Business Asset Rollover Relief, allows taxpayers to defer Capital Gains Tax (CGT) on gains arising from the sale or disposal of certain business assets, provided the proceeds are reinvested into new business assets. Rather than paying CGT immediately, the gain is "rolled over" into the cost of the new asset, and the tax liability is deferred until that new asset is eventually sold.

If part of the proceeds from the original asset’s sale is reinvested, a partial rollover relief claim can be made. Taxpayers may also apply for provisional relief if they intend to purchase replacement assets but have not yet done so. Additionally, rollover relief may apply where the proceeds are used to improve existing business assets, not just to acquire new ones. The amount of relief available depends on how much of the proceeds are reinvested.

To qualify, certain conditions must be met. The replacement assets must be purchased within three years after, or up to one year before, the disposal of the old assets. In some cases, HMRC may extend these time limits. Both the old and new assets must be actively used in the business, and the business must be trading at the time of sale and acquisition. Finally, the relief must be claimed within four years from the end of the tax year in which the new asset was acquired, or the old one sold, if that occurred later.

From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and Gains (FIG) regime, now determined by UK tax residence, not domicile. Reporting obligations have expanded significantly.

Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC, regardless of whether they had previously claimed remittance basis or are claiming relief under the FIG regime.

Former remittance basis users not eligible for the new FIG relief will now be taxed on newly arising foreign income and gains in the same way as other UK residents. However, they will still be taxed on any pre-6 April 2025 FIG that is remitted to the UK.

A key feature of the new regime is the 4-year FIG exemption, available to new UK residents who have not been UK tax resident in any of the 10 preceding tax years. These individuals can opt to receive full tax relief on their FIG for up to four years. Claims must be made through a Self-Assessment return, with deadlines falling on 31 January in the second tax year after the relevant claim year.

Importantly, claims can be made selectively in any of the four years but must include quantified figures for income and gains otherwise, tax will be due at standard rates. An individual’s ability to qualify for the 4-year FIG regime will be determined by whether they are UK resident under the Statutory Residence Test (SRT).

Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance on pay, tax, pensions, and working conditions—just as with any other employee.

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members.

HMRC’s guidance is clear that if you hire family members you must:

• avoid special treatment in terms of pay, promotion and working conditions;
• make sure tax and National Insurance contributions are still paid;
• follow working time regulations for younger family members;
• have employer’s liability insurance that covers any young family members; and
• check if you need to provide them with a workplace pension scheme.

It is possible to employ young people if they are 13 or over but there are special rules about how long they can work and what jobs they can do. Young workers and apprentices have different minimum wage rates from adult workers for the National Minimum Wage.

There are different rules if you take on volunteers or voluntary staff, but the employer is responsible for health and safety and must give inductions and proper training for the 'job' at hand.

Before you agree to buy a business, it is essential to carry out due diligence. This means carefully checking the facts and risks so that you can make an informed decision. Here is a basic checklist to guide you through the process.

1. Review financial records
Ask for at least three years’ worth of accounts, including profit and loss statements, balance sheets, and tax returns. Make sure the figures are consistent and professionally prepared. Check for signs of financial difficulty, falling profits, or unusual expenses.

2. Check VAT, PAYE and tax compliance
Request confirmation that the business is up to date with VAT, PAYE, Corporation Tax and Self-Assessment filings. Ask to see HMRC correspondence and payment records to ensure there are no outstanding liabilities.

3. Look at cash flow and working capital
A profitable business may still have cash flow issues. Review recent bank statements, aged debtor and creditor reports, and understand how money flows in and out of the business.

4. Understand what is being sold
Clarify what you are buying – assets, goodwill, stock, customer lists, contracts, premises, or an entire company. Make sure the seller has legal ownership of these and that contracts can be transferred.

5. Review key contracts and agreements
Look at customer contracts, supplier terms, leases, loans, and employee contracts. Check for clauses that may affect your ability to continue trading in the same way after purchase.

6. Investigate legal matters
Ask if there are any ongoing legal disputes, unpaid claims, or employment issues. You may need a solicitor to help you with this part of the due diligence.

7. Assess staff arrangements
Find out how many staff are employed, what their roles are, and what their terms and conditions include. You may need to honour these under TUPE regulations.

8. Review systems and processes
Check whether the business has good systems for bookkeeping, payroll, compliance, and customer management. Poor systems may mean extra costs after purchase.

Final advice
Proper due diligence helps protect you from future problems and ensures you are paying a fair price.

Always work with your accountant and solicitor when buying a business.

Running a business involves wearing many hats. Whether you are just starting out or looking to grow, developing the right skills can make all the difference. Here are ten practical skills that will help you manage your business with greater confidence and success.

1. Financial literacy
Understanding your numbers is vital. Learn how to read basic accounts, track cash flow, calculate profit margins, and understand tax obligations. This allows better decision-making and helps avoid costly surprises.

2. Time management
Managing your time well means focusing on what matters most. Learn to plan your day, delegate when needed, and avoid distractions so you can keep your business moving forward.

3. Leadership
Whether you employ staff or work with freelancers, good leadership helps you bring out the best in others. Clear direction, honest communication and the ability to motivate people all matter.

4. Problem-solving
Every business faces challenges. Building the habit of thinking through problems calmly, exploring options, and finding practical solutions will save time and reduce stress.

5. Basic marketing
You do not need to be a marketing expert, but you should understand the basics. Learn how to identify your ideal customer, promote your services, and use tools like social media or email newsletters effectively.

6. Sales skills
Being able to explain the value of your product or service, handle objections, and close deals is essential. Sales is not about pressure – it is about confidence and clarity.

7. Negotiation
Whether agreeing prices with suppliers or finalising a contract, negotiation skills can lead to better deals and long-term relationships.

8. Digital confidence
Modern businesses depend on digital tools. Learn how to use accounting software, manage online bookings or orders, and keep data safe. Embracing technology saves time and improves accuracy.

9. Strategic thinking
This means stepping back from daily tasks and thinking about where your business is going. Set goals, measure progress, and review what is working – and what is not.

10. Adaptability
Markets change, rules change, and customer needs evolve. Being open to new ideas and willing to adjust your approach is what keeps businesses alive and thriving.

Developing these skills takes time, but each one will give you more control and clarity in running your business.