If you sell an asset for less than you paid for it, you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction.
These allowable losses are
1 July 2023 – Due date for corporation tax due for the year ended 30 September 2022.
6 July 2023 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2023 – Pay Class 1A NICs (by the 22 July
Fraudsters often try to take advantage of the 31 July deadline for submitting tax credits renewal information.
The fraudulent emails, texts or calls claim to be from HMRC and often promise money back in the form of a tax rebate together with a
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for childcare costs. The scheme was used by almost 650,000 families during the 2022-23 tax year. This represented a significant increase over the previous
HMRC has issued an updated version of their online guidance entitled ‘Check if a text message you’ve received from HMRC is genuine’. The guidance provides a current list of genuine text messages issued by HMRC.
The list has been updated to include
In a recent post we warned of the likely loss of billing opportunities if you give away service advice just to demonstrate how informed you are.
In this post we outline when it may be appropriate to volunteer information or other free offers in
Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on strike intermittingly since 10 May 2023. These strikes are by staff working in HMRC’s East Kilbride and Newcastle offices. The
Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023.
The Neonatal Care (Leave and Pay) Act 2023: This new Act will allow for up to 12 weeks of paid neonatal care leave. This will be made
HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed.
The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save
Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if the donor makes a Gift Aid Declaration (GAD).
To claim Gift Aid, charities need to obtain a Gift Aid declaration from the donor. It
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence
If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note that this is not an exhaustive list, and it is important to check what else may be required.
We have summarised below some of
If you sell services, rather than supply goods, this usually involves you providing advice for a fee.
If your advice is sought after, the amount you can charge for your service(s) may be considerable. Which is why you should be wary of giving away
The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trade marks and copyright.
The process of applying for a patent is set to change significantly
The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that when a basic rate taxpayer claims gift aid on a £10
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