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Accountancy & Tax Solutions for Business and Individuals
Need help with your self assessment or legal obligations?
While it’s the simplest form of business structure, being self-employed can be complicated when it comes to tax and managing your business finances. Afterall, along with the day-to-day running of your business, who wants to deal with Tax Return & Bookkeeping? …
These case studies highlight the benefit of taking advice before acting:
Purchasing EquipmentMr J, who is self employed, asked about the tax savings on purchasing equipment. He wanted to spend up to £10,000 on new equipment.
My advice was to purchase and use the equipment before 5th April (the end of his financial year).
He would qualify for relief on the whole £10,000 which would reduce his current year tax bill by £4000.
If he left the purchase until after 6th April, he would have had to wait another 12 months to get the tax relief.
Inheriting an EstateMrs J, an existing client, contacted me regarding Capital Gains Tax on the sale of her late mother’s house which had increased in value from the date of her death.
The potential liability was approximately £18000.
My recommendation was to vary the terms of her mother’s will, using a Deed of Variation giving an interest to her children and husband.
The effect of this was that they could use their own Capital Gains Allowance and pay no tax, thereby reducing Mrs J’s liability by £9240.
In addition, Mrs J’s estate has been reduced saving approximately £30,000 in potential Inheritance Tax.
Selling a PropertyMs J, a new client, consulted me regarding the tax liabilities on the sale of a flat she had owned.
I calculated she had a liability of £1550.
If Ms J had consulted me before exchanging contracts, I would have recommended giving her husband an interest in the property which would have allowed him to use his Capital Gains Allowance which would have eliminated the liability of £1550.
“The recommendation is to ALWAYS SEEK ADVICE”