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KRW Q & A

03 December 2018

HOW DO THE PROPERTY AND TRADING ALLOWANCES WORK IN PRACTICE?

on Monday, 03 December 2018.

In April 2017 the government introduced two new £1,000 per annum tax-free allowances in relation to property and trading income.

In this month’s Q&A we take a look at the allowances, which are aimed at so-called micro-entrepreneurs using websites such as Airbnb and Ebay to supplement their income.

28 September 2018

HOW DOES INHERITANCE TAX TAPER RELIEF WORK IN PRACTICE?

on Friday, 28 September 2018.

Taper relief reduces the Inheritance Tax payable on gifts made during a taxpayer’s lifetime, providing they survive at least 3 years from making the gift.

In this month’s Q&A we take a look at the relief, which actually only applies to gifts over and above the Inheritance Tax nil rate band.

31 August 2018

Will Entrepreneurs' Relief apply if I sell a property used in my business?

on Friday, 31 August 2018.

Entrepreneurs’ Relief usually applies to the sale of business assets or shares in a trading company, reducing the Capital Gains tax rate to 10% for qualifying disposals.

In this month’s Q&A we take a look at whether Entrepreneurs’ Relief can be claimed on the sale of a property used by your business, but owned personally.

10 July 2018

What are the Corporation Tax quarterly payment thresholds for a group?

on Tuesday, 10 July 2018.

Many readers are probably blissfully unaware of the Corporation Tax quarterly payment regime, since this only applies to companies with annual profits in excess of £1.5 million.

In this month’s Q&A we take a look at how these rules apply to groups of companies, which sees the threshold split between the companies in the group.

07 June 2018

Can any VAT be reclaimed when you take a client out to lunch?

on Thursday, 07 June 2018.

Most readers are probably familiar with the general block on reclaiming VAT on costs associated with entertaining customers or suppliers. But are there any exceptions?

In this month’s Q&A we take a look at how a proportion of the VAT relating to your employee’s part of the meal can be recovered in some cases.
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KRW Accountants
The Mill, Pury Hill Business Park
Alderton Road, Towcester
Northants, NN12 7LS

emailmail@krwaccountants.co.uk

phone01327 810373

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