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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue December #75 and the previous two issues of November #74 and October #73 (12 tax saving articles)
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Here are the 12 strategies our tax experts are sharing with you as part of your free trial:             

  • What To Do With A ‘Cash Mountain’
  • One of the most frequent tax problems that comes across the desk of a tax adviser in public practice is that of the trading company which builds up a large surplus of cash, which is not needed for the purposes of its business. 
    The reason why such cash balances build up is quite simple, and is always the same; the alternative of paying out the cash to the shareholders as dividends would give rise to substantial income tax charges on those shareholders, of an amount which the individuals concerned are reluctant to pay out.
    Alan Pink considers the tax issues and options where a large cash balance builds up within a limited company.
  • Business Property Relief: Traps To Avoid
  • Many business owners will be aware of business property relief (BPR) for inheritance tax (IHT) purposes, and some might assume that the value of their business interest will be sheltered from IHT by BPR. 
    Mark McLaughlin highlights a selection of potential pitfalls for business owners seeking inheritance tax business property relief. 
  • Tax Underpayments: Code It Out! 
  • The self-assessment tax return for 2017/18 normally needs to be filed by midnight on 31 January 2019. However, an earlier deadline of 30 December 2018 applies to taxpayers who have a tax underpayment that they would prefer to be collected through PAYE via an adjustment to their tax code. The option for tax to be collected in this way is also available to taxpayers who filed a paper tax return for 2017/18 by 31 October 2018.
    Sarah Bradford explains when tax underpayments can be collected through PAYE via an adjustment to an employee’s tax code.
  • Year End Planning For Companies
  • Some of the more common tax planning techniques have been affected by the 2018 Budget announcements.
    Lee Sharpe looks at these techniques and provides tips for owner managed businesses.
  • HMRC Enquiries: How To Keep Private Records Private!  
  • A controversial topic in enquiries is whether HMRC is entitled to request a taxpayer’s private records. Self-employed taxpayers (or those with rental property businesses) are particularly at risk of being asked by HMRC to provide copies of private bank and credit card statements, especially if those accounts have been used for both business and private purposes.
    Is HMRC entitled to see a self-employed taxpayer’s private records, and if so, to what extent?
    Mark McLaughlin looks at HMRC requests for private records during an enquiry into a self-employed individual’s accounts.
  • Selling Your Company: Is The Answer Staring You In The Face?  
  • The most difficult part of arranging the sale of a business, and the reason why business brokers seem to make so much money on successful deals, is finding a suitable purchaser.
    However, sometimes the most tax efficient strategy can be staring you in the face - a management buyout!
    Alan Pink considers the opportunity presented by management buyouts, and some tax issues which can ensue.
  • Electric Cars – Plan Ahead  
  • As part of the government’s commitment to encourage drivers to drive ultra-low emission cars, a range of tax breaks are available for employers and employees who decide to ‘go electric’.
    Sarah Bradford outlines the tax incentives available to encourage drivers to ‘go electric’.
  • Tax Relief for Training – More Accessible? 
  • Tax relief for training expenses is available to both employees and the self-employed. However, the mechanism and the criteria are quite dissimilar. In particular, the current tax regime could become a quite serious obstacle to long-term government strategy.
    Lee Sharpe looks at the government consultation on tax relief for training costs.
  • 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.       
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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