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  • Newsletter - Could you improve cash flow?
    Due to the coronavirus outbreak, the second payment on account for 2019/20 has been deferred to January 2021. How can our calculator potentially help improve cash flow further?
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  • Newsletter - Shares worthless? Cut your tax bill using our claim
    The coronavirus crisis has seen a 50% increase in firms collapsing. If you hold shares in companies that are insolvent, how can our claim provide some small comfort during these challenging times?
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  • Newsletter - The impact of coronavirus on your property portfolio
    The government’s coronavirus measures include some that are aimed at protecting tenants and mortgage payers. A loss or delay of income will have a knock-on effect on your tax. How can our planner help?
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  • Newsletter - Share buyback: is CGT treatment possible?
    You are a shareholder in your parents’ company. They are looking to exit and realise most of the capital value of their shares. You can’t afford to buy them, but the company could. Will the payment be capital or income, and how can our tool help?
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  • Newsletter - Is it worth charging your company rent?
    Your company trades from premises that you own personally. Currently it occupies it rent free. Your accountant has suggested that charging rent would produce a tax-efficient source of income. How can our new checklist help decide if it’s worthwhile?
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  • Newsletter - How to avoid a looming corporation tax charge
    During the last financial year your fellow shareholder borrowed from the company. It’s now facing a s.455 tax charge which it won’t be able to pay as its income has fallen significantly because of coronavirus. Is there a way to avoid the tax charge?
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  • Newsletter - Do I have an annual allowance problem?
    Do I have an annual allowance problem?..Q. I have worked with my current firm for several years. In 2015 I was enrolled into their workplace pension scheme but I opted out after a few months as I was saving a deposit for a mortgage. In late 2017 I resumed making contributions and shortly afterward I was promoted to director after some successful acquisitions. I used some of my bonus to make a large contribution to a personal pension scheme in August 2019, but I think this has taken me over the annual allowance...
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  • Newsletter - Speeding up relief?
    Speeding up relief?..Q. Our firm has spent considerable amounts on capital equipment due to a rapid expansion. We’ve exceeded our available annual investment allowance for the most recent period, but as a hedge against the impact of coronavirus we are looking at ways to speed up the relief as much as possible. Do you have any suggestions? A. Check over the types of capital assets you have acquired, excluding cars. If you expect to keep any of them for less than eight years (think of tools etc.), consider using...
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  • Tax Documents - Rent or entrepreneurs' relief checklist
    Rent or entrepreneurs' relief checklistIf you personally own property that your company uses for its business, there can be tax advantages to having the company pay you rent. However, doing so can mean a higher capital gains tax bill when you sell it.PropertyWhen your company uses a property you own personally, charging it rent can be a tax-efficient way of extracting profits. It doesn't attract employees' or employers' NI, and it is usually deductible for corporation tax - unlike dividends. However, the rent...
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  • Tax Rates - Income tax
    Income taxAll UK except Scotland (see below)2017/182018/192019/202020/21Basic rate20%20%20%20%Higher rate 40%40%40%40%Additional rate 45%45%45%45%Starting rate for savings rate (applicable to savings income up to £5,000)0%0%0%0%Savings allowance (0% tax applies to the first part of savings income):Basic rate taxpayers£1,000£1,000£1,000£1,000Higher rate taxpayers£500£500£500£500Additional rate taxpayersN/AN/AN/AN/AHigher rate applies to taxable income above (up to £150,000)£33,500£34,500£37,500£37,500Additional...
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