There are a number of reasons why you may consider closing your limited company. This could be because the limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually require
The annual exempt amount applicable to Capital Gains Tax (CGT) is currently £6,000 and is set to be reduced to £3,000 from April 2024. CGT is normally charged at a simple flat rate of 20% and this rate applies to most chargeable gains made by
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the
There are special rules that must be followed when goods are taken temporarily outside of Great Britain (England, Scotland and Wales). As a general rule, when goods are moved, they must be declared, and any duty owed must be paid. You can usually
As children return to school after the summer break, HMRC is reminding parents that they may be eligible to use the Tax-Free Childcare (TFC) scheme to help pay for any approved childcare. The TFC scheme can help parents of children aged up to 11
Ever had a nagging feeling that you have a pension pot somewhere but have no idea how to track it down? Well, there is a solution. There is a search link on the GOV.UK website at https://www.gov.uk/find-pension-contact-details that will help. The
Companies House has issued a news update targeted at companies who are due to file accounts by the end of September 2023. Generally, this would be for accounts ending 31 December 2022. In their update they said: All limited companies, whether they
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g., for 2022-23 the first payment on account was due on 31
The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax returns remains at £100,000. Taxpayers who
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax. However, if certain conditions are met, the payment can be treated as an exempt distribution. An exempt
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