News

What is a wasting asset?

31st March 2022

A wasting asset is an asset which has a predictable life of 50 years or less. HMRC’s guidance is clear that when you dispose of an asset, you are required to estimate its

When does a partnership exist?

31st March 2022

A partnership is a relatively simple way for two or more persons to set up and run a business together with a view to making a profit. Partnerships can take many forms. Legal

Inheritance Tax-free gifts reminder

24th March 2022

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current 2021-22 tax year that will end on 5 April 2022.

You can give away

Employer company car considerations

24th March 2022

If you are thinking about purchasing a company car through a limited company, there are many issues that need to be considered. In this short article we will point out some of the

Extended loss relief carry-back

24th March 2022

A reminder that the temporary extension to the eligible carry back period for trading losses applies for company accounting periods ending between 1 April 2020 and 31 March 2022

Bare or simple trusts

24th March 2022

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who puts

Overview of Digital Services Tax (DST)

24th March 2022

The UK’s Digital Services Tax (DST) came into operation on 1 April 2020. This tax is designed to ensure that the major social media, search engine and online retailers are subject

Spring Statement 2022

23rd March 2022

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that,

Appeals process for late filing of company accounts

17th March 2022

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or

Exempt loans to employees

17th March 2022

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any,