Overdrawn Director's Loan Accounts: Managing the Section 455 Charge
In this excerpt from the report 'Personal Companies – Tips and Traps', Sarah Bradford explains the section 455 charge on overdrawn director's loan accounts in close companies, cover...
Incorporating Your Property Portfolio: Is It Actually a Business?
Sarah Bradford looks at the meaning of ‘business’ in the context of capital gains tax incorporation relief. Unincorporated landlords have been hit with a raft of adverse tax changes in re...
Passing on the Family Home: Navigating the Tax Minefield
Debbie Reyland attempts to navigate the tax minefield of passing the family home to the next generation. The family home is often the most valuable, and indeed valued, of a parent’s assets. As ...
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Residential Landlord: Can You Ever Claim Capital Allowances?
Nick Wright examines the restriction on capital allowances for residential property, the case law meaning of 'dwelling house', and the limited circumstances in which residential landlords can...
IHT Exemptions: The Detail That Makes or Breaks the Relief
Mark McLaughlin highlights the importance of following the rules closely when seeking to obtain an important inheritance tax exemption. As a general rule, a cash gift from one long-term UK resident i...
Succession Planning: A £8m Business at a Crossroads
Peter Rayney shares the start of a recent succession planning project. During an oppressively hot July afternoon, Violet Buckle was ‘hiding’ in her air-conditioned office and thinking abo...
Paying Dividends: Are You Sure They're Lawful?
Sarah Bradford explains how to keep dividends lawful and highlights pitfalls to avoid. A dividend is a distribution of a company’s retained profits to its shareholders. Paying dividends can be ...
Family Investment Companies: The BPR Position Isn't What You Think
Nick Wright examines how a family investment company can deliver long-term inheritance tax and succession planning advantages. This fourth article in a five-part series considers freezer and growth s...
Employee Share Awards: The Corporate Tax Relief Companies Miss
Mark McLaughlin highlights a useful tax relief for companies that is perhaps less well-known than it should be. Company shares are often issued to employees for less than market value as a reward or ...
Deducting Loans for IHT: Not Every Debt Qualifies
Chris Thorpe outlines some of the issues surrounding deducting loans for inheritance tax purposes. Within a death estate and an IHT400 account, the value of liabilities can generally be deducted when...
Inter Spouse Transfers: Are You Using Them Effectively?
Jennifer Adams considers how inter-spouse transfers can help married couples and civil partners reduce their tax bills and highlights the key rules and conditions that apply. For married couples and ...
Investment Bonds: The Wrapper You Shouldn't Overlook
Tristan Noyes looks at investment bonds, an often-overlooked investment wrapper. Investment bonds are a tax-efficient way to hold investments, similar to other ‘wrappers’ (individual savi...
Gifts From Surplus Income: The IHT Exemption Most People Overlook
Jon Golding looks at the exempting of IHT gifts made out of excess normal income claims to reduce an inheritance tax liability. Many people have excess yearly income, which can usefully be classed as...
Running a Business From Home: Are You Reclaiming All the VAT You Could?
Andrew Needham looks at the VAT consequences of working from home and what a business can and cannot recover VAT on. If a business is run from home or has an office at home, it is entitled to claim b...
Is a Lifetime ISA a Real Alternative to a Pension?
Richard Curtis considers whether saving in a lifetime individual savings account is a viable alternative to a pension. For the young, talk of pensions may seem a low priority given the competing fina...
HMRC's Powers on Tax Return Errors: Not As Broad As They Seem
Mark McLaughlin highlights an important case which indicates a limitation in the scope of certain HMRC powers. Tax return errors by individuals are not uncommon but unfortunately can have serious con...
Jointly Owned Rental Property: Are You Really in a Partnership?
Sarah Bradford explains why there will not always be a partnership for tax purposes where property is jointly owned. The way in which income from letting properties which are jointly owned is taxed d...
Selling Property? Could a Trust Reduce Your CGT?
Debbie Reyland considers when a trust may be used to mitigate capital gains tax on property. Trust funds tend to evoke images of wealth, which is a world away from the ‘ordinary’ person. ...
Orsted West: A Capital Allowances Ruling You Can't Ignore"
Angela Petty examines the Supreme Court decision in the Orsted West case and its practical implications for businesses. The Supreme Court’s decision in Orsted West of Duddon Sands (UK) Ltd v Re...
Got a Spare Driveway? Are You Missing Out on Tax Free Income?
Mark McLaughlin points out that some homeowners might be missing out on a potential source of income from their property. Some homeowners who are fortunate enough to have a larger drive than is requi...