Capital Allowance – Plant and Machinery

Plant and machinery allowances may be given where a person carrying on a qualifying activity incurs qualifying expenditure. By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Qualifying activities are: A trade A property business (UK or overseas) A furnished holiday lettings business (UK or within the European Economic Area) A profession or vocation An employment or office … Continued

Summary of Corporate Tax Issues Following an MBO

By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Introduction to MBO’s and Corporate Tax Issues Several new companies may have been incorporated and /or acquired as a result of a management buy-out (MBO). It is important that the directors of the new group are aware of the tax matters which may need to be … Continued

The Main Types of Company Reorganisation

By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Demergers Groups may want to split out their activities for many different reasons. There may be conflicting interests between shareholders, legal reasons to separate a trade out from the rest of the group with corporate protection, or it may be the only way for a … Continued

Family planning – the tax sort!

Transferring Shares in Family Company to Spouse – Gift or Sale? By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Owning your company jointly with your spouse is standard planning where one of you pays tax at a higher rate than the other (or one of you pays no tax at all). The idea … Continued

A Recap on Directors Loan Accounts

As a director, the company may pay for personal expenses from time to time. You can clear the debt by repaying it or get the company to write it off. Does it matter how and when you do this? By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Over £10,000? Your company card has … Continued

Statutory Residence Factsheet

Determining UK Residency – Statutory Residence Tax Factsheet Click here to view the Statutory Residence Factsheet Residence Generally speaking, an individual who is resident in the UK in a tax year will be taxable on their worldwide income and gains arising in that year. Individuals who are non-resident in a tax year are only taxed on … Continued