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April 2022

Are you aware of the tax implications of extracting your property portfolio from company to private ownership?E OWNERSHIP?

Many investment properties are acquired through a limited company for a variety of reasons.   Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.

Mike Wakeford
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What is the difference between your domicile and residence tax status?

Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.  

Mike Wakeford
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How will the basis period reform affect your business cash flow from the 2024-25 tax year?

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

Mike Wakeford
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Will your unincorporated business be affected for basis period changes in 2023/24 – Transitional year?

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.

Jonathan Green
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Why business owners should consider a Business Lasting Power of Attorney

As a business owner, it’s important to consider who would look after your business if you were unable or unavailable to make decisions.  

Tracey Ledgister Forbes
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