Assigning directors’ loans to children can have significant inheritance tax (IHT) implications, depending on how the transaction is structured and the timing. Here are some key points to consider: 1. Nature of the Loan Transfer Gift vs. Loan:When you assign a director’s loan to a child, it can be viewed
The treatment of VAT (Value Added Tax) on cryptocurrencies varies depending on the country and its specific tax laws. Here’s a general overview: European Union (EU) Cryptocurrencies as means of payment: Generally, the EU treats cryptocurrencies as a form of electronic money or financial instruments rather than goods or services.
In a move that has caught the attention of many UK businesses and taxpayers, Her Majesty’s Revenue and Customs (HMRC) has announced an increase in the interest rates applied to late payments. Effective immediately, the interest rate on overdue amounts has been raised by 1.5%. This change underscores the government’s
In the UK, landlords may seek Power of Attorney (PoA) for several reasons related to managing their property portfolios, especially when they are unable to personally handle certain affairs. Here are some common reasons why UK landlords might need a Power of Attorney: Types of Power of Attorney Relevant to
Preserving Legacy Through Trusts: The Smart Way to Own UK Property BEYOND OWNERSHIP A High-Net-Worth Perspective on Trusts and Estate Planning for Residential Property You don’t just buy a house. You buy permanence. You buy legacy. You buy a seat at the table your grandchildren might one day inherit. But
I have often advised my clients on tax advantages of leasing electric and low emission company cars for their directors and key employees, without reference to actual legislation.
The legislation was in Finance Act 2017, Schedule 2. This amended ITEPA 2003, Section 121A.
Companies House has outlined plans to increase its fees from 1 May 2024, with the agency noting that the changes are being made to “bring them in line with the costs of providing our service
In recent years, more and more people have invested in cryptocurrency, with some making instant gains of thousands and some losing everything. From April 2027, OECD’s Crypto-Asset Reporting Framework comes into effect, meaning that HMRC will have access via all crypto platforms to individual transactions.
Changes to UK company law under the Economic Crime and Corporate Transparency Act will be rolled out over the next few years. The first set of measures will take effect from 4 March 2024.
Very often one company (A) will loan another company (b) some money. There is no issue with this, as long as there is a loan agreement, and both the lending company and receiving company has minuted the same to legislate the loan.