Anna’s Accountancy Alerts – Week 34 (22nd – 27th November 2021)

House models

iSpeech

Two homes - maximising private residence relief

If you own a second home you can choose whether it or your normal home receives capital gains tax private residence relief (PRR).

Within two years of having two or more homes you should notify HMRC which of them PRR should apply to. Once your nomination is made you can vary it. If you don’t make an election, HMRC is able to decide which property qualifies. This might not give you as much PRR as would have been possible if you had made a nomination.

Shareholders’ agreement

Where more than one shareholder is involved in a company, such an agreement is useful in regulating the way the business is to be conducted, dealing with any disputes or unexpected events that arise, as well as providing protection for the shareholders’ investment and establishing a fair relationship between the shareholders.

It is not mandatory for a company to have a shareholders’ agreement as it does not need to be filed in the public domain. There are many advantages of a shareholders’ agreement including:

  • shareholders falling out
  • regulating management of the company
  • controlling the transfer of shares
  • resolving disputes

Cookie banners in GDPR shake-up

Some website cookies rules will go as the government promises to scrap key parts of the EU’s GDPR. The government is expected to announce data regulation reforms which will cut costs for businesses, boost innovation and drive growth, opportunities, and jobs.

The plans include getting rid of ‘pointless’ cookie pop-ups for most websites (with some exceptions). The actual focus should be on protecting people’s privacy.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.