-
News Round-Up – July 2024
HMRC CONTACTS PENDING ROR CLAIMANTS Provisional claimants are urged to makea valid claim by 31 January 2025. HMRC is writing to taxpayers who made aprovisional business asset roll-over relief(ROR) claim on asset sales in 2020/21and haven’t replaced it with a valid claim.The deadline for making a valid claimis 31 January 2025. If a valid claim…
-
Navigating capital gains tax
CAPITAL GAINS TAX EXPLAINED Capital gains tax (CGT) is the tax on the profit you make whenyou sell or ‘dispose of’ an asset that has increased in valueduring your ownership. It is important to note that the tax islevied only on the gain made from the sale, not the total sale price. CGT is important…
-
Becoming an employer
WHAT YOU NEED TO KNOW BEFORE TAKING ON THE RESPONSIBILITY Deciding to become an employer is a significant milestone forany business. It marks a phase of growth and the need foradditional support.In this guide, we will explain what becoming an employer entails, thesteps required, the key considerations, and the changes that comewith this decision. We’ll…
-
News Round Up – June 2024
HOUSE PRICES FALL FOR THE SECOND MONTH IN A ROW House prices fell by 0.4% in Aprilto £261,962, following a 0.2% dropin March. UK house prices declined for the secondconsecutive month in April, influenced byuncertainties around interest rates andrising mortgage costs, which impact thetraditional spring homebuying season.According to the Nationwide BuildingSociety, April’s average house price…
-
Business valuation:Knowing your company’s worth
ESSENTIAL KNOWLEDGE FOR ACCURATE MARKET ASSESSMENTS Understanding your business’s value is more than a number ona balance sheet – it’s a crucial indicator of your company’shealth and future potential. Whether considering a sale,seeking investment or planning strategic moves, a precise valuationprovides robust information.With this spotlight, we aim to guide you through the essentialsof business valuation,…
-
Wealth planning for you and your family
UNDERSTANDING THE BASICS OF FINANCIAL PLANNING Financial planning is undoubtedly the bedrock of successfulwealth management, serving as the critical first step in alifelong journey of financial growth and security. The processbegins with a thorough evaluation of your current financial situation,a crucial stage that involves a detailed analysis of your assets,liabilities, income and expenditures. This comprehensive…
-
News Round-Up February 2024
National Insurance cut boosts UK households In a move to ease financial burdens on UK households, the Government has implemented a historic National Insurance (NI) cut, providing relief for 27 million taxpayers. As of Saturday, 6 January 2024, the main rate of National Insurance has been reduced by 2%, dropping from 12% to 10%. This…
-
Sole trader verses limited company
So you are thinking of setting up in business. The first thing to say is that the decision about what trading vehicle to use is not the be all and end all. If you set up as a sole trader, you can incorporate at a later date, all be it at more cost. This post…
-
VAT Accounting Schemes
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Annual Accounting The main advantage of using Annual Accounting is that you only prepare one VAT return a year, so the burden of paper work is much less. You will have to…
-
Starting out
Now you are trading, be it through a sole trade, a partnership or an LLP, what do you need to do next? Sole Trader First, you need to register your business with HMRC – click here for the link. Next, your accountant, tax agent or adviser acting on your behalf, will need to apply to…
moc.nrublawmadap@nimda
01452 720599