Knowledge Keep up to date with the latest in accounting amendments & requirements
Welcome to our Knowledge Base
Here you will find lots of useful information relating to HMRC guidelines and the latest in guidance.
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CGT Rollover Relief
Business Asset Rollover Relief, usually referred to as ‘rollover relief’, is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of
IHT Business Relief
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died. One of these reliefs is known as IHT Business Relief and
Incorporation relief
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business
Retaining tax return records
There are no set rules for the way in which you keep your tax records, but they are usually evidenced on paper, digitally or as part of a software program.
If you are keeping records used to complete
Claiming Employment Allowance
The Employment Allowance reduces an employer’s NIC liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers or eliminates their total Class 1 NIC bill.
VAT and food supplies
HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general
Definitions of connected persons
The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons” for Capital Gains Tax
Employee ownership and involvement
There are many ways that employees can own a stake in their employer’s company. However, employee ownership usually refers to a situation where all employees of a business have a ‘significant and
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