The issue of domicile is back in the headlines as the Chancellor’s proposals, first announced back in October, begin to take shape.
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Latest Articles
If you run a business, your accountant can prepare accounts for you. While you may consider accounts to be just a pain, they do have a number of uses.
There have been many headlines recently about small businesses being the losers in proposed tax changes. One change is to the corporation tax rate.
There has been much discussion about changes to the capital gains tax rules, and the words “private equity” keep being mentioned. However, the proposals did originally catch entrepreneurs and small businesses, and so after much protest, an entrepreneurs’ relief has been announced.
Businesses pay tax on their profits (their income less costs), but for tax purposes, you are not allowed to deduct all your costs from your income, when working out what your profits are. Too many entrepreneurs, pay for things on the basis that they will get a tax deduction, and then are annoyed to be taxed on a higher profit figure than that shown in their accounts.
Entrepreneurs often believe certain tax myths, perpetuated by well-meaning friends, and what they have heard in the pub etc. The Business Lounge separates the facts from the fiction.
