Tax and Business

Purchase of own shares clearance letterWhere a shareholder of an unquoted company sells their shares back to the issuing company the proceeds in excess of the cost of the shares usually taxed as income. However, if conditions are met the transaction ... Read more

Employee pool car agreementBanning private use is essential for a car to be considered a pool car by HMRC. A verbal ban may work but it's more sensible to require the employee to sign an agreement that specifically states that the car is not to be use... Read more

Employee homeworking expenses policyWhere an employee works from home you set a policy explaining the terms and conditions that will apply in connection with proper performance of their job. This should include details of equipment and services you w... Read more

Property allowance election to disapply reliefThe property allowance is a fixed tax deduction given automatically against income from property if it does not exceed £1,000 in total in a tax year. There can be circumstances where it is more tax ... Read more

Compensation claim letterIf HMRC makes a mistake or is responsible for an unreasonable delay in dealing with your tax affairs, you can claim compensention for costs you incur as a result and for any distress caused.Costs and compensationIf you have... Read more

Property allowance claim for partial reliefThe property allowance is a fixed tax deduction for individuals that is given against income derived from land and buildings (property). It applies automatically if the qualifying income received in a t... Read more

Trading allowance claim for partial reliefThe trading allowance is a fixed tax deduction given automatically against miscellaneous or trading income if it is no more than £1,000 in total during the tax year. Where income exceeds £1,000, the t... Read more

Trading allowance election to disapply reliefThe trading allowance is a fixed tax deduction given automatically against miscellaneous or trading income if it does not exceed £1,000 in total in a tax year. There can be circumstances where it is... Read more

Agreement to sever joint tenancy for married couples and civil partnersEach joint owner of a property is generally entitled to propertionate share any income or capital derived from the property and taxed accordingly, e.g. if there are four joint own... Read more