THINKING OF WINDING UP YOUR COMPANY?

Up until 6 April last year, the distribution of cash to shareholders on the winding up of a trading company by a liquidator, was usually taxed as a capital gain, potentially taxed at just 10% with the benefit of entrepreneurs’ relief.

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HMRC delays Making Tax Digital scheme

BREAKING NEWS – As of yesterday (13 July 2017) ministers have confirmed a new timetable for Making Tax Digital and have delayed rollout by ‘at least’ two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019.

INCORPORATING A PROPERTY BUSINESS

Investors in residential property may be feeling like the government is out to get them. Increases to stamp duty, higher capital gains tax rates and the mortgage interest relief restriction have combined to make property investment much more expensive.