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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue September #84 and the previous two issues of August #83 and July #82 (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: 

  • 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 relief for business gifts and entertaining: Common misconceptions
  • The issues around the tax treatment of entertaining expenses and gifts are widely misunderstood.
    Very many businesses wrongly disallow far more entertaining expenditure than they should; however, many businesses also disallow entertaining expenditure without realising that this does not necessarily prevent a personal tax and NICs benefit-in-kind charge arising.
    Lee Sharpe looks at the principles behind tax relief for entertaining and related expenses. He also highlights some expenses, typically classed as entertaining that could actually be classed as a different – allowable – deduction.
  • Selling the business: Shares vs assets
  • This article is aimed not just at those running a limited company who are thinking of selling; it’s also potentially of relevance to those deciding how to structure their business.
    Alan Pink contrasts the tax implications of the sale of trading company shares and the sale of the company’s trade and assets.
  • So you think there’s a trade? 
  • Income tax is charged on the profits of a trade, profession or vocation. To establish whether there are profits from a trade, it is first necessary to consider whether there is, in fact, a trade and whether a person is trading.
    Sarah Bradford outlines what constitutes trading and the ‘badges of trade’.
  • Sale of goodwill: Income or capital?
  • It is common in many occupations and professions (e.g. law, medicine) for individuals to be engaged as self-employed consultants. Some consultants will build up their own practices before eventually selling them.
    Mark McLaughlin highlights a case on the tax treatment for a professional consultant who sold his business.
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 
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