Blog

  • How does Entrepreneurs' relief work?
    25th June 2018

    How does Entrepreneurs' relief work?

    Entrepreneurs’ relief is a valuable capital gains tax relief. The rules can appear straightforward, but taxpayers should be aware of the possible traps.
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  • When is a hobby classed as a trading activity?
    19th June 2018

    When is a hobby classed as a trading activity?

    For those of us with a hobby that either involves making craft goods, or collecting things such as antiques or models, we may well be regular participants at craft fairs, exhibitions or swap meets specific to our own particular interests. However, frequent “trading activity” could be viewed by HM Revenue & Customs (HMRC) as a business rather than a hobby and here is where things become a little more complicated.
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  • What are the recent changes to Substantial Shareholding Exemption?
    18th June 2018

    What are the recent changes to Substantial Shareholding Exemption?

    The UK’s substantial shareholdings exemption (‘SSE’) applies, in certain circumstances, to exempt gains arising on the disposal of shares by corporate shareholders. In Finance Act 2017 the SSE legislation was reformed and these changes apply to disposals on or after 1 April 2017.
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  • Is a HMRC Business Tax Account compulsory for businesses within MTD?
    14th June 2018

    Is a HMRC Business Tax Account compulsory for businesses within MTD?

    Many businesses do not access, and may not even be registered for their HMRC Business Tax Account (‘BTA’), as most of information is being dealt with or sought from their tax agents. The Institute of Chartered Accountants in England & Wales (ICAEW) has been made aware that for a business within MTD, specific transactions which the client will have to complete will require access to its BTA.
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  • Accounts year end - what does it mean?
    11th June 2018

    Accounts year end - what does it mean?

    As your business ‘year end’ approaches, especially if it’s your first, it can be confusing as to what this actually means, and what happens once your accountant has received your paperwork for the year. A business’ year end can be any date, and may depend on when your business started trading. Sole traders, partnerships and limited companies have differing rules around year end, which I won’t go into here but instead focus on the year end process itself.
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