The Chancellor of the Exchequer, Sajid Javid, has announced that he is planning to hold his first Autumn Budget 2019 on Wednesday, 6 November 2019. However, this date is based on the UK leaving the EU with a deal on 31 October 2019. At the time of
There is a special exemption from Inheritance Tax for cash gifts made on or shortly before the date that the relevant wedding or civil partnership ceremony takes place. The amount of tax relief varies depending on the relationship between the donor
The start of the 2019-20 tax year marked a fundamental change to the way Income Tax is calculated for people who live in Wales. The new Welsh rates of Income Tax (WRIT) is payable on the non-savings and non-dividend income of those defined as Welsh
The Scottish rate of Income Tax (SRIT) commenced on 6 April 2016 and is administered by HMRC on behalf of the Scottish Government. The SRIT is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that
HMRC has automatically registered many businesses to use simplified import procedures should the UK leave the EU without a deal on 31 October 2019. The scheme, called the Transitional Simplified Procedures (TSP) will make importing from the EU bloc
There are special rules in place which limit your options to change your company’s year-end date. A company’s year-end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the
The Inheritance Tax residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as
If you own a business as a sole trader or in partnership, a Capital Gain will arise if your business is transferred into a company structure. The gain will be assessed by reference to the market value of the business assets, including goodwill, at
An overdrawn Director’s Loan Account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay the personal expenses of directors
An overseas company must register with Companies House if they want to set up a place of business or branch in the UK. Generally, this would be if the overseas company had a physical presence in the UK through which it carries on business. If an
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