Documents related to 'Election to average occupation of FHLs'
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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
Alternative interest calculation method letterWhere an employer provides a cheap rate or interest-free loan there's more than one way to work out the taxable benefit - the normal averaging method or the alternative precise method. The normal method a... Read more
01 Sep 2010
Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneT... Read more
24 Dec 2014
Election for a period of grace to apply to FHLsWhere you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment where various conditions are met.When can you use the election?To count as an FLH t... Read more
16 Nov 2016
Election for pre-trading debitsCosts incurred on financing your company, e.g. loan interest, before it starts to trade are classed as non-trading debits. Normally, tax relief for these can only be obtained by offsetting them against non-trading cre... Read more
22 Dec 2017
Election to transfer assets at written down valueWhere you transfer your sole trader or partnership business to a company, plant and machinery or other tangible fixed assets are often transferred too. Strictly, these assets have to be transferred at ... Read more
23 Nov 2016
Election to aggregate employer loansNormally, where a company has made a number of loans to a director the taxable benefit for each must be calculated separately. However, an election can be made to aggregate them.cheap rate or zero interest loans Wh... Read more
11 Jun 2018
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
Farmers' averaging electionIf you carry on a farming or market gardening business, you can elect to average your profits over either two or five years.FarmingBusinesses that depend on a successful harvest are notoriously volatile in terms of profits. ... Read more
13 Nov 2017
