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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue November #74 and the previous two issues of October #73 and September #72 (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:    

  • HMRC Enquiries: How To Keep Private Records Private!  
  • A controversial topic in enquiries is whether HMRC is entitled to request a taxpayer’s private records. Self-employed taxpayers (or those with rental property businesses) are particularly at risk of being asked by HMRC to provide copies of private bank and credit card statements, especially if those accounts have been used for both business and private purposes.
    Is HMRC entitled to see a self-employed taxpayer’s private records, and if so, to what extent?
    Mark McLaughlin looks at HMRC requests for private records during an enquiry into a self-employed individual’s accounts.
  • Selling Your Company: Is The Answer Staring You In The Face?  
  • The most difficult part of arranging the sale of a business, and the reason why business brokers seem to make so much money on successful deals, is finding a suitable purchaser.
    However, sometimes the most tax efficient strategy can be staring you in the face - a management buyout!
    Alan Pink considers the opportunity presented by management buyouts, and some tax issues which can ensue.
  • Electric Cars – Plan Ahead  
  • As part of the government’s commitment to encourage drivers to drive ultra-low emission cars, a range of tax breaks are available for employers and employees who decide to ‘go electric’.
    Sarah Bradford outlines the tax incentives available to encourage drivers to ‘go electric’.
  • Tax Relief for Training – More Accessible? 
  • Tax relief for training expenses is available to both employees and the self-employed. However, the mechanism and the criteria are quite dissimilar. In particular, the current tax regime could become a quite serious obstacle to long-term government strategy.
    Lee Sharpe looks at the government consultation on tax relief for training costs.
  • Fun With Third Party Loans!
  • Imagine that you (or your client, if you’re an adviser) are running a successful limited company (actually, I hope this isn’t just imagination!). A friend comes to you and asks you for a loan; this might be a loan to a business he is starting, or to a property development venture, or it may simply be a personal loan to get him out of financial difficulty.
    Alan Pink considers some tax planning ideas where loans are made to other individuals or businesses.
  • ‘Phoenixing’ And The Targeted Anti-Avoidance Rule – Where Are We Now?
  • Finance Act 2016 introduced a targeted anti-avoidance rule (TAAR), which was designed to remove the personal tax break for ‘phoenixing’ companies – that is, deliberately winding a company up and starting again with a fresh company doing basically the same as before.
    Lee Sharpe looks at HMRC’s recently-updated guidance on the ‘anti-phoenixing’ legislation introduced in Finance Act 2016.   
  • Do You Really Have HMRC’s Agreement? 
  • ‘Get it in writing’ is common advice where (say) two parties are seeking a legally binding agreement.
    Mark McLaughlin points out that formality in communications with HMRC could protect the taxpayer in some circumstances.    
  • Relief For Pension Contributions: How Does It Work?
  • There is no limit on the amount that an individual can contribute to a pension scheme each year. However, there is a cap on the amount of tax-relieved contributions that can be made to a registered pension scheme each year. That cap is provided by the annual allowance. Contributions are also limited by an individual’s earnings.
    Sarah Bradford outlines how to make the most of the pensions annual allowance to receive tax relief on pension contributions.     
  • Accelerating Or Deferring Company Income: How And When You Can Do It 
  • In the days of high-interest rates, the name of the game was almost always to push back tax liabilities in time as much as possible. For example, paying tax in 21 months’ time rather than in 9 months’ time made a lot of difference to the interest earned or paid by a company. Now the motives for pushing back tax liabilities are nothing like as strong – if you exclude the motivation of the ‘live now, pay later’ brigade.
    Alan Pink considers the importance of timing for tax purposes. 
  • MTD For Income Tax: Get Ahead Of The Game! 
  • Although making tax digital (MTD) for income tax will not go live until April 2020 at the earliest, taxpayers and agents wishing to get ahead of the curve can sign up for the MTD for income tax pilot. Those signing up for the pilot will need to maintain their business records digitally and send digital income tax updates to HMRC.
    Sarah Bradford points out that taxpayers and agents can sign up for a pilot of making tax digital for income tax before the regime is formally introduced.  
  • Common Business Tax Misconceptions - Mistakes To Avoid 
  • Perhaps the biggest mistake is to assume that there is any discernible logic in tax. Logic there may be, but it is applied sparingly at best.

    Lee Sharpe looks at some classic business tax mistakes that many businesses have already made, so that you don’t have to…
  • What’s Your Business Really Worth?
  • Business property relief (BPR) is a valuable inheritance tax (IHT) relief. The rates of BPR are 100% or 50%, depending on the type of relevant business property. For example, BPR at 100% can potentially shelter the value of an individual’s business from IHT on the owner’s death, if certain conditions are satisfied.

    Mark McLaughlin highlights a recent case on the value of a business for inheritance tax business property relief purposes.  
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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