Documents for Business

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Election for foreign losses

If you are non-UK domiciled but tax resident here, you may claim the remittance basis. To receive any kind of relief for foreign losses, an election must be made, but this shouldn't be done without careful consideration. Domicile If you are UK residen... Read more

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 sale Where you sell an asset and agree w... Read more

Election for rent-a-room relief alternative basis

If you let a room in your own home, the rent you receive is exempt from income tax if it is less than the rent-a-room limit of £7,500. If the rent exceeds the limit the relief doesn't apply and the taxable profits are equal to income less expenses. H... Read more

Remittance basis election

If you live in the UK, but are not domiciled here, you may benefit from making a claim to be taxed on the remittance basis. Remittance basis A UK resident taxpayer is generally subject to UK tax on their worldwide income. Residence is determined usin... Read more

Employee provision of home telephone policy

Employee - provision of home telephone policy If one or more of your employees work from home and need a landline phone for work purposes, you might agree to provide the equipment and pay the rent and call charges. HMRC may argue that a benefit in ki... Read more

Cars and car allowances policy

Cars and car allowances policy If you provide your employees with a car you can use a policy to set the terms and conditions of its use. If only a couple of employees have company cars, you might find it easier to include the provision in their contr... Read more

Record of gifts

Record of gifts One way to reduce an inheritance tax (IHT) bill is to simply give away your wealth during your lifetime. Keeping a record of the gifts you've made and IHT exemptions claimed will help the executors of your estate tackle any queries fr... Read more

IHT claim for fall in value relief for land and buildings

Where, within four years of the date of the deceased's death, a property in their estate is sold at open market value for less than probate value, you can make a claim to recalculate the inheritance tax using the sale value instead. Conditions A numb... Read more

Log of UK visits

If you are non-UK resident under the statutory residence test, you will only be taxable on your UK sourced income. Use our handy log to record your visits to the UK each year. Residence Residence is an important concept in UK taxation. If you are a U... Read more

Chattel lease

Chattel lease In order for a gift to be effective for inheritance tax (IHT) purposes, you must be excluded from benefiting, other than to a minimal extent, from the asset given away. However, you can use the asset without jeopardising your IHT positi... Read more
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