letter
Flow chart - capital gains tax private residence relief
Private residence relief prevents or reduces capital gains tax being payable from the sale or transfer of a property that's been your home for all or part of the time you owned it. The once simple rules for this relief have become increasingly complex so care is needed before assuming the relief applies.Flow... Read more
DOWNLOAD December 2020
Type: Flow chart
Flow chart - business asset disposal relief
Business asset disposal relief (BADR), known as entrepreneurs' relief until 6 April 2020, reduces the rate of capital gains tax for on gains made from the sale or transfer of a business, assets of that business and sometimes part of a business. The rules are widely drawn, but before these are considered... Read more
DOWNLOAD December 2020
Type: Flow chart
Flow chart - reclaiming additional stamp duty land tax
If you own a residential property and purchase another, you must usually pay the stamp duty land tax (SDLT) additional charge (also called the higher rate or supplementary charge). If the new property is your main residence and you sell your previous main residence within one of the time limits allowed... Read more
DOWNLOAD December 2020
Type: Flow chart
Flow chart - inheritance tax - gifts during lifetime
Flow chart- inheritance tax - gifts during lifetimeIf you give money, investments or other assets away it can trigger an immediate inheritance tax (IHT) charge. However, there are many exemptions and exceptions. If none of them apply it still does not necessarily result in an IHT bill where the gift... Read more
DOWNLOAD December 2020
Type: Flow chart
Flow chart - reclaiming preregistration VAT
A business is entitled to reclaim VAT it incurred on purchases of goods or services made before it was registered. As well as the general time limit of four years for goods, a shorter one of six months applies to VAT paid on the purchase of services. The four years runs not from the tax point, e.g.... Read more
DOWNLOAD December 2020
Type: Flow chart
Flow chart - VAT bad debt relief
If you make supplies of goods or services to a customer but are not paid in full or in part, you may be able to claim a reduction in your VAT bill under the bad debt relief rules.Flow chartThe Flow Chart - VAT Bad Debt Relief will help you decide if and when you can claim.Definitions for the flow chart:Written... Read more
DOWNLOAD December 2020
Type: Flow chart

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Capital allowances for fixtures in buildings record
Since April 2014 it has been crucial for prospective buyers of second-hand commercial buildings to ensure that the seller has allocated their expenditure on fixtures to a capital allowances pool before the sale. If they haven't, then the buyer won't be able to claim capital allowances on them. Therefore,... Read more
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Type: Form
Capital allowances election for fixtures in buildings
When a commercial building is sold the seller and the purchaser can agree to apportion part of the price to fixtures which qualify for capital allowances, i.e. plant, machinery and integral features, included with the property. Where an apportionment is made, subject to conditions and restrictions, they... Read more
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Type: Contract
Capital allowances short-life asset election
Tax relief on the cost of equipment you buy for your business is spread over decades unless your purchases are covered by the annual investment allowance. The good news is you can accelerate this dramatically with a simple election.When can you use an election?Businesses are allowed tax relief... Read more
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Type: Letter
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... Read more
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Type: Form
Business asset disposal relief checklist
When you sell or transfer all or part of your business you might be entitled to claim business asset disposal relief in respect of any capital gain you make. This means that the maximum rate of tax that will apply will be 10%. However, to qualify there are conditions that you and your business must meet.When... Read more
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Type: Checklist
CGT negligible value claim
If you own an asset that has become of negligible value, i.e. worthless, you can make a negligible value claim to HMRC which entitles you to treat the asset as if it were sold for nothing. The effect of this is to create a capital loss. Losses on sharesYou may have made an investment in the past that... Read more
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Type: Letter
Claim for a capital loss for an irrecoverable loan to a trader
If you made a loan to a business which it cannot repay, the amount remaining outstanding may be treated as a capital loss. HMRC requires conditions to be met before it will accept the loss.What loans qualify?The loan will qualify for loss relief as long as it was used by the UK resident borrower (who... Read more
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Type: Letter