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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue January #76 and the previous two issues of December #75 and November #74 (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:                

  • 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.

  • 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.       
  • 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.  
  • What To Do With A ‘Cash Mountain’
  • One of the most frequent tax problems that comes across the desk of a tax adviser in public practice is that of the trading company which builds up a large surplus of cash, which is not needed for the purposes of its business. 
    The reason why such cash balances build up is quite simple, and is always the same; the alternative of paying out the cash to the shareholders as dividends would give rise to substantial income tax charges on those shareholders, of an amount which the individuals concerned are reluctant to pay out.
    Alan Pink considers the tax issues and options where a large cash balance builds up within a limited company.
  • Business Property Relief: Traps To Avoid
  • Many business owners will be aware of business property relief (BPR) for inheritance tax (IHT) purposes, and some might assume that the value of their business interest will be sheltered from IHT by BPR. 
    Mark McLaughlin highlights a selection of potential pitfalls for business owners seeking inheritance tax business property relief. 
  • Tax Underpayments: Code It Out! 
  • The self-assessment tax return for 2017/18 normally needs to be filed by midnight on 31 January 2019. However, an earlier deadline of 30 December 2018 applies to taxpayers who have a tax underpayment that they would prefer to be collected through PAYE via an adjustment to their tax code. The option for tax to be collected in this way is also available to taxpayers who filed a paper tax return for 2017/18 by 31 October 2018.
    Sarah Bradford explains when tax underpayments can be collected through PAYE via an adjustment to an employee’s tax code.
  • Year End Planning For Companies
  • Some of the more common tax planning techniques have been affected by the 2018 Budget announcements.
    Lee Sharpe looks at these techniques and provides tips for owner managed businesses.
  • 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.
    • Tax Insider: Tax Tips
    • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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