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Here are the 12 strategies our tax experts are sharing with you as part of your free trial:
- Spouses' Wages – Problem Areas With HMRC
Because income taxation in this country goes by individuals rather than households, a very common and long-established practice has existed of spreading income between spouses and other people sharing the same house.
Alan Pink considers the constraints applying to claiming ’spouse wages' as a trading deduction.
- The Best Tax Perks For Directors
The taxman sometimes gives as well as takes, and it is possible for directors to enjoy a number of perks tax-free.
- With the end of the year fast approaching, it is always a good idea to review and make sure you are maximising the tax perks on offer.
- Private Use Of Employer Business Assets – A Sting In The Tail?
There are many rules about employers providing business assets for private use, where the employer does not transfer ownership of the asset itself to the employee but permits it to be used personally.
Lee Sharpe looks at the new rules for an employee’s private use of business assets, and warns that the regime may not be as fair as some might think.
- Company Purchase Of Own Shares: Exit With Care!
A company purchase of own shares (CPOS) can be a useful ‘exit’ strategy for shareholders in the right circumstances.
Sarah Bradford looks at opportunities for providing company directors with tax-efficient benefits.
- Mark McLaughlin highlights some practical issues and potential pitfalls on a company purchase of an individual’s shares in a family or owner-managed trading company.
- Dividend Allowance: More Bad News On The Horizon For Shareholders
The Chancellor of the Exchequer, Philip Hammond, announced in the 2017 Spring Budget that the so-called ‘dividend allowance‘, whereby the first £5,000 of dividend income is basically tax-free, would be cut to just £2,000 from April 2018. The tax revenue generated by this measure has been estimated at just shy of £900 million a year, almost immediately.
Lee Sharpe looks at the government’s plans to restrict the dividend allowance and gives planning points to prepare for this change.
- Writing Off Director's Loan Accounts – A Surprising Result?
The age-old problem of tax planning for owner-managed businesses (OMBs), of course, is how most tax-efficiently to extract profits personally from the limited company that is carrying on the trade.
Alan Pink looks at situations in which the option of writing off an overdrawn director’s loan account could be unexpectedly useful.
- Corporation Tax Losses Reform - Don’t Lose Out!
Corporation Tax losses are being radically reformed – in fact, the reform has already started, even though the legislation has not yet been approved by Parliament.
Lee Sharpe looks at the new regime for corporation tax losses.
- Safely Sheltered? IR35 And The Umbrella Company
Many workers provide their services through an umbrella company. Where a worker works through an umbrella company, the tax implications depend on the nature of the relationship between the worker and the end client and, more specifically, whether the worker is subject to the right of supervision, direction or control. Sarah Bradford takes a look at the tax implications of providing workers through an umbrella company.
- LLPs - 'The Best Thing Since Sliced Bread’?
- Limited liability partnerships have previously been seen as ‘the best thing since sliced bread’ in tax planning terms, before a HMRC clampdown in recent years. Alan Pink looks at whether this title is still befitting when it comes to tax planning.
- Making Family Trading Company Investments IHT Efficient
Many family and owner-managed trading company owners invest in their businesses through a combination of acquiring shares and making cash loans. Mark McLaughlin looks at the often-contrasting treatment of cash loans and family trading company shares for inheritance tax purposes.
- HMRC Enquiries: Should I Stay Or Should I Go?
- Is The VAT Flat Rate Scheme Costing You Money?
Mark McLaughlin looks at some issues to consider regarding potential meetings with HM Revenue and Customs in tax return enquiries...
Sarah Bradford examines whether the new flat rate percentage for limited cost traders means that some small businesses may be better off leaving the scheme...
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