Property damage – insurance payouts taxable?

In the aftermath of Hurricane Ophelia some business owners may have experienced damage to their business property.  Hopefully, those that did have adequate insurance cover to pay for the damage. How is the insurance payout treated by tax law? Under Capital Gains Tax (CGT) rules insurance compensation received in connection with property is of a…

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So what’s REALLY in Budget 2013 for small business

It was refreshing to finally hear the Minister for Finance focus on Small & Medium Enterprises (SMEs) in Budget 2013.  For too long, in my opinion, the emphasis of successive administrations has been on foreign multinationals and exporting indigenous businesses.  While that sector should be nurtured it shouldn’t be done at the expense of the nuts and bolts of…

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Changing from a soletrade to a limited company

Changing from a soletrade to a limited company Many people start out in business as a soletrader and once the business is off the ground “graduate” to a limited company. There are various reasons for changing from a soletrade to limited company, some real, some perceived: To avail of lower tax rates Protection of limited…

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