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The end of a business will not necessarily mean that no further expenses are incurred. Where expenses are incurred after the business has ceased, tax relief may be available. Allowable post-cessation expenses An expense will be an allowable post-cessation expense if: the business has ceased; and the expense would have been deductible in calculating the
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The profitability or earning capacity of a business may depend on one person or on a small number of people. Where this is the case, the business may be seriously compromised if that person, or one of those persons, falls seriously ill or has an accident. To protect against financial loss should such a situation
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If you have a company that is dormant and you have filed your company tax return showing that no tax is due, you may think that there is nothing further you need to do as regards the lack of corporation tax due. After all, you have filed a return which shows that you have nothing
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Recent tax changes, in particular the interest restriction for unincorporated property businesses with residential lets, have resulted in more landlords operating via a property company. Running a property business through a company has a number of advantages – the rate of corporation tax paid on the profits will usually be less than the rate of
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Business rates, rather than council tax, are charged on most non-domestic properties, such as shops, offices, warehouses, pubs, factories, guest houses and holiday lets. Business rates are based on the rateable value of the property. There are various reliefs that may be available to reduce the bill. The properties are revalued regularly to reflect changes
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Where an individual realises a chargeable gain on the disposal of a UK residential property, they must report the gain to HMRC within 60 days of completion and make a payment of the capital gains tax due within the same window. In most cases, the gain will be reported online – taxpayers will need to
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