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Professional accountants serving the UK and helping small businesses to grow!

Whether you are an expanding company or just starting up, KAMP Accountants is here to help.

With extensive experience working with large and small clients throughout the UK, we support large and small business in a broad range of business sectors with all their accountancy requirements.

Changes to Alternative financing tax rules

Newsletter issue – December 2024

Tax rules for individuals and companies using alternative finance are to change. The Government released plans for reform on the day of the Autumn Budget, with the aim of simplifying the tax treatment of alternative finance and, in particular, refinancing arrangements.

The objective of the policy is to "ensure a level playing field across conventional and alternative of finance," the Government said.

In the policy paper, officials noted that these changes will ensure "where an existing asset is used as a means to raise finance using alternative finance, the tax outcome is broadly the same as conventional financing".

The changes also connect to Capital Gains Tax. It means a disposal for CGT purposes "does not occur when a beneficial interest in an asset is transferred by an individual to an alternative finance provider as a condition of funding", the HMRC papers stated, adding: "This outcome creates fairness and certainty for individuals as it ensures that they will not face a tax charge should they wish to use this form of finance. "

The paper continued: "Under the current tax rules, entering into certain types of alternative finance arrangements can result in tax consequences that do not arise under conventional financing. This issue mostly affects properties that do not qualify for Capital Gains Tax Private Residence Relief, such as rental properties, second homes and commercial properties."

According to HMRC, the changes will benefit, in particular, people with religious beliefs that prohibit receiving and paying interest, because they can not use other financing products currently.

The Finance Bill 2024-25 will include amending the relevant parts of three existing pieces of legislation:

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations and projections
  • Annual superannuation certificates for Partners
  • Practice manager training about bookkeeping
  • 2 - 4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning

Recurrent Annual Services based on fixed fee:

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations for Principles and Associates
  • Practice manager training about bookkeeping
  • 2-4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

  • VAT advice
  • Capital gains tax planning
  • Partnership agreements
  • Surgeries finances
  • Pension planning
  • Budget and cashflow planning
  • Inheritance Tax planning

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Medical Practices

Our specialist team provides a wide range of accounting and business services to General Practice.

Recurrent Annual Services based on fixed fee:

Dental Surgeries

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Recurrent Annual Services based on fixed fee: