by Neil Da Costa | Sep 5, 2021 | Uncategorized
A crucial area that I expect to feature in the forthcoming September 2021 Advanced Tax exam is Business Asset Disposal Relief (BAD relief) This is simply the new revised entrepreneur’s relief. It is available on the sale of a sole trader’s business assets (usually...
by Neil Da Costa | Sep 4, 2021 | Uncategorized
An area likely to feature in the Advanced Tax September 2021 exam is the inheritance tax exemptions. There are only 3 exemptions that are available for both lifetime transfers and the death estate The first and most important is the spouse exemption. For this to apply...
by Neil Da Costa | Sep 3, 2021 | Uncategorized
One topic which has been examined consistently in the Advanced Tax exam is CYB Closing year rules. These rules apply to a sole trader that pays income tax, Class 2 NIC and Class 4 NIC on the self-employed profits. The first step is to look at the date of cessation and...
by Neil Da Costa | Aug 18, 2021 | Uncategorized
Tax incentives such as the Enterprise Investment Scheme (EIS) are important when giving advice to wealthy clients prepared to invest in small unquoted companies. This features regularly in Advanced Tax and BPT. EIS companies should have assets of less than £15M before...
by Neil Da Costa | Aug 17, 2021 | Uncategorized
Termination payments paid to employees as compensation for loss of employment are a popular area in the 20-mark Advanced Tax questions.The most important point to remember is that the £30,000 exemption is only available if the payment is non-contractual (ex-gratia)...
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