• Planning to sell your business is not a process for the faint hearted. You have likely spent many years building your business and the last thing you want to face is losing a large proportion of the sales proceeds to tax or worse, being unable to enforce payment of what is due to you because of contractual difficulties.

    This is a complex subject. There are many ways to structure a sale and this article outlines a few of the issues you will need to deal with:

    27th February 2014

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  •  As thoughts turn to all things Christmassy, I thought I would write a few words on tax issues relevant to the forth coming festive season. I hope this will give you some ideas while planning treats for your customers and staff!

    4th December 2013

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  • Cast your mind back when Members of Parliament were accused of “flipping” properties to avoid Capital Gains Tax on the sale of a second property?

    Theoretically, it should be possible to buy a second home, live in it for a short period, and as long as certain procedures are followed, have the last three years of ownership ignored for CGT purposes. By implication, if you buy and sell the property within a three year period you will pay no tax on the sale. This process is described in some circles as “flipping”.

    27th November 2013

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  • Everyone is aware of the increasing funding deficit resulting from the improved life expectancy we enjoy and successive Governments have attempted to deal with this by introducing measures such as the increased retirement age.

    The latest changes to combat the problem concern retirement pensions.

    21st November 2013

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  • Chancellor’s Autumn Statement

    It has been announced that the Autumn Statement 2013 will be made by the Chancellor of the Exchequer, George Osborne, on Wednesday 4 December at 12.30pm.

    The Statement provides an update on the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility. These forecasts are published alongside the Autumn Statement on 4 December. It is regarded as the most significant economic event of the parliamentary year after the Budget.

    13th November 2013

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  • HMRC has announced its latest Task Forces and the business sectors they are targeting for closer scrutiny. Those of us who listen to commercial radio will be aware of the “we’re looking for you” campaign which is also currently running. Apparently, if we have declared all our income then we have nothing to fear, listeners who remain worried are advised to log on to “Sort my Tax”.

    26th September 2013

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  • Generally speaking, debts of a person’s estate are deductible for IHT purposes – though there are some circumstances where specific debts cannot be deducted such as where the deceased had previously made a gift to the person who made the loan. Following this year’s Finance Act, which became law on 17 July, there are several changes affecting deaths on or after that date.

    23rd August 2013

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  • Holiday businesses in Devon, Cornwall, North Wales, the Lake District and Blackpool area beware: the taxman has set up a further task force to seek out and bring to account business owners who are not declaring the correct information on their tax returns.

    9th August 2013

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  • Employers please note that the National Minimum Wage rates are increasing from 1 October 2013. They will be:

    • Apprentice rates: £2.68 per hour. * But see note below.
    • Under 18s: £3.72 per hour.
    • 18 to 20 years: £5.03 per hour.
    • Age 21 years and over: £6.31 per hour.

    * This is the rate for apprentices under 19 years old or in their first year. Those 19 years or over and past the first year of apprenticeship should be paid at the rate applicable to their age.

    19th July 2013

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