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Business Tax Insider

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Here is what our tax experts are sharing with you:

 

  • How Redeemable Preference Shares Can Reduce Inheritance Tax

    James Bailey explains how redeemable preference shares can solve an inheritance tax problem associated with directors’ loan accounts. Transferring a partnership or a sole trader’s business into a limited company can provide a number of tax planning opportunities, including the lower (20%) rate of corporation tax on profits, as compared to 42% or 47% for income tax and National Insurance contributions (NICs) on individuals. Typically, the strategy...
  • Light Relief? – Losses On Private Company Investments

    Ken Moody takes us through the ‘ins’ and ‘outs’ of losses on investments in private companies. It is fair to say that investments in private companies almost inevitably carry a degree of risk. The tax legislation recognises this by providing relief against income tax for losses on shares in private companies, and also for capital loss relief on losses on loans to traders generally – not just to companies. However, HM Revenue & Customs (HMRC) is likely...
  • Why HMRC May Choose Your Business For Investigation

    Jennifer Adams considers the different investigation methods and procedures being used by HMRC to close the ‘tax gap’.In the days before self-assessment, HM Revenue & Customs (HMRC) investigations were usually confined to those taxpayers whose activities were either brought to the attention of an Inspector, or because the tax return had taken a long time in being submitted, despite...
  • Did Your Previous Business Owe HMRC? Beware the ‘Security’ Nightmare!

    Andrew Needham highlights a potential problem for some new businesses. If your business goes into liquidation owing HMRC money, any new business may be required to pay HMRC a ‘security demand’ before it can trade. With the relative ease of starting up again by using a ‘pre-pack’ procedure, many businesses are now finding themselves faced with a security demand from HM Revenue & Customs (HMRC). But what exactly is a security demand?
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller
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Business Tax Insider will benefit business owners, company directors and entrepreneurs.

Each month our experts reveal tax saving strategies covering the whole business life cycle including:

  • Tax saving tips for early years of business
  • How to maximise business expenses
  • How to maximise capital expenditure
  • Extracting profits from a company
  • Tax implications of employing people
  • Tax efficient business exit strategies
  • Plus more…

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Am I Eligible for a Tax Refund?

I was made redundant (November 2010) and was wondering if I will be eligible for a tax refund as I was paying tax on a £35000 salary for half the year?

Arthur Weller Replies:
You can make a refund claim to HMRC. Had you made it before 6 April 2011 (i.e. within the tax year of claim) then you could have sent in your P45, together with a covering letter, together with a form P50; written 'Refund Claim' on the P50 and on the envelope and HMRC ought to have processed it within 4 weeks. If you make your claim after 5 April 2011 then it is the same, except that you don't send in the P50 form.

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