News from The Peloton -

Conditions and problems surrounding the claim for Incorporation relief Businesses become companies for a variety of reasons. Not so long ago…

Using the capital gains tax land and buildings toolkit

Using the capital gains tax land and buildings toolkit HMRC produce a number of toolkits which highlight common errors found in…

Different lets, different tax rules

Different lets, different tax rules From a tax perspective, all lets are not equal, and the rules that apply to furnished…

What qualifies for private residence relief?

What qualifies for private residence relief? Private residence relief is a well-known relief but one which is often misunderstood. It applies…

Pros and cons of the VAT flat rate scheme

Pros and cons of the VAT flat rate scheme The flat rate scheme offers VAT registered traders who meet the eligibility…

Tax-free savings income

5th August 2022

Tax-free savings income There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers…

Is paying mileage allowances at the approved rate still a good idea?

Is paying mileage allowances at the approved rate still a good idea? Where an employee uses their own vehicle for business…

National Insurance changes for the self-employed

National Insurance changes for the self-employed If their profits are high enough, the self-employed pay two classes of National Insurance contribution…

Loans to directors – beware of the higher section 455 charge

Loans to directors – beware of the higher section 455 charge Directors and shareholders in close companies are often able to…

Post-cessation receipts and expenses – tax treatment

Post-cessation receipts and expenses – tax treatment Sometimes a business may have ceased trading but then receives income or incurs expenses…

What happens if an asset not brought into business immediately

13th July 2022

‘Roll over’ relief – what happens if an asset not brought into business immediately There is usually a capital gains tax…

The role of the Adjudicators Office

13th July 2022

The role of the Adjudicators Office Few taxpayers are aware that the Adjudicators’ Office (AO) exists. The AO was set up…

Employee Ownership Day!

5th July 2022

The Peloton are excited to announce that, as of the 24th of June 2022, we are officially employee-owned! Going forward all…

NIC position if you are employed and self-employed

NIC position if you are employed and self-employed Despite the increase in National Insurance Contributions (NIC) in the April 2022 Spring…

Cryptocurrency – what is a sale – gain or income?

Cryptocurrency – what is a sale – gain or income? Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed…

Tax relief for the expenses of running a property business

Tax relief for the expenses of running a property business In common with other types of business, expenses are unavoidable when…

The Employee Ownership Revolution

Meet James James has worked in the coffee industry all his life. Over the past decade he’s built a successful, independent…

CGT or IHT

17th June 2022

CGT or IHT Sometimes there is a choice of which tax to pay and where a person owns an investment property,…

First-time buyer relief for SDLT and investment property trap

17th June 2022

First-time buyer relief for SDLT and investment property trap First-time buyer relief may reduce the stamp duty land tax (SDLT) that…

Should I change my accounting date?

16th June 2022

Should I change my accounting date? In preparation of the introduction of MTD for income tax, which comes into effect from…

Plan capital expenditure to benefit from time-limited reliefs

15th June 2022

Plan capital expenditure to benefit from time-limited reliefs Unincorporated businesses and companies planning capital expenditure projects need to be aware of…

Corporation tax – are you ‘associated’?

15th June 2022

Corporation tax – are you ‘associated’? The corporation tax rules are changing from 1 April 2023, and the amount that a…

High Income Child Benefit Charge – not just for higher rate taxpayers

15th June 2022

High Income Child Benefit Charge – not just for higher rate taxpayers The High Income Child Benefit Charge (HICBC) is a…

Relief for homeworking expenses post Covid-19

Relief for homeworking expenses post Covid-19 The Covid-19 pandemic forced large numbers of employees to work from home for the first…

distributions of a cessation of a company

Distributions on cessation of a company

Distributions on cessation of a company Companies cease for various reasons, some closing for the personal reasons of their directors or…

‘Pheonix companies’ – distribution treated as income rather than a capital gain in certain conditions

In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are... Read More

‘Trivial benefits’ – PAYE