Business diversification: implications for tax
Responding to the challenges posed by COVID-19, many organisations have changed their core business in order to adapt to ever-changing lockdown restrictions. But whether you’re a florist making face masks or a farm shop starting home deliveries, it’s important to consider the tax implications that business diversification could have, as Nottingham chartered accountants Clayton & […]
Entrepreneurs’ Relief: a new name and a lower lifetime limit
Despite worries it may be scrapped altogether, Entrepreneurs’ Relief (ER) lives on in 2020, but with a new name – Business Asset Disposal Relief – and a new, lower lifetime limit, as Nottingham chartered accountants Clayton & Brewill explains. What is Entrepreneurs’ Relief (ER)? ER is a capital gains tax (CGT) relief available not just to company […]
Self Assessment deadlines: key dates to be aware of
With key dates for Self Assessments coming up fast, Nottingham chartered accountants, Clayton and Brewill, highlights some important deadlines you need to be aware of and explains why it’s a good idea to get your tax return done sooner rather than later. For those who are self employed, a Self Assessment is the process by […]
Claiming capital allowances
Getting tax relief on a claim for capital allowances is not always plain sailing. This was recently highlighted at a tax tribunal, where a taxpayer faced the possibility of forfeiting tax relief on 80% of his expenditure. Nottingham chartered accountants Clayton & Brewill explains more about this particular case and the recent changes around capital […]
Making Tax Digital for VAT guide
Making Tax Digital for VAT brings mandatory new requirements, for businesses with a taxable turnover above £85,000, from April 2019. Nottingham chartered accountants Clayton & Brewill has put together a helpful guide that explains more about Making Tax Digital for VAT. Our guide provides more information on: The new rules Who is affected Exemptions Software […]
Year-end tax planning for 2017/18 – top tips
As the 5 April gets closer and the end of the financial tax year draws to an end, it’s important that you ensure your finances are as tax efficient as possible. Nottingham chartered accountants Clayton & Brewill, provides some tips to help you with your year-end tax planning for 2017/18. Income tax – do you […]
Splitting rental income between spouses
HMRC is currently paying close attention to how rental income is divided between spouses. Nottingham chartered accountants Clayton & Brewill explains the importance of ensuring the right ownership status for rental properties to avoid falling foul of HMRC. The general rule is that, where rents are received from an asset held in the names of individuals […]
Tax-Free Childcare to launch in early 2017
The government’s Tax-Free Childcare scheme will be launched to parents from early 2017. Clayton & Brewill explain who qualifies and how to claim. Tax-Free Childcare aims to help working parents with the cost of childcare and it will be rolled out gradually from early 2017, with parents of the youngest children able to apply first. […]
Spreading income around the family – advice for business owners
Business owners often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each person. But is this still an advisable strategy in the current anti-avoidance environment? Yvonne Jackson, partner and chartered accountant at Clayton & Brewill offers advice for business […]
GPs – should you form a limited company?
Stagnating profits and hefty tax bills mean that our GP and locum doctor clients often ask us if they should consider incorporating their GP practice into a limited company. Yvonne Jackson, head of Clayton & Brewill’s specialist GP team, weighs up the pros and cons of incorporation from a tax and compliance perspective. Tax savings are most […]