Tax Insider Newsletter Bundle

Company Purchase of Own Shares: Don’t Miss This Tax Rule

A company purchase of own shares (CPOS) can be a useful ‘exit’ strategy for an individual shareholder (e.g., upon retirement), subject to certain company law requirements being satisfied.

Mark McLaughlin looks at a key requirement for capital treatment on a company purchase of own shares, which can be easily overlooked.

The lifetime individual savings account (LISA) was introduced in the UK in 2017 as a long-term investment for those between the ages of 18 and 39. 

Richard Curtis considers the ‘pros’ and ‘cons’ of lifetime individual savings accounts.

What Counts as a Commercial Vehicle for VAT Purposes?

In many cases, it is easy to identify a commercial vehicle, such as an HGV, transit-type van or a coach. However, there are some vehicles that are classified as commercial vehicles (defined as having a payload of over one tonne or an unladen weight of three tonnes) but have a dual purpose and are held out for sale as ‘lifestyle’ vehicles that can also have a private use. These vehicles are car-derived vans and vans with rear seats – combination or combi vans and dual cabs. Commercial vehicles suitable for private use include motor caravans, motorcycles and double cabs.

Andrew Needham looks at what counts as a commercial vehicle and the VAT recovery position.

Capital Losses on Loans: Lessons from HMRC v Bunting

In HMRC v Bunting [2025] UKUT 00096 (TCC), the Upper Tribunal (UT) considered when a loan to a trading business can be regarded as ‘outstanding’ and ‘irrecoverable’, meaning that the lender can claim an allowable capital loss.

Kevin Read highlights a recent case regarding capital losses on loans to traders.

Employer NICs: What’s Changed and How It Affects You

When I first mentioned a spousal bypass trust (SBT) to my wife, she thought I was trying to write her out of my will! Of course, this was not the case – in basic terms, an SBT simply transfers funds that would typically go to your spouse into a trust which they, and others, can benefit from. 

Tristan Noyes looks at recent changes to Employer’s National Insurance contributions and how they work.

HMRC Voluntary Disclosure: How to Correct Tax Errors Safely

Mistakes happen. The HMRC voluntary disclosure process allows individuals or businesses to come forward and correct tax errors, omissions or undeclared income before HMRC has initiated an inquiry, having discovered the error itself. It gives taxpayers the opportunity to pay what they owe, explain how the error occurred, and often receive lower penalties for doing so. 

Jennifer Adams outlines the process of voluntary disclosure of income that has not previously been declared to HMRC.

Retirement Tax Planning: Options for Business Owners

After a lifetime of grind, retirement seems particularly sweet when it’s a business which was built from the ‘ground up’ – all that effort and the risks taken. 

Chris Thorpe considers options when looking to retire from a tax perspective.

Q&As with Arthur Weller

Dividends or bonuses? We can work it out!

Consider the following scenario:

'On a wintry sunny morning, Alan was reviewing his company’s January 2024 management accounts. Alan was the sole director and 100% shareholder of Llandudno Hotels Ltd, which operated two large hotels in Llandudno. The business was on course to healthy pre-tax profit of around £650,000 for the year ended 31 March 2024. Alan had been planning to pay himself a substantial ‘bonus’ before the year-end'. 

What does Alan do?

Peter Rayney examines an owner-manager’s cash extraction following the numerous tax and National Insurance contributions changes.

Use them or lose them: 2023/24 tax allowances

As the tax year draws to a close, it is prudent to review one’s 2023/24 tax allowances and consider whether there is scope for utilising any unused allowances so they are not lost. 

Sarah Bradford explores options for using 2023/24 tax allowances so they are not wasted.

Record-keeping in a digital age

Lee Sharpe looks at taxpayers’ record-keeping obligations in light of HMRC’s inexorable march to digital everything (almost).

Historically, HMRC has been quite relaxed about whether original records must be maintained or digital facsimiles (scans, etc.). 

Trap for business owners seeking CGT incorporation relief

HM Revenue and Customs (HMRC) recently commenced a ‘One to Many’ campaign, targeting taxpayers who incorporated property businesses in the tax year 2017/18 but reported no capital gains tax (CGT) liability in their tax returns on the basis that ‘incorporation relief’ applied in full. 

Mark McLaughlin highlights a potential trap for business owners seeking capital gains tax incorporation relief.

Q&As with Arthur Weller