It is possible to reduce inheritance tax by using the business property relief

Business property relief Business property relief (BPR) is a way for UK businesses to reduce or eliminate inheritance tax on certain business assets. BPR was introduced in 1976 to help family-owned businesses continue trading after the owner’s death. They could do this without having to sell shares or the entire business to pay inheritance tax. […]

Employee of the Month – December 2022

At Jack Ross Chartered Accountants, we understand the importance of recognizing and celebrating the hard work and dedication of our employees. That’s why each month, we hold an Employee of the Month award, where we nominate and vote for the team member who has gone above and beyond in their duties. The December votes are in[…]

Debt Collection – 12 Steps to Success

Effective debt collection is essential for maintaining a healthy cash flow and ensuring the financial stability of a business. Debt collection is a critical process for businesses of all sizes. It involves systematic and organised efforts to recover outstanding debts from clients who have failed to make timely payments. Here are 12 critical elements of[…]

Delays in Making Tax Digital (MTD)

The UK government’s Making Tax Digital (MTD) initiative has been a topic of discussion for many small business owners and self-employed individuals since it was first announced in 2015. The goal of the MTD system is to modernize the tax system. Additionally, it should improve efficiency by requiring businesses to keep digital records and file[…]

Capital allowances and the super deduction

Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]

Business Confidence – A Significant Decrease

A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year. 5,200 firms that took part in the BCC’s quarterly economic survey. 39% of those businesses believe they will see a fall in profits over the next 12 months. Inflationary pressures are[…]

Rules for IR35 Now

Late September into mid-October has been a turbulent time for the Government. Its been a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement. On 17 October, the new chancellor, Jeremy Hunt, reversed around two thirds of the tax cuts in the fiscal statement. This included complicated changes to the controversial[…]