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Business Tax Insider

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  • 3 FREE ISSUES - The current issue February #77 and the previous two issues of November #76 and December #75 (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:

  • Research And Development Tax Relief: New Restrictions  
  • Firstly, it is important to recognise that there are many businesses that undertake eligible research and development (R&D) expenditure but do not realise it; this is particularly the case for small businesses where take-up has historically been quite low.
    Lee Sharpe looks at new restrictions for research and development tax relief for small and medium-sized companies, as proposed in Budget 2018.
  • Exit Planning – How To Do It? 
  • Those observing the state of negotiations between this country and the EU at the time of writing might well feel that the title of this article could apply here, except with the insertion of the word ‘not’! If you want to fare better in the disposal of your business than we seem to be doing as a country in the disposal of our EU membership, proper planning is essential.
    Alan Pink considers various tax considerations for those thinking of disposing of their business.
  • Making The Most Of Available Tax Reliefs  
  • The tax system contains a large number of reliefs. In 2011, the office of tax simplification (OTS) identified 1,042 tax reliefs; by 2014, this had increased to 1,140. Of the 2014 reliefs, 267 related to income tax and 120 to corporation tax.
    Sarah Bradford explains why it is important to plan ahead for capital expenditure to make the most of the temporary increase in the annual investment allowance.
  • Tax Return Enquiries: When HMRC Picked The Wrong Taxpayer!
  • If you are one of the millions of individual taxpayers within the self-assessment tax return regime, you may be subject to an enquiry into your tax return by HM Revenue and Customs (HMRC).
    Mark McLaughlin looks at a case where a taxpayer made a successful application to the First-tier Tribunal for a direction that HMRC must close its enquiries into his tax return.
  • Salary Versus Dividends In 2019 – Plenty To Think About! 
  • The role of the accountant advising a family company is never dull, because of HMRC’s habit of moving the goalposts on a regular basis. The classic issue facing such accountants, where the directors and shareholders of a company are basically the same people, is whether income taken by them out of the company should be extracted in the form of salary or dividends. The two have very different tax and National Insurance contributions (NICs) treatments, and these have changed comparatively recently. 
    Alan Pink considers the situation in 2019 as it currently stands regarding the extraction of income from a family company by way of salary or dividends.                
  • IR35 And the Private Sector – A Look Ahead
  • The Autumn Budget 2018 confirmed that the off-payroll working regime was to be applied to the private sector, following what the government seems to think was a successful trial run in 2017 involving public sector bodies (PSBs). 
    Lee Sharpe looks at the government’s proposed extension of the IR35 regime to private sector workers.
  • Annual Investment Allowance - Making The Most Of The Temporary Increase
  • It was announced at the time of Budget 2018 that the annual investment allowance (AIA) would be increased temporarily from its permanent level of £200,000 to £1 million for the two-year period from 1 January 2019 to 31 December 2020. It will revert to £200,000 from 1 January 2021. 
    Sarah Bradford explains why it is important to plan ahead for capital expenditure to make the most of the temporary increase in the annual investment allowance.
  • Gifts To And From A Company – Don’t Forget IHT! 
  • Transactions between a company and its owners are relatively common, particularly in owner-managed and family companies. 
    Mark McLaughlin warns that the inheritance tax implications of transfers to and from an owner-managed or family company can be easily overlooked.  
  • 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.
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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