3 Minute Guides - Tax Insider

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3 Minute Guides

 Download our free quick-read factsheets outlining key points and strategies on how to save tax. 

All our 3-minute guides relate directly back to our in-depth tax report topics.

Landlord Expenses

Landlord Expenses

A common goal of landlords is to maximise rental profit. This can be achieved not only by maximising rental income, but also by reducing deductions from profit, including tax. As the tax payable depends on the level of taxable rental profit, it follows that reducing the taxable profit, reduces the tax payable. This can be achieved without sacrificing rental income by maximising deductible expenses.

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Maximising Business Expenses

Maximising Business Expenses

When working out the taxable profit, allowable business expenses can be deducted. It is important to ensure that any permitted deductions are not overlooked – higher deductions mean lower taxable profit which in turn means less tax to pay. To maximise deductions for business expenses, it is vital to understand the rules and to keep good records of expenditure.

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Dividend Strategies

Dividend Strategies

Dividends are essentially the reward paid to shareholders in return for the risk that they take in investing in a company. They are a popular and tax-efficient way to extract profits from a family or personal company. However, unlike salary or bonus payments, dividends can only be paid to family members who are shareholders. 

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Joint Property

Joint Property

There are many reasons why property may be held jointly and where property is held jointly, the nature of that joint ownership will determine how the income is taxed and on whom the liability falls. Where property is owned jointly, there may or may not be a property partnership.

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Ways to Extract Cash

Ways to Extract Cash

If you operate your business as a company, you will pay corporation tax on any profits that your company makes. You may also pay tax on the profits when you take them out of the company. This short but informative guide looks at how to extract profits in a tax and NIC-efficient manner.

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Off-payroll working

Off-payroll working

The off-payroll working rules (IR35) are anti-avoidance rules that apply where a worker provides his or her services to an end client via an intermediary. They seek to level the playing field by ensuring that a similar amount of tax and National Insurance is payable to that which would have been paid had the worker been an employee of the end client.

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Penalties

Penalties

Penalties can be imposed by HM Revenue and Customs (HMRC) for a wide range of tax ‘offences’, i.e. compliance failures such as the late filing of tax returns, late payment of tax, the failure to notify chargeability to tax, and in some cases the failure to provide information and document.

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Using Trusts

Using Trusts

Although they have a perception of being complicated, a trust is simply a private legal arrangement whereby assets are transferred to a group of people who are instructed to hold those assets for the benefit of others. Trust assets can be in any form and can include land and property, including the main residence.

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Tax Planning for Businesses

Tax Planning for Businesses

As the end of the tax year or the accounting period approaches, it is a good time for businesses to take stock and review their affairs. No-one likes to pay tax unnecessarily, and a little time spent considering the tax position ahead of the year-end can realise considerable tax savings.

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Property Investing

Property Investing

Property investment involves holding property for the long-term, generally with the hope or intention of benefitting from capital appreciation. By contrast, property trading refers to the buying and selling of property or land with a view to making a profit. It is important to identify the camp into which the property falls as the tax rules are different.

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Directors' Loan Accounts

Directors' Loan Accounts

In a family or personal company, transactions between the company and the individual directors are commonplace. A director’s loan account is simply a mechanism for recording the transactions that take place. If the company is a close company and the director’s account is overdrawn at the end of the year, tax consequences may arise.

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Asset Transfers

Asset Transfers

There are various reasons why someone may want to transfer an asset to someone else. Often, such a transfer can be affected in various ways, with some methods triggering large tax liabilities while others allow for a more tax-efficient transfer. This guide is a practical guide on how to save tax when transferring assets.

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Business Expenses

Business Expenses

When working out the profits or losses of your business, you can deduct any allowable expenses that you incur in running your business to arrive at the profit (or loss) figure before tax. The more expenses you deduct, the lower your taxable profit and the less tax you pay. It is important, therefore, not to overlook any business expenses which may be deductible.

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Property Partnerships

Property Partnerships

Where property is owned jointly, the way in which the rental income is taxed depends on whether the letting is carried on in partnership. However, joint letting does not in itself create a partnership – HMRC’s view is that where a jointly-owned property is let out, there will not usually be a property partnership but where one exists this will determine how profits and losses are treated.

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Dividend Tax Rules

Dividend Tax Rules

Since the taxation of dividends was reformed with effect from 6 April 2016, individuals have been entitled to a dividend allowance. However, the allowance was reduced from £5,000 to £2,000 from 6 April 2018. Despite the changes, dividends still have a role to play in extracting funds from a family company in a tax-efficient manner.

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Beating The Landlord Tax Rises

Beating The Landlord Tax Rises

Landlords have faced a number of tax-hikes in recent years. New rules mean that relief for interest is being restricted, purchasers of second and subsequent residential homes now face a 3% SDLT supplement, and where a capital gain relates to a residential property, a higher rate of capital gains tax applies than for other gains.

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Company Directors Tax Tips

Company Directors Tax Tips

Company directors present a number of tax challenges, including how to extract profits from the company in a way that is efficient from both a tax and National Insurance perspective. Other challenges include managing the director’s loan account to avoid unnecessary tax charges. This guide looks at some tax planning strategies for company directors.

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Protecting Your Assets

Protecting Your Assets

Broadly, asset protection is simply a way of protecting assets from the threats that they may face, whether physical or financial. Often, asset protection involves moving an asset from the ownership of one person or entity to another. This guide looks at a few of the strategies for protecting assets and at the associated tax implications.

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Company Cash Extraction Strategies

Company Cash Extraction Strategies

If you operate your business as a company, you will pay corporation tax on any profits that your company makes. You may also pay tax on the profits when you take them out of the company. This short but informative guide looks at how to extract profits in a tax and NIC-efficient manner.

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