Transfer your business to a company tax efficiently

22nd May 2024 by Joanne Stoneman

Transferring your sole trader or partnership business to a company can reduce tax on profits but may result in an initial capital gains tax bill. You can defer this indefinitely but might there be advantages to paying it?

What’s the difference between an error and an adjustment?

20th May 2024 by Joanne Stoneman

Your business must disclose errors to HMRC above certain limits in writing. But it can include accounting “adjustments” on the next return. What are the main adjustments (that aren’t errors) that your business could make?

The IHT exemption that HMRC hides

15th May 2024 by Joanne Stoneman

You have the task of obtaining probate for your mother’s estate which involves completing tricky inheritance (IHT) tax forms. One of these requires you to report lifetime gifts. How might the form’s wording cause you to miss out on an IHT exemption?