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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue March #78 and the previous two issues of February #77 and January #76 (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: 

  • 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.
  • 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.  
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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