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Business Tax Insider

Try our monthly Business Tax Insider newsletter today and receive: 

  • 3 FREE ISSUES - The current issue May #80 and the previous two issues of April #79 and March #78 (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: 

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