Marketing Team, Author at Signature Tax

Disclosure and Reporting of Cryptoassets

28th September 202128th September 2021 Admin

Over the last few years a new form of currency has taken the modern world by storm. You may have heard of Cryptocurrency, and in particular terms such as ‘Bitcoin’. Cryptocurrency is a digital or virtual currency that is secured by cryptography which makes it nearly impossible to counterfeit or copy. This currency is openly traded on the Crypto market,… Read More

Demergers- An efficient strategy?

27th September 202128th September 2021 Admin

A demerger is the process in which a function of a company is detached from the primary body, thus creating two or more entities with different functions. However, it is often the case that both the original company and the newly created entity are under the same group. A business may choose to conduct a demerger for a variety of… Read More

Tax planning with the family company and the next generation

27th September 202127th September 2021 Admin

One of our clients who set up a property business with his wife a number of years ago decided they want to take a step back from the business in next three or five years. They wanted to gift their shareholding in the company to their second and/or third generations. What are the implications should we taking into consideration? 2.… Read More

Cycle to Work Scheme

27th August 202127th August 2021 Admin

The Cycle to work scheme is an initiative set up by the UK government as part of a wider aim of encouraging employees to make cycling and walking the natural choice for shorter journeys or as part of a usual longer journey. Focusing on the health benefits to the employees as well as the environmental benefits for the planet, the… Read More

Repayment of the higher rates of Stamp Duty Land Tax

26th August 202126th August 2021 Admin

Stamp Duty rates were increased for second homes from April 2016; individuals purchasing a second home, or a buy-to-let investment property were subject to higher rates. The rules extended to those purchasing a property that they intended to move into as their main residence whilst still owning another residence. Married couples are also treated as being joint purchasers regardless of… Read More

Pre-letting expenses and repairs

26th August 202126th August 2021 Admin

Pre-letting expenses Normally, any expenditure incurred on a letting property cannot be included in the profits of the rental business before the let of that property has begun. However, there are exceptions to this rule. It is possible to deduct “pre-letting” expenditure which has been incurred within seven years before the start date of a business. Relief is only allowable… Read More

What is the trading allowance?

27th July 202127th July 2021 Admin

What is the trading allowance? In April 2017 HMRC introduced a ‘trading allowance’ for people with side hobbies or other sources of casual or miscellaneous income. The allowance exempts up to £1,000 of gross income per tax year for hobby activities such as cake sales, dog walking, photography, arts and crafts or earnings from semi-professional activities like sporting appearances or… Read More

Stamp Duty Land Tax: available for residential purchases

23rd July 202123rd July 2021 Admin

A special exemption in relation to Stamp Duty Land Tax is available for specific residential purchases by any lawyers on behalf of a buyer. This applies to company’s or partnerships who carry out the business of buying and selling properties Special exemption when buying property from a deceased estate, no SDLT is due if ALL of the following conditions are… Read More

Gift with Reservation of Benefit

23rd July 202123rd July 2021 Admin

We are often asked by clients “How can I reduce my death estate by utilising the value of my family home?” You may have heard about the rules of “Gifts with Reservation of Benefit” (GWROB), but do you know how it works? How does it affect your estate position? Gift with Reservation of Benefit Usually, if a donor gives an… Read More

Restructuring Your Business

29th June 202129th June 2021 Admin

Many growing businesses start out operating from one sole entity: a single limited company with one or more family members or business partners as shareholders. The owners may have incorporated separate entities to manage different trading businesses or have setup investment companies to hold property or other investments. In the above scenarios, the shareholders may find that if they restructure… Read More

Author: Admin