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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue October #85 and the previous two issues of September #84 and August #83 (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: 

  • Pass it on! Gifting family company shares 
  • There’s a general feeling that it’s a good idea, not just for the sake of the health of the family business, but also from a tax planning point of view, for the older generation to pass the shares in the family company down to the younger generation.  
    Alan Pink looks at succession planning for companies, and how to potentially solve the tax problems of non-trading assets within the company balance sheet. 
  • Illegal dividends: How they arise and what to do about them 
  • This article will look at what makes dividends ‘illegal’, how HMRC tends to treat them in the context of family or ‘close’ companies, and what options shareholders might have if they have received illegal dividends.
    Lee Sharpe looks at the tax treatment of illegal dividends and the choices available to shareholders. 
  • Missed penalty! Late reporting under real time information 
  • Real time information (RTI) has been around for a while now, and most employers are familiar with sending payroll information to HMRC digitally via RTI submissions.   
    Sarah Bradford explains the real time information reporting requirements and how to avoid unnecessary penalties. 
  • Company purchase of own shares: No big ‘deal’! 
  • Individual shareholders selling their shares back to the company normally prefer the proceeds from the share disposal to be treated as a capital receipt, where possible. This is because the capital gains tax (CGT) rate is 10% if entrepreneurs’ relief is available, or 20% in most other cases. 
    Mark McLaughlin points out that some shareholders may prefer proceeds from a company purchase of their shares to be treated as income rather than capital for tax purposes.  
  • Avoiding HMRC challenges when paying dividends 
  • This article is aimed at director/shareholders who are able to influence the payment of dividends by their own companies. Typically, these will be singleton or family owner-managed business companies.
    Lee Sharpe looks at common pitfalls to avoid in respect of dividend payments.
  • Give shares to your partner – or not? 
  • One of the features of the UK tax system which differentiates it from some other countries’ systems is the fact that each individual is charged to tax as such; that is, there is no allowance made for the household as a whole.
    Alan Pink considers potential reasons for transferring shares in your company to your partner, and whether this should be by way of gift or ‘sale’.
  • Settling tax and NICs using a PAYE settlement agreement 
  • Sometimes an employer may wish to meet the tax and National Insurance contributions (NICs) liability that arises on the provision of a benefit to an employee on the employee’s behalf. For example, this may be as a gesture of goodwill to preserve the beneficial nature of the benefit. A PAYE settlement agreement can be used for this purpose.
    Sarah Bradford explains how a PAYE settlement agreement can be used to settle tax and National Insurance contributions on benefits provided to employees.
  • No trading company - No problem? 
  • Many company owners hope to claim entrepreneurs’ relief (ER) on an eventual sale of their shares, to benefit from the special capital gains tax rate of only 10%.
    Mark McLaughlin highlights a relaxation in a normal entrepreneurs’ relief condition that could be helpful to some company shareholders.
  • ‘Simples’! Claiming simplified expenses
  • Failing to deduct allowable expenses when computing profits is tantamount to paying unnecessary tax. However, to ensure all allowable expenses are deducted, it is first necessary to be able to identify those expenses – a task which imposes something of a record-keeping burden .
    Sarah Bradford explains how the self-employed can use the simplified expenses system to reduce their record-keeping burden.
  • Directors' tax perks: Off the beaten track
  • The custom of remunerating employees and directors of a business through benefits-in-kind, as well as or instead of in cash, is probably as old as business itself. And the UK tax system has a typically idiosyncratic way of dealing with the various forms of employment ‘perk’ for tax purposes.
    Alan Pink looks into some useful but little-known directors’ tax perks.
  • Partnership expenses: Panic over? 
  • Individual partners in a partnership sometimes incur business expenses personally. It has been widely accepted that tax relief can be claimed for such expenses. This could be achieved by adjusting for the expenses in the tax computation in the partnership tax return, provided any adjustment was made before the net profit was allocated between the partners.
    Mark McLaughlin explains how a change in HMRC’s published guidance created concern for advisers of business partners.
  • Use of home as office: Why put up with HMRC’s parsimony?
  • It is pretty much a given that every year, household bills increase (gas, electricity, council tax, and the like); the upward trend is clear.
    Sarah Bradford outlines what constitutes trading and the ‘badges of trade’.
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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