Stamp Duty Land Tax (SDLT) is a tax that may apply when you buy land or property in England or Northern Ireland. It is important to check whether SDLT applies before completing a purchase, as the tax can represent a significant additional cost.SDLT can apply when you buy a freehold property, a new or existing…
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Incorporation Relief may reduce your CGT bill
When a sole trader or the partners in a partnership transfer a business to a limited company, Capital Gains Tax (CGT) may arise. This is because business assets are normally treated as being transferred at their market value, which may be considerably more than their original cost.However, Incorporation Relief can allow some or all of…
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Recovering VAT on pre-registration costs
Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the goods are still held by the business or have been used to produce other goods that are…
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Filed your company tax return late?
A penalty may now be on its way...Some companies that filed their Corporation Tax return late may shortly receive an unwelcome letter from HMRC, even though the filing deadline passed some time ago.HMRC temporarily stopped issuing automatic Corporation Tax late-filing penalty notices while it updated its computer systems. Those changes have now been completed and…
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