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What is ‘substantial extent’ for non-trading activities?

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What is ‘substantial extent’ for non-trading activities?

Gains that qualify for business asset disposal relief (BADR) are taxed at a reduced rate of 10%, but relief for company shares is not available if the underlying company carries on substantial non-trading activities. HMRC has long applied a strict 20% test, but a recent Upper Tribunal case has forced HMRC to backpedal and further clarify the interpretation of 'substantial'.

The Flava People

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Meet Scott

Managing Director of The Flava People

You can find a taste of The Flava People in almost everything you eat, whether you’re strolling the supermarket shelves or ordering in your favourite restaurant.

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Duo's arrival strengthens our tax team

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Duo's arrival strengthens our tax team

We are pleased to announce that we have expanded our tax advisory team with two senior appointments.

Lindsey Egan and Liza Whiley have joined the firm from KPMG and Catax respectively as a senior tax manager and research and development specialist.

The new roles have been created to meet growing demand from our expanding client base.

“These new roles will help us meet increasing demand for high quality tax advice to our ever-growing client base.”

Business rates loophole on second homes closing

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Business rates loophole on second homes closing

Owners of holiday lets and second homes in England have been able to avoid council tax by registering their properties as businesses. However, from April 2023, small business rates relief will only be available if a property is let out for a minimum of 70 days a year. If you let out a second home, you may want to start planning now.

Focus on tax year-end planning

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Focus on tax year-end planning

With Christmas and New Year behind us, tax year-end planning should now be on your radar.

The 2021/22 tax year will end on Tuesday 5 April. This year there is no Spring Budget and Easter arrives on 15 April, so no obstacles stand in the way of year-end tax planning. Nevertheless, the sooner you start the better, as some decisions cannot be made quickly. There are some key areas to consider.

Don’t forget to include Covid-19 payments on self-assessment returns

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Don’t forget to include Covid-19 payments on self-assessment returns

With the 2021 self-assessment tax return deadline on 31 January, HMRC has been busy reminding taxpayers to declare any Covid-19 grant payments they might have received. This is the first year they need to be included.

Most self-employed taxpayers will have received Self-Employment Income Support Scheme (SEISS) grants during the Covid-19 pandemic, and now must include the following related grants and payments in their tax returns:

Packaging Automation

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Meet Sam

Director of Packaging Automation

Look beyond the six decades of expertise in creating automated packaging solutions for the international food industry, and you’ll find a third-generation family business.

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Alan Howard

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Meet Anton

Director of Alan Howard

For almost fifty years, Alan Howard has been a dedicated partner for professional hairdressers. Not just connecting them to industry-leading brands, but pioneering their own innovative product ranges too.

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Freeports up and running

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Freeports up and running

The first eight Freeport designated tax sites have now opened in Teesside, Humber and Thames. Freeports and their tax sites benefit from various incentives and tax breaks, but it remains uncertain whether they will provide the promised boost to the UK economy.

Treasury sets aside CGT and IHT change agendas

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Treasury sets aside CGT and IHT change agendas

Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of November saw another round of announcements.

The government set out steps to modernise and simplify the UK tax system, but of more interest is the response to the Office of Tax Simplification’s (OTS) reviews into inheritance tax (IHT) and capital gains tax (CGT).

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