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July 2017

Trading and property allowances

From 6 April 2017 (subject to the passage of the Autumn Finance Bill, when Parliament returns after the summer break), individuals will be able to claim up to £1,000 a year in tax-free allowances for property or trading income.  If you have both types of income, you may claim a £1,000 allowance for each.  

Tax diary July/August

July & August are very busy times in the tax calendar, with critical filing dates. Please check out the link below for dates that may be relevant to your business throughout the year. July & August are very busy times in the tax calendar, with critical filing dates.   .

One business or two for VAT?

A recent VAT Tribunal had to decide whether two hairdressing businesses should be treated as a single business for the purposes of VAT registration.  

Landlords bear the brunt of recent tax changes

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges.

What is dementia tax?

The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch their allegiance in the June Election. Although this so-called “Dementia tax” is not strictly a tax, paying for social care has become more important than Inheritance Tax for many families.

Government extends the deadline for digital tax returns and exempts small businesses from the plans

Small firms will be experiencing a sense of relief this morning, as changes are announced to the controversial and revolutionary new digital tax system.

Anyone for a wall?

The Restructuring & Insolvency team are delighted to announce that Duncan Swift, a partner at Moore, has been appointed Deputy Vice President of R3, the insolvency and restructuring trade body with effect from 7 July 2017.  

How long does it take to sell a business?

The agreed sale price of a small business for sale, is influenced by a number of factors including revenues, business category, the business location, cash flow multiples and of course, the asking price. Although these factors are important in monitoring small business sales another overlooked factor speaks to fundamental market conditions, in particular the amount of time the business spends on the market. It is possible to study the health of the market by looking at the factor of time as it can determine the demand among buyers and expectations of sellers.    

Are you up to date with GDPR?

Personal data is defined as ‘any information relating to a person who can be identified directly or indirectly ‘.  Personal data has been a topic of discussion over the last few years and no matter what industry you work in; you will almost certainly have come across how data is fiercely changing the face of the world, at a rapid rate!