Day: 14 October 2017
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Balance sheet, profit and loss account – what do they mean?
Your company accounts will contain a balance sheet and profit and loss statement. They form part of your statutory annual accounts. But what exactly do these terms mean, and when are you likely to need to use these documents?
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Entrepreneurs’ Relief (now BADR) – 10% tax on eligible business disposals
To encourage entrepreneurship in the UK, eligible individuals pay a lower 10% rate of Capital Gains Tax on the disposal of business assets, subject to a lifetime limit.
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What is the Child Benefit High Income Charge?
Since January 2013, if you (or your partner) earns £50,000 or more, your family is not eligible to receive the full state Child Benefit entitlement. Here we look at how this charge works, and why it creates a controversial anomaly in the tax system.