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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue April #79 and the previous two issues of  March #78 and January #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: 

  • ‘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. 
  • Profit extraction strategies for 2019/20 
  • The tax year 2019/20 starts on 6 April 2019. The new tax year brings with it new rates and allowances, which will impact personal and family company planning to ensure that profits are extracted in a tax-efficient manner. 
    Sarah Bradford explores potentially optimal profit extraction strategies for the forthcoming tax year.   
  • LLPs v general partnerships: Pros and cons 
  • First of all, it’s worth saying something about the still widespread misconception that limited liability partnerships (LLPs) are only ‘for’ accountants and lawyers. LLPs can conduct any kind of business, including an investment business, and can be very flexible structures for doing so, as I hope to demonstrate in what follows. 
    Alan Pink considers situations where a limited liability partnership structure may benefit over ordinary unincorporated partnerships.   
  • At a loss! Corporation tax capital losses  
  • Budget 2016 saw a significant overhaul of the rules for corporate losses generally, which basically took effect from 1 April 2017, and were reflected in sweeping amendments to CTA 2010, Pt 4 (trading losses) and CTA 2009, Pt 5 (loan relationships). 
    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. 
  • Business loan write-offs: not all bad news? 
  • It is fairly common for a business owner to lend money to their own business, or possibly a business owned by a family member, to fund the operation of the business. Unfortunately, the business will sometimes be unsuccessful, and the loan may become irrecoverable, resulting in it being written off.
    Mark McLaughlin looks at tax relief claims for taxpayer loans to businesses which are later written off as irrecoverable.
  • 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.
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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