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Business Incorporation Relief

Incorporation relief applies when a business partner or owner transfers their business, as a going concern, to an organisation. A business owner or partner will be eligible for incorporation relief by default and will not be accountable to pay tax until they dispose of the shares. Two important conditions to qualify for the relief are: working as a sole trader or in a business partnership, and to transfer the business and assets, apart from cash, in return for shares in a company.

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Bookkeeping and Accounting Compliance

Accurate and well-managed book-keeping is essential for every business. For owner-managed businesses and freelancers / contractors having an in-house resource for accounting purpose is usually too costly. Many of our clients have stated that – it is more well-organized and cost effective to use our accounting and book-keeping service which ensures better and reliable quality. Our accounting and book-keeping rates are very economical and that makes us extremely competitive.

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Capital Allowances

Capital allowances are a means of saving tax, when a business buys a capital asset. A sole trader or partner can claim capital allowances when they purchase assets for business use, e.g. business vehicles, equipment, and machinery. These are also termed as ‘plant and machinery’ and take the position of depreciation charged in the books of accounts. In other words, capital allowances are a way of getting tax relief on some specific types of capital expenditure and this amount is reduce from the taxable profit. Property tax advisors help businesses claim capital allowance when assets are bought for business purpose.

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Business Premises Renovation Allowances

Launched as an incentive to support business in disadvantaged areas, business premises renovation allowance (BPRA) is a valuable relief as it can convert an unfeasible business proposition into a money-making proposal. BPRA is a capital allowance available on the expenditure of renovating a vacant commercial building in disadvantaged areas. This allowance is available since 11 April 2007 and is due to come to an end on 5 April 2017 for income tax purpose, and on 31 March 2017 for corporation tax.

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Land Remediation Tax Relief

Land remediation relief (LRR) is available to companies for certain expenditure on contaminated land in the UK. It is an important tax relief that is often overlooked and can improve a company’s cash-flow by reducing its tax liability and, in some cases, by getting hold of a tax repayment (Land remediation credit).

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Value Added Tax

Value added tax (VAT) is charged on the sale of goods or services in the UK, as well as on the import of goods from places outside the member states. VAT is levied on the sales of most goods and services, unless exempt. Some items that are exempt from VAT include postage stamps, monetary and property transactions. Office of Tax Simplification (OTS) has begun a review to simplify VAT to make sure that it is fit with the UK’s modern economy. The standard rate of Value added tax increased from 17.5% to 20% on 4 January 2011.

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Inheritance Tax and Capital Gains Tax Planning

Tax charged on the possessions, property, and money when a person dies is referred to as Inheritance tax. However, a certain amount can be passed on as tax-free; this tax-free allowance is referred to as the ‘nil-rate band’. For the 2016-17 tax year, tax-free inheritance tax allowance is £325,000. This allowance has remained the same since 2010-11. The tax paid on the profit of selling or disposing an asset, which increases the value or capital, is referred to as capital gain tax. It is the gain made that’s taxed, and not the amount of money received. Businesses can make chargeable gains upto £11,100 in the tax year 2016-17 and pay no capital gains tax. If not utilised, this exemption cannot be transferred to a future tax year or carried back to a previous tax year.

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