As the year end approaches, business owners all over the UK find themselves researching, asking questions and dialing their accountants (even on weekends!). All for the purpose of ensuring financial efficiency and compliance. This is why understanding year end tax planning is crucial. It involves assessing your current financial standing and making strategic decisions to […]

Capital allowances represent a vital tax-saving opportunity for landlords across the UK. But what exactly are these allowances, and why are they so crucial? In essence, they allow property landlords to deduct certain capital expenses from their overall taxable income, effectively reducing their tax burden. For landlords eager to maximise their profits and manage their […]

Inheritance tax (IHT) can significantly reduce the value of an estate passed on to loved ones. As a trustee, you have a responsibility to manage the trust assets effectively and ensure the beneficiaries receive the maximum possible inheritance. It’s a task that requires a deep understanding of tax laws and strategic planning to maximise the […]

The United Kingdom government offers a significant financial incentive for businesses engaged in research and development (R&D) activities. These R&D Tax Credits can be a powerful tool to reduce your corporation tax bill, boost cash flow, and fuel further innovation. Do you engage with R&D activities in your business? Do you want to know of […]

Tax record keeping is a fundamental aspect of running a successful business in the UK. Not only does it ensure compliance with HM Revenue and Customs (HMRC) regulations, but it also provides a solid foundation for financial planning and management. As a business owner, I believe if there is one thing you should know too […]

In the UK, family-owned businesses and individuals with significant assets are increasingly turning to Family Investment Companies (FICs) as a way to manage and grow their wealth. An FIC is a private limited company established specifically to hold and manage a family's investments. These companies offer a unique structure that can provide several advantages, including […]

Demerger restructuring helps businesses streamline operations, unlock shareholder value, and explore new opportunities. This blog explores capital reduction demergers, detailing their intricacies and a roadmap for successful implementation within the UK legal framework. New to capital reduction demergers? This blog offers a quick, clear overview to help you understand the essentials. Read on to find […]

Running a small business is incredibly rewarding, but it also comes with its fair share of challenges. Unexpected financial difficulties, operational hurdles, or a changing market can all threaten the stability of your organisation. If you're facing such challenges, you might be considering corporate restructuring services to help your business get back on track. That’s […]

In the world of finance, there are various structures that business owners and investors can leverage to achieve their financial goals. One such structure gaining traction is the Linked Investment Holding Company (LIHC). A Linked Investment Holding Company (LIHC), otherwise known as a Personal Investment Company (PIC), can be introduced when business owners are planning […]

Each year, countless UK taxpayers do their best to file their taxes properly and on time. Yet, despite their best efforts, mistakes are more common than many realise, often leading to unnecessary stress, potential fines, and missed opportunities to maximise savings. Whether you're a seasoned filer or doing it for the first time, you need […]

In the UK, pension contributions are not considered a taxable benefit but rather a tax-efficient way to save for retirement. Taxpayers receive tax relief on their contributions to registered pension schemes up to certain limits, effectively reducing their taxable income and tax liability.

Selling a property is a significant financial event that could often come with a lot of tax implications. One of the key concerns for property sellers is Capital Gains Tax Changes. This tax applies to the profit made when you sell an asset, such as a property, for more than you purchased it for. No […]

When it comes to wealth management, estate planning is not just an option; it's a necessity. For high-net-worth individuals, understanding the nuances of estate and inheritance tax planning is crucial in safeguarding your assets and ensuring they are passed onto future generations as you intend. At ASWATAX, we understand that estate planning for high-net-worth individuals […]

In the UK, whether residents have to pay inheritance tax depends on the value of the estate and the deceased's domicile status. Estates valued under the £325,000 threshold, known as the nil-rate band, are generally exempt from inheritance tax. However, estates exceeding this value are subject to a 40% tax on the amount over the threshold. There are exemptions and reliefs, such as assets passed to a spouse or civil partner, and certain gifts made during the deceased's lifetime

Introduction to CGT Return Amendment and Penalties UK If you've submitted a Capital Gains Tax (CGT) return for a UK property disposal and later discover an error, you may be able to amend it. In this final part of our CGT blog series, we explore how to correct your CGT return and the penalties that […]

Introduction to CGT Payment on Account UK Property If you’ve disposed of UK residential property, you're not only required to report the gain, you also need to make a CGT payment on account UK property within 60 days of completion. This is a key part of the wider CGT reporting compliance regime. In this second […]

Introduction to the 60-Day CGT Reporting Rule UK Since 6 April 2020, the 60-day CGT reporting rule UK has applied to the disposal of residential property by both UK and non-UK resident individuals. This regime introduced a shorter window to report and pay Capital Gains Tax (CGT) when selling UK residential property and failure to […]

(5 out of 5: Share Buyback Series) This article is part of our Share Buyback Series, covering key aspects of company buybacks, tax implications, and reporting obligations. Introduction The Reporting for Company Share Buyback process ensures compliance with HMRC and Companies House regulations. If capital treatment applies, shareholders must report the buyback within 60 days […]

(4 out of 5: Share Buyback Series) This article is part of our Share Buyback Series, covering key aspects of company buybacks, tax implications, and reporting obligations. Capital Gains Treatment for Share Buybacks For unquoted trading companies, the proceeds from a Company Share Buyback can be taxed as capital gains rather than income distributions if […]

(3 out of 5: Share Buyback Series) This article is part of our Share Buyback Series, covering key aspects of company buybacks, tax implications, and reporting obligations. Introduction Understanding Income Tax on Share Buyback is crucial for shareholders, as it determines whether the proceeds from a company’s repurchase of its own shares are taxed as […]