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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue October #73 and the previous two issues of  September #72 and August #71 (12 tax saving articles)
  • Delivered to your doorstep

Here are the 12 strategies our tax experts are sharing with you as part of your free trial:    

  • Fun With Third Party Loans!
  • Imagine that you (or your client, if you’re an adviser) are running a successful limited company (actually, I hope this isn’t just imagination!). A friend comes to you and asks you for a loan; this might be a loan to a business he is starting, or to a property development venture, or it may simply be a personal loan to get him out of financial difficulty.
    Alan Pink considers some tax planning ideas where loans are made to other individuals or businesses.

  • ‘Phoenixing’ And The Targeted Anti-Avoidance Rule – Where Are We Now?
  • Finance Act 2016 introduced a targeted anti-avoidance rule (TAAR), which was designed to remove the personal tax break for ‘phoenixing’ companies – that is, deliberately winding a company up and starting again with a fresh company doing basically the same as before.
    Lee Sharpe looks at HMRC’s recently-updated guidance on the ‘anti-phoenixing’ legislation introduced in Finance Act 2016.   
  • Do You Really Have HMRC’s Agreement? 
  • ‘Get it in writing’ is common advice where (say) two parties are seeking a legally binding agreement.
    Mark McLaughlin points out that formality in communications with HMRC could protect the taxpayer in some circumstances.    
  • Relief For Pension Contributions: How Does It Work?
  • There is no limit on the amount that an individual can contribute to a pension scheme each year. However, there is a cap on the amount of tax-relieved contributions that can be made to a registered pension scheme each year. That cap is provided by the annual allowance. Contributions are also limited by an individual’s earnings.
    Sarah Bradford outlines how to make the most of the pensions annual allowance to receive tax relief on pension contributions.     
  • Accelerating Or Deferring Company Income: How And When You Can Do It 
  • In the days of high interest rates, the name of the game was almost always to push back tax liabilities in time as much as possible. For example, paying tax in 21 months’ time rather than in 9 months’ time made a lot of difference to the interest earned or paid by a company. Now the motives for pushing back tax liabilities are nothing like as strong – if you exclude the motivation of the ‘live now, pay later’ brigade.
    Alan Pink considers the importance of timing for tax purposes. 
  • MTD For Income Tax: Get Ahead Of The Game! 
  • Although making tax digital (MTD) for income tax will not go live until April 2020 at the earliest, taxpayers and agents wishing to get ahead of the curve can sign up for the MTD for income tax pilot. Those signing up for the pilot will need to maintain their business records digitally and send digital income tax updates to HMRC.
    Sarah Bradford points out that taxpayers and agents can sign up for a pilot of making tax digital for income tax before the regime is formally introduced.  
  • Common Business Tax Misconceptions - Mistakes To Avoid 
  • Perhaps the biggest mistake is to assume that there is any discernible logic in tax. Logic there may be, but it is applied sparingly at best.

    Lee Sharpe looks at some classic business tax mistakes that many businesses have already made, so that you don’t have to…
  • What’s Your Business Really Worth?
  • Business property relief (BPR) is a valuable inheritance tax (IHT) relief. The rates of BPR are 100% or 50%, depending on the type of relevant business property. For example, BPR at 100% can potentially shelter the value of an individual’s business from IHT on the owner’s death, if certain conditions are satisfied.

    Mark McLaughlin highlights a recent case on the value of a business for inheritance tax business property relief purposes.  
  • Coming Soon…The Disguised Remuneration Loan Charge
  • There have been many attempts by employers to ‘beat the system’ and pay employees other than in the form of wages and salary in a bid to save tax and National Insurance contributions (NICs). 

    Sarah Bradford examines the new charge on outstanding loans from disguised remuneration schemes.   
  • Gifting Shares To Employed Family Members – Tips And Traps
  • A family situation that can bristle with problems if not handled correctly is where a shareholder in the family business wants to give away shares to other family members.

    Alan Pink considers the tax problems that can arise when giving a share of the business to other family members and outlines some possible solutions. 
  • Making HMRC Prove It! 
  • The imposition of penalties by HM Revenue and Customs (HMRC) for non-compliance with statutory obligations such as filing tax returns or paying tax, unfortunately, seems to be becoming an increasingly common occurrence.

    Mark McLaughlin points out that HMRC’s procedures have been found to be flawed and subject to potential challenge in some cases. 
  • New Rules (And Surprise) For Corporate Losses 
  • The new rules for corporate losses have significantly changed the way that losses can be claimed. There is greater flexibility, but it comes at a cost. 

    Lee Sharpe looks at some of the finer detail in the losses regime and reveals a rather unpleasant surprise.
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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