On the Up: VCTs Still Proving Popular

Since their launch more than 20 years ago, Venture Capital Trusts (VCTs) have proved to be a popular investment option for many individuals, with the latest figures revealing that more than £7 billion of funds have now been raised through the scheme. VCTs are designed to encourage private individuals to invest in smaller high-risk unquoted … Continue reading On the Up: VCTs Still Proving Popular

Business Cessation or Change of Accounting Date? Don’t Forget Overlap Relief

If you are self-employed and your accounting date is not 31 March or 5 April, i.e. in line with the tax year, then you could have overlap profits. Overlap profits are best illustrated through an example, so let us use a business which commences on 1 July 2016 and prepares its first set of accounts … Continue reading Business Cessation or Change of Accounting Date? Don’t Forget Overlap Relief

Ensure You Are Claiming Tax-Deductible Expenses

Self-employed individuals are able to claim tax relief on part of their household expenses, which can include insurance, repairs and utilities. If you often work away from your main place of business, you may also be able to claim for travel and accommodation costs; make sure that accurate records are kept, such as a log … Continue reading Ensure You Are Claiming Tax-Deductible Expenses

To Have, Hold & Share Rental Income Tax Efficiently

As of 6 April 2017 the tax relief landlords receive for mortgage interest and other finance costs is restricted. The restriction is being introduced gradually so that by 2020/21 landlords will receive tax relief for finance costs at basic rate (currently 20%) instead of at the rate at which they pay tax. This change does … Continue reading To Have, Hold & Share Rental Income Tax Efficiently

Tax Relief When Home is The Office

When a business is operated through premises that are owned or let by the business, claiming for rent, rates and utilities, etc., is all relatively straightforward. However, when the business is run from the home of the proprietor or director (if a limited company), then the expense claim requires a little more thought. If you … Continue reading Tax Relief When Home is The Office

Sponsor The Winning Team

Following on from this summer’s Euro 2016 football tournament, and with the Rio Olympics just around the corner, could your business benefit from sports sponsorship? Sponsorship is a mutually beneficial relationship between a rights owner, such as a sports club, and a fund provider - a business. To many it may seem to be the … Continue reading Sponsor The Winning Team

Free Research & Development Seminar

Has your company spent money developing a new product or software? Have you made any advances in science and/or technology? If so you could be eligible for R&D uplift as high as 130% on your development expenses! Projects don’t have to succeed to claim. Green & Co Accountants and Tax Advisors are running a seminar … Continue reading Free Research & Development Seminar

Pension Alignment Gives Opportunity To Pay Up To £80,000 Pension Contribution In 2015-16

In the past pension schemes could have different PIP (pension input period) end dates which would not necessarily have been the end of the tax year. Whilst tax relief is given on contributions made in the tax year, determining whether the annual allowance, currently £40,000, has been exceeded is measured by reference to the PIP … Continue reading Pension Alignment Gives Opportunity To Pay Up To £80,000 Pension Contribution In 2015-16

Summer Budget 2015

Our review of the Summer Budget 2015 is now available: Green & Co - Summer Budget 2015 There were several big changes announced in this weeks Chancellor's Budget, including changes to Corporation Tax, Inheritance Tax, Dividend Tax Credits and Landlords Tax Relief among many others. We have compiled everything you need to know about the … Continue reading Summer Budget 2015

New Pension Rules – The Downside

New pension rules came into effect on 6 April 2015 which have brought many welcome changes. But what about the changes which are not so good? Careful consideration needs to be made with regard to how the changes may affect you. The most significant change is probably the removal of pension funds from Inheritance Tax. … Continue reading New Pension Rules – The Downside