A Partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partnership. For
The majority of gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve their potential of becoming exempt from
The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The entry
Mothballing as used in a business sense is usually defined as to stop using a piece of equipment or process, and then storing and preserving mothballed assets for later use.
Many business owners are now faced with marshalling their resources in this
It is really difficult to maintain a sense of equilibrium and optimism in these difficult times. Even if you can embrace the notion that everything changes, and they do, the present restrictions on our daily business and home lives seem all consuming
The annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance increased from £150,000 to £240,000.
This means
A new advice line for employers who are supporting employees experiencing or at risk of domestic abuse has been launched by domestic abuse charity Hestia. The Everyone’s Business Advice Line, which is being funded by the Home Office, will be a point
The government has published detailed new guidance for employers on the regulations and legal obligations relating to running internal workplace coronavirus (COVID-19) testing programmes, i.e. those which are outside of the NHS Test and Trace
As our readers will no doubt be aware, the Coronavirus Job Retention Scheme (CJRS) is closing on 31 October 2020. The scheme moved to a more flexible working arrangement from 1 July 2020 to allow employees to resume part-time working and to begin to
For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the financial year of your business but can be different