Abros LTD

IHT EXEMPTION Wealthier taxpayers paying for gifts and payments that can be paid from income can take advantage of IHT. It is in addition to the normal annual allowance. Ask us for further details.#Brumisbrill #Mancismarvellous #ATSocialMediaUK #Inheritencetax #WednesdayThoughts

Separating and divorcing couples should consider the CGT implication of selling or transferring their share in the marital home. Timing can be critical, and failure to take this into account may prove very expensive. #wednesdaythought #divorce #taxplanning #seperation #taxtips

Associated Companies and Corporation tax increases Small groups may wish to consider some restructuring to reduce the number of associated companies and avoid falling into higher corporation tax rates. #taxes #tuesdayvibe #Companies

The office will be closed from 19 July to 22 July 2021. In case of any urgent matters, please call 07956 502126. Enjoy the summer weather and stay safe. Tim @abrosltd93 ☀️

Apprenticeship Cash Boost The government has confirmed that employers of all sizes in England can now apply for £3,000 in extra funding to help them take on new apprentices. #apprentceship #smallbizuk #fridayfeeling abrosltd.com/news/latest-ne…

Property Tax Changes From 1 July 2021 there are changes to the Stamp Duty Land Tax (SDLT) and Land Transaction Tax (LTT) bands for residential property. Head to our website to read more about it. #taxtips #property #thursdayvibes #croydon #smallbizuk abrosltd.com/news/latest-ne…

TAX FREE CHILDCARE ACCOUNT SUBSIDISES SUMMER CAMP COSTS If you have children under 12 who attend a nursery, after school club, play scheme, child minder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account. #childcare

PENALTIES HMRC could view errors as being ‘careless’ and so suppliers would be subject to a penalty in the range of up to 30% (plus interest). Check that the right amount of VAT is charged on the invoice, if it's wrong, there are ways it can be adjusted. Call us today! #abrosltd

CORRECTING ERRORS IN EARLIER FURLOUGH CLAIMS The numerous changes in the method of calculating CJRS furlough grants will no doubt have resulted in errors by some employers. Remember that you are required to tell HMRC about over claimed CJRS grants as part of your next claim. #JRS

MARRIAGE AND SEPARATION Separating and divorcing couples should consider the CGT implication of selling or transferring their share in the marital home. Timing can be critical, and failure to take this into account may prove very expensive. #TAXTIPS #CROYDON #SMALLBZUK #ABROSLTD

Extended carry back rules Taking advantage of the extended carry back rules can generate a useful tax repayment. However, for income tax purposes, this may also result in personal allowances being wasted. Call us for more insight! #incometax #taxtips #smallbizuk #tuesdayvibe

BUY TO LET When using replacement of domestic items relief, ensure that the replacement items are substantially the same standard and quality as the old items; otherwise, full relief for the new item will not be available. Call us today to find out more. #buytolet #property #tax

FURLOUGH GRANT REDUCES TO 70% FOR JULY In July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked. The government support to employers will then reduce to 60% in August and September. #FURLOUGH #FRIDAY

FIFTH SELF-EMPLOYED INCOME SUPPORT GRANT TO BE PAID IN JULY 2021 The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July 2021. Sign up to our monthly newsletter to find out more and keep up to date. #seiss5 #taxtips #croydon

Individuals will be liable to pay IT and NI contributions on cryptoassets which they receive from their employer as a form of non-cash payment. An individual could be running a business thats carrying on a financial trade in cryptoassets and therefore have taxable trading profits

Cryptoassets for individuals Individuals hold cryptoassets as a personal investment, usually for capital appreciation or to make particular purchases. They will be liable to pay Capital Gains Tax when they dispose of their cryptoassets. #Cryptocurency #Taxtips #tuesdayvibe

MUCs HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities. #Taxtips #Smallbizuk

IHT EXEMPTION Wealthier taxpayers paying for gifts and payments that can be paid from income can take advantage of IHT. It is in addition to the normal annual allowance. Ask us for further details. #Brumisbrill #Mancismarvellous #ATSocialMediaUK #Inheritencetax #FridayThoughts

Do not assume that a lower corporation tax rate and unrestricted interest relief means that it is more tax-efficient to run a property business as a limited company. The best outcome will depend on individual circumstances and on the numbers. Ensure to review the whole picture.

A mental health plan for your business may help you to promote wellbeing. A typical plan might include wellbeing tips, tackling causes of work-related stress, a system for recording sickness absences that are related to mental health and more. #MentalHealthAwareness #Wellbeing