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The income tax legislation contains a number of exemptions for benefits-in-kind. By making use of exemptions, it is possible to boost an employee’s remuneration package tax-free. 

Sarah Bradford highlights tax exemptions which can be used to provide tax-free benefits-in-kind to employees.

It is generally believed in life that there are two certainties: death and taxes. However, when investing in or growing a business, paying interest never seems far behind.

Joe Brough highlights situations where a tax deduction for qualifying loan interest can be claimed by an individual.  

The new Tipping Act (The Employment (Allocation of Tips) Act 2023) received Royal Assent in 2023, but is being enforced from 1 October 2024. This article considers how the new regime will affect employees and employers, focusing on the tax aspects. 

Lee Sharpe looks at the new Tipping Act and the tax implications for employees and employers. 

It is not uncommon (e.g., during a tax return enquiry) for taxpayers to be issued with information notices requiring them to provide HM Revenue and Customs (HMRC) with information and documents ‘reasonably required’ to check the taxpayer’s tax position.  

Mark McLaughlin looks at when documents held by third parties might be in a taxpayer’s ‘possession or power’.

A company is a separate legal entity, distinct from the shareholders that own it. Consequently, if the directors and shareholders want to use the profits made by the company for their personal use, they will need to extract those profits first. There are various ways in which this can be done; some are more tax-efficient than others.  

Sarah Bradford considers options for extracting profits from a company in a tax-efficient manner in the 2024/25 tax year.

HMRC recently undertook a ‘One to Many’ letter campaign, wherein HMRC’s skilled data analysts undertake to mine nuggets from a huge range of sources to test for omissions or errors in tax returns. 

Lee Sharpe reports on HMRC getting all ‘Nancy Drew’ with its sleuthing over company reporting and shareholders’ dividend income returns. 

Some company shareholders may either be unaware or have forgotten about a relatively unknown capital gains tax (CGT) relief that offers a reduced CGT rate of only 10% on qualifying gains of up to £10m during their lifetime, if certain conditions are satisfied.  

Mark McLaughlin highlights a relatively unknown and infrequently used but generous capital gains tax relief.

Owner-managers can spend a significant amount of time and energy building a successful and profitable trading company.

Joe Brough looks at tax issues for business taxpayers and their tax advisers when a company is coming to an end.