Tag: tax

Charging an Electric Company Car

What is the correct treatment where an employer provides an employee with a company credit card, and it is used to pay for roadside charging of an electric company car? There will be no taxable benefit on the employee and no NIC charge. A credit...

Incorporation Relief

A client wants to incorporate their existing sole trade and so I am considering tax efficient ways of achieving this, including Incorporation Relief. The trade has various debts including bank loans and I would be grateful for clarification as to...

Associated Company Rules

Can you please remind me how the newly reintroduced “associated company” rules will apply from 1 April 2023 in the context of the small companies’ rate of corporation tax for two companies in the following scenario. My client and his wife own...

Purchase of Own Shares

My client is a UK resident individual who owns 3000 out of 10,000 ordinary £1 shares in an unquoted trading company which he subscribed for upon creation of the company, he has been a working director for the company now for around 7 years and...
P11D meme chef in kitchen

How to avoid P11D form penalties

A tax deadline is coming up which could affect your business. If P11D Expenses and Benefits forms are not received by HMRC by 6 July after the end of the tax year, penalties can be charged up to £300 per late form. Abrams Ashton can advise if you...

Selling your main home after a period of Absence

A client is in the process of selling their main residence and has asked if there would be any capital gains tax to pay on disposal.The property, located in Manchester, was acquired in March 2010 and the client lived there until March 2016 – they...
SEISS grant meme - man on laptop

Third SEISS grant – important changes

We’re contacting all of our self-employed clients that may be eligible to let them know about the third SEISS grant which launches on 30 November. The rules on who is eligible to claim have changed. However, you still need to have submitted a Self...

New Year’s Resolutions for Business

The start of the year is the best time to reflect on your business’ progress over the past 12 months and plan ahead; so here are five New Year’s resolutions designed to help you progress in the NEW year. Healthier cash flow Cash flow is the...

People with Significant Control

More stringent rules on corporate transparency now mean that all private companies and Limited Liability Partnerships (LLPs), large and small, must declare every individual who is a beneficial owner and controller of the business; otherwise known as...