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A Partnership is a relatively simple way for two or more persons (or legal entities) to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partner... Read More

The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in an efficient manner. ESC C16 was withdrawn in Mar... Read More

The Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021. Current guidance published by HMRC states that from 1 January 2021, businesses will need to... Read More

As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. This means that the proc... Read More

The government is moving ahead with plans to build free trade zones - known as Freeports - across Britain after Brexit. Freeports are a special kind of port where normal tax and customs rules do not apply. In their place, simplified customs proc... Read More

There are special rules that apply when a property is let at less than a commercial rate or is not let on commercial terms. These rules also apply if a property is occupied rent free or at less than a commercial rate, for example, a property is... Read More

HMRC has published further guidance on the implementation of the loan charge and has made clear there will be no special settlement terms. This follows an independent review earlier this year into whether the loan charge was an appropriate way of de... Read More

HMRC has published a series of a consultations together with details of proposed legislative changes to existing anti-avoidance regimes to strengthen HMRC’s ability to further clamp down on the market for tax avoidance. The proposals include:... Read More

A new measure that will provide HMRC with additional civil information powers is expected to take effect when the Finance Bill 2020-21 receives Royal Assent. The new measure known as a Financial Institution Notice (FIN) will be used to... Read More

HM Treasury has confirmed the extension of Making Tax Digital (MTD) to cover businesses with a turnover below the VAT threshold and for certain individuals who file Income Tax Self-Assessment tax returns. This announcement provides much-needed clarit... Read More

HMRC has published new guidance on the scheme for charities that have had events cancelled due to coronavirus. The Gift Aid scheme allows charities or Community Amateur Sports Clubs (CASC) to take a taxpayer’s donation and, provided all the qu... Read More

The Lifetime ISA allows those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000 and once you start saving before you are 40, you can co... Read More