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  • 1,500+ Business Documents - Claim for a capital loss for repayment of a loan as guarantor
    Claim for payment under a guaranteeOne way of helping a growing business is to act as guarantor to its loan finance. If things don't turn out as planned and you are called upon to make good some or all of the loan, you may be able to make a claim to treat this as a capital loss.Capital losses - payment under a guaranteeRather than lending it money, you may have helped a business by giving a guarantee on a business loan. For example, if you're a company director you may have had to give personal guarantees in...
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  • 1,500+ Business Documents - Election to transfer gain or loss to other group company
     Election to transfer gain or loss to another group company Where a company makes a capital gain or loss in respect of an asset, it may jointly elect with another company within the same group to transfer the gain or loss to that company. The effect of an election can be to reduce the overall corporation tax payable by the group.When to use this electionThe election can apply to deemed gains or losses, i.e. no transfer or sale of an asset is required. For example, it can apply where a loss is deemed to arise...
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  • 1,500+ Business Documents - Nominating a main residence election
    Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneThe general rule is that if you make a gain on the sale of your main residence, then you don't have to pay capital gains tax. This is called private residence relief. An unmarried individual or a married couple can only have one main residence for this relief at any...
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  • 1,500+ Business Documents - CGT schedule of capital enhancements
    CGT schedule of capital enhancements The cost of structural alterations or improvements to properties counts as capital expenses (enhancements). They can be deducted as expenses when calculating the capital gain or loss following the sale of the property. Allocating and recording expenditure There may be a long gap between the time you improve or alter a property and the time you sell or transfer it. For this reason you should keep an up-to-date record of anything you spend for this purpose. You can then refer...
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  • 1,500+ Business Documents - CGT EIS deferral relief claim
    CGT EIS deferral relief claim Investing in enterprise investment scheme (EIS) shares gives you an opportunity to defer capital gains tax (CGT) that would otherwise be payable.claiming reliefEIS deferral relief, sometimes referred to as EIS reinvestment relief, can be used to delay and ultimately (sometimes) reduce a CGT bill which has arisen from the sale or transfer of any type of asset. If you sell an asset and reinvest the proceeds in qualifying EIS shares, you can claim EIS deferral relief.To qualify...
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  • 1,500+ Business Documents - Unincorporated business trading loss relief claim
    Unincorporated business trading loss relief claimIf you've made a loss in your sole trade or partnership, you can claim relief for it against tax payable on your other income for that year or the year before. If any loss remains you can claim relief against your capital gains in the year of the loss or the previous year.Trading lossesYou can't offset capital losses against your general income in a tax year. However, you can reduce your capital gains by offsetting sole trader or partnership trading losses which...
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  • 1,500+ Business Documents - CGT negligible value claim
    CGT negligible value claimIf you own an asset that has become of negligible value, i.e. worthless, you can make a negligible value claim to HMRC which entitles you to treat the asset as if it were sold for nothing. The effect of this is to create a capital loss. Losses on sharesYou may have made an investment in the past that has performed badly. Indeed, you may have written it off in your own mind but, if you haven't sold it, it may only be a paper loss that is not allowable for CGT purposes. However, there...
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  • 1,500+ Business Documents - Rental business employee's job description
    Rental business employee's job descriptionYou can claim a tax deduction for the cost of paying someone, including a spouse or civil partner, to manage a property you let. HMRC may ask for details of their role so you need to justify paying them. Wages of spouseAs long as they don't own a share in the property, you can pay your spouse or partner a wage for dealing with the administration of your let properties. And this wage can be offset against your rental income. This is a good way for them to receive some...
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  • 1,500+ Business Documents - Claim for a capital loss for an irrecoverable loan to a trader
    Claim for a capital loss for an irrecoverable loan to a traderIf you made a loan to a business which it cannot repay, the amount remaining outstanding may be treated as a capital loss. HMRC requires conditions to be met before it will accept the loss.What loans qualify?The loan will qualify for loss relief as long as it was used by the UK resident borrower (who can't be your spouse) in their trade (excluding money lending). A qualifying loan can include a director's loan to a close company.What does irrecoverable...
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  • 1,500+ Business Documents - CGT rollover relief claim
    CGT rollover relief claim When you've sold an asset that was used in your business, and this results in a capital gain, it's possible to defer or even avoid tax on this by claiming rollover relief. Selling a business assetCapital gains tax (CGT) applies to profit you make when you sell a business asset. If this results in a CGT bill you have the option to make a CGT Rollover Relief Claim to roll over the gain into the purchase of another business asset and so defer payment of tax.Qualifying assetsRollover relief...
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