Documents related to 'Election to accelerate transitional charge'
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Herd basis electionIf you keep animals for production purposes, you might be able to take advantage of the "herd basis" to simplify calculating your taxable profits.ProductionFarm animals are treated as trading stock. For tax and accounting purposes th... Read more
01 Dec 2017
Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more
11 Jun 2019
Election to opt out of rental cash basisFor tax purposes accounts for income derived from property must be prepared on the cash basis unless the total income you receive from property exceeds £150,000 in a tax year. However, it can be advantageous n... Read more
29 Aug 2019
Election to disapply incorporation reliefWhere you transfer your sole trader or partnership business to a company in which you own shares, often referred to as incorporating your business, it counts for capital gains tax purposes as if you had sold i... Read more
16 Nov 2016
Election for rent-a-room relief alternative basis If income from property does not qualify for rent-a-room relief only because it exceeds the maximum amount permitted, an election can be made to deduct the maximum amount from the income instead of th... Read more
06 Mar 2018
Election to carry back earn out lossIf you sell a business which includes an earn-out arrangement, e.g. the sale price is wholly or partly deferred and paid depending on the profits made by the purchaser's company after the sale, you must estimate th... Read more
16 Jan 2017
Employee loan letterWhere an employee or a director owes their employer more than £10,000 at any point during a tax year, a taxable benefit in kind arises. You need to work out the cash equivalent of this. Use this letter to write to any employees w... Read more
12 Apr 2017
Election for business asset disposal relief to apply to QCBsWhen you sell a business the purchasing company might offer to pay you with loan notes. This is a loan arrangement but in the form of a security, i.e. like shares. The loan notes pay interes... Read more
04 Nov 2016
Claim for a capital loss for an irrecoverable loan to a traderIf you made a loan to a business which it cannot repay, the amount remaining outstanding may be treated as a capital loss. HMRC requires conditions to be met before it will accept the loss... Read more
24 Sep 2009
CGT unpaid proceeds claim If you sell an asset and the buyer fails to pay all or part of the proceeds, and you are unable to recover them, you can claim a reduction for the amount of gain chargeable to tax. Consideration payable after saleWhere you s... Read more
07 Mar 2018