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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue June #81 and the previous two issues of May #80 and April #79 (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: 

  • ‘Excessive’ remuneration to directors: Tips and traps
  • Generally speaking, HMRC will be only too happy that any employee takes a large(r) salary, because it will mean that HMRC sees higher revenues from income tax and National Insurance contributions (NICs) through the payroll.
    Lee Sharpe looks at what can happen if directors pay themselves too much in family company scenarios.
  • Tax schemes that could affect company sales
  • A targeted anti-avoidance rule (TAAR) was introduced (from 6 April 2016) to prevent ‘phoenixism’.  In broad terms, this practice involves company owners winding up their ‘old’ companies and extracting profit reserves as capital (instead of income) and repeating the exercise in one or more successive businesses. 
    Mark McLaughlin points out HMRC’s response to tax ‘schemes’ that could affect company sales.
  • Capital gains rollover relief: ‘Hidden’ wrinkles
  • To summarise capital gains rollover relief, where an asset used for a trade is disposed of at a gain, and another asset is acquired within a set period (being one year before the disposal and three years after) the gain can be ‘rolled over’ against the cost of the new asset, thus reducing or eliminating the tax on that gain. 
    Alan Pink looks at the hidden dangers and opportunities underlying the basic scheme of this very valuable capital gains relief.
  • Have you claimed small business rate relief?
  • Business rates are charged on non-domestic properties and are likely to be payable where all or part of a building is used for non-domestic purposes. Thus, business rates are payable on: shops, offices, pubs, warehouses, factories, holiday rental homes and guesthouses.
    Sarah Bradford explains when small business rate relief is available and highlights the need to claim the relief.
  • Decisions, decisions! Salary and dividends in 2019/20
  • When it comes to taking out money from a company, all extraction methods are not equal. Also, as the tax landscape shifts, what worked well last year will not necessarily be the optimal strategy this year.
    Lee Sharpe crunches some numbers for combining salary and dividends in 2019/20.
  • Don’t lose out! Making best use of trading losses
  • While most traders would prefer to make a profit rather than a loss, where a tax loss is made the tax system offers options for relieving that loss.
    Sarah Bradford examines the options for obtaining relief in respect of a trading loss.
  • Profit extraction: Off the beaten track
  • The most basic form of tax planning there is, probably, in the context of the family company is considering whether its shareholder/directors should take their income out of the company in the form of salary or dividends.
    Alan Pink considers alternative ways of extracting profits from the family company.
  • Penalties: Don’t take too long!
  • The penalty regime for errors in tax returns, etc., (FA 2007, Sch 24) provides an escape from penalties if an error has arisen despite ‘reasonable care’ having been taken. 
    Mark McLaughlin warns that penalties for tax return errors may be increased if they are not disclosed to HM Revenue and Customs within a certain time frame. 
  • ‘Spreading the load’ with spouse dividends
  • When it comes to family companies, one way some households get around higher tax charges is by the company paying each of the spouses a wage or salary, which has the effect of reducing the company’s profits chargeable to corporation tax and, hopefully, using up each spouse’s basic rate band for income tax purposes.
    Alan Pink looks at a common income tax mitigation technique, and ‘danger areas’ to avoid.
  • New capital allowance for structures and buildings
  • At the time of Budget 2018, Chancellor Philip Hammond unveiled a new capital allowance for qualifying expenditure on non-residential structures and buildings – the structures and buildings allowance (SBA). 
    Sarah Bradford explores the new structures and buildings allowance introduced in Finance Act 2019.
  • Child benefit clawback: How to avoid it 
  • The high-income child benefit clawback has been making the news recently – for all the wrong reasons.  
    Lee Sharpe looks at possible measures to avoid the high-income child benefit charge.
  • Beware: Penalties could go up not down!  
  • Penalties can be imposed by HM Revenue and Customs (HMRC) for a variety of offences, such as failing to comply with self-assessment compliance obligations (e.g. failure to file a tax return by the due date). Some penalties are fixed in amount; others are tax-related. 
    Mark McLaughlin warns that appeals against some penalties from HMRC could have unexpected and unwelcome outcomes. 
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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