There are a number of reasons why a limited company may no longer be required and can be shut down. This may be because the limited company structure no longer suits a client's needs, the business is no longer active, or the company is insolvent.
Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available, CGT of 10% is payable in place of the standard rate. There are a
The Chancellor of the Exchequer Sajid Javid has said that the Government will reintroduce duty-free shopping with EU countries in the event the UK leaves the EU without a deal. This would mean that passengers travelling to EU countries would be able
The Information Commissioner’s Office (ICO) has published dedicated guidance to assist small and medium-sized businesses in their preparations for a no-deal Brexit and has urged them to “prepare for all scenarios” to maintain data
The VAT rule changes for building contractors and sub-contractors that were expected to come into effect imminently, have been delayed for 12 months until 1 October 2020.
This surprise announcement followed intense lobbying by the construction
The normal deadline for filing private limited company accounts is 9 months after the company’s financial year end, known as the accounting reference date. For example, many companies have a year-end date of 31 March and are therefore required
As well as filing accounts with Companies House, there is a further requirement to check that the information Companies House holds about your company is correct every year. This is facilitated by the filing of an annual company confirmation
The Help to Save scheme can help those on low incomes to boost their savings. The scheme was launched in September 2018, and new figures published by HMRC have revealed that over 132,000 people have signed up, depositing more than £31.4 million
If you live or move abroad, you are entitled to claim the State Pension if you have met the necessary qualifying criteria. This is based on your UK National Insurance record. You require a minimum of 10 years of UK National Insurance contributions to
There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried) or in a small motor vehicle (carrying less than 9 passengers and weight 3.5 tonnes or
There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited
If a taxpayer is self-employed and running a business from home, there are simplified expense rules available for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses rules are
There is specific tax legislation that seeks to determine which charge takes priority where two different charges could potentially apply to the same income. These rules are known as the 'priority rules'.
HMRC manuals state that for Income
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of
If the UK leaves the EU without a deal in place on 31 October 2019, EU, EEA and Swiss citizens (and their family members) who are living in the UK by this date will still be eligible to apply for settled or pre-settled status under the EU Settlement
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