Update on the tax status of Double Cab Pick Ups

Update on the tax status of Double Cab Pick Ups

HMRC have reversed a previous decision (originally published 12 February 2024) on the tax status of Double Cab Pick Ups (DCPUs), following an earlier 2020 Court of Appeal judgment. The earlier decision, now reversed, had announced that effective from 1 July...
Exempt company purchase of own shares

Exempt company purchase of own shares

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as dividends) and may be subject to Income Tax. If certain conditions are met, the payment can be treated as an exempt distribution. An...
Company share buy-backs

Company share buy-backs

Company share buy-backs are also commonly known as a company purchase of own shares. A company may decide to buy back their shares for a number of reasons including to return cash to shareholders or to provide for a shareholder exit. The relevant legislation allows a...
Scotland’s non-domestic rates reliefs

Scotland’s non-domestic rates reliefs

Business rates is the commonly used term for non-domestic property rates. Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for discounts...
Post-cessation receipts and expenses

Post-cessation receipts and expenses

Tax relief may be available for post-cessation expenses of a trade. In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been deductible in calculating the trading profits. This means that the expense still has to...
Basis of assessment changing

Basis of assessment changing

Forthcoming 'basis of assessment' reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no...