Paying private bills through the company

Before we examine this issue from a tax perspective we need to emphasise the difference between limited companies and sole trader and partnership businesses in the way that they distribute taxed profits to the business owners. Sole traders and partnerships are taxed under the self assessment rules. Profits are allocated as agreed by the business…

IHT Business Property Relief

Hidden away in the inheritance tax (IHT) regulations is a relief that can have a significant impact on the amount of IHT payable by estates which include business property. What is business property? It includes: A business or interest in an unincorporated business, 100% relief available. A holding of shares in an unquoted company, 100%…

Business rates – new rateable values

It is very important to check the detail of the new valuation to make sure that the rateable value applied to your property is correct. The rateable value is determined by a number of factors primarily the open market rental value on the valuation date. The valuation date for the 2010 changes is 1 April 2008. We are aware of cases where business rates have been reduced, following appeals on the basis that rental values have fallen.