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Here are the 12 strategies our tax experts are sharing with you as part of your free trial:
- Fixed Rate Deductions For Traders And Landlords The simplified expenses regime is designed to make life easier by allowing qualifying traders to calculate a deduction for certain business expenses by reference to flat rates, rather than deducting actual expenditure. This reduces the records that they need to keep.
- Partnerships – Past, Present And Future! HMRC’s approach to dealing with what they no doubt see as ‘abuses’ in the taxation of partnerships has proceeded slowly and on apparently fairly random lines.
- Last Minute Income Tax Planning For Directors The tax year 2017/18 comes to a close on 5 April 2018. As the tax year end approaches, it is a good time to take stock and review your financial position and make sure you have made the best use of 2017/18 rates and allowances and other tax saving opportunities.
Sarah Bradford takes a look at the circumstances in which traders and landlords can claim fixed rate deductions.
Alan Pink highlights the background and current state of play in partnership tax.
Sarah Bradford explores important tax saving tips for directors of family and personal companies that should be considered before the start of the new tax year.
- Trading Income – An Unfair Assumption Business owners whose tax returns are subject to enquiry by HM Revenue and Customs (HMRC) may be asked to provide evidence about the source of unidentified bank receipts into a ‘mixed’ account (i.e. an account used for business and private purposes) or sometimes even a personal account.
Mark McLaughlin warns that unidentified bank receipts can result in HMRC assuming that they represent undeclared income, with possible tax implications for a number of years.
- Planning Ahead For The Fall In The Dividend Allowance The dividend allowance is set to be reduced to £2,000 for 2018/19.
- Case Studies - Common Business Tax Mistakes Too many taxpayers have accidentally increased their tax bills by failing to appreciate certain features of our unbelievably complex tax code.
Sarah Bradford explores the planning opportunities for family companies ahead of the reduction in the dividend allowance from 6 April 2018.
- On the principle of ‘forewarned is forearmed’, Alan Pink gives us a salutary history lesson or two on business tax ‘don’ts’ – and their corresponding ‘do's’!
- Don’t Let HMRC Reject You! Can HMRC reject an incomplete or incorrect tax return, send it back to the taxpayer for correction and treat it as never having been received, possibly resulting in late filing penalties?
- Mark McLaughlin highlights two recent cases in which HMRC incorrectly attempted to reject taxpayers’ tax returns.
- National Insurance Contributions For The Self-Employed: Where Are We Now? It was all supposed to change from 6 April 2018. From that date, there was going to be a new National Insurance contributions (NICs) regime for the self-employed – Class 2 NICs was to go and Class 4 contributions were to be reformed to take on the role of building up entitlement to the state pension and contributory benefits.
- Director’s Loan Accounts: No Turning Back! Many company owners have director’s loan accounts (DLAs), and a general understanding of how they operate. However, there are pitfalls for the unwary.
- What’s Your Remuneration Strategy For 2018? To many people, it’s obvious that running your business through a limited company must save you tax. After all, the corporation tax rate is only 19%, whereas a sole trader or person carrying on a business in partnership is taxable at rates of up to 45%, plus Class 4 NIC contributions.
Sarah Bradford takes a look at what the delay to the National Insurance Contributions Bill means for the self-employed.
Mark McLaughlin warns that certain director’s loan account adjustments may not be effective for tax and National Insurance contributions purposes.
Alan Pink looks at the tax impact of different methods of profit extraction in the current tax planning environment.
- Changes To Partnership Profits The government launched a consultation on proposals to clarify the tax treatment of partnership profits in August 2016. It set out its response to the consultation, along with draft legislation, in September 2017, for inclusion in what will be Finance Act 2018.
Lee Sharpe looks at the government’s announcements in relation to taxing partnership profits.
- Incorporation Relief And Directors’ Loan Accounts: Watch Out For CGT! This article is prompted by reader feedback, whereby there appears to be some misunderstanding about how capital gains tax (CGT) incorporation relief (under TCGA 1992 s 162) works and when it is available.
- Lee Sharpe looks at the incorporation of a business, and some issues affecting incorporation relief for capital gains tax purposes.
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