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Planning to mitigate a particular tax can sometimes have an unforeseen knock-on effect for other taxes. 

Mark McLaughlin looks at the pre-owned assets tax charge, and its connection with inheritance tax planning.

While income tax applies to most sources of income, capital gains tax (CGT) applies to profits on the sale or disposal of an asset that has increased in value since its acquisition. 

Richard Curtis considers the capital gains tax exemptions for chattels and wasting assets.

Any under-declaration of VAT could potentially attract a penalty. The level of penalty broadly depends on whether an error was careless, deliberate but not concealed, or deliberate and concealed. 

The standard penalty for a careless error is 30% of the potential lost revenue, increasing to 70% if the error is deliberate but not concealed, and 100% if the error is deliberate and concealed. 

Andrew Needham looks at how to minimise any penalties due if a business is assessed by HM Revenue and Customs. 

Transfers of assets between spouses who are living together are treated as taking place at neither a gain nor a loss for capital gains tax (CGT) purposes under TCGA 1992, s 58. 

Joe Brough highlights how the date of transfer of an interest in a main residence between spouses can affect the amount of capital gains tax principal private residence relief available.

Eligible members of Nationwide Building Society saw ‘Big Nationwide Thank You’ payments of £50 paid into their accounts. What is the tax position of such payments?

Ian Holloway looks at the tax position of payments to certain investors.

Limited liability partnerships (LLPs), often described as being a 'hybrid' combining features of both partnerships and corporations, allow two or more individuals to own and operate a business together while limiting their personal liability. 

Jennifer Adams considers the use of a combination of limited liability partnerships and companies. 

If a car is made available to an employee for their private use, an income tax charge arises.  

Chris Thorpe considers how company cars may be taxed from April 2025.

The employment-related securities legislation deals with arrangements involving shares and securities provided by reason of employment where the full value of the employment reward provided to the employee is not included in the salary package and is charged to tax.  

Jennifer Adams considers the tax implications of shares in a family company being awarded or gifted to family members of employees. 

A sole trader looking to expand their business might be weighing up the ‘pros’ and ‘cons’ of a partnership or a limited company. They are very different, with not only very different tax consequences, but functions as well. 

Chris Thorpe looks at partnerships and companies and considers which business model might be best.  

Under the loan relationships rules for companies, debits on loan arrangements are not deductible for corporation tax purposes in some circumstances.

Kevin Read highlights a recent case concerning the loan relationship rules for companies. 

When HM Revenue and Customs (HMRC) opens a tax return enquiry, the natural reaction of most taxpayers is to speculate about the reason why their tax return has been selected. In fact, HMRC does not need an excuse to open a tax return enquiry; a small proportion of tax returns are simply selected at random. . 

Mark McLaughlin looks at whether a taxpayer can find out if an HMRC enquiry has been opened as the result of an accusation made by a third party. 

When considering the tricky matter of remuneration planning, there are two things to consider; the amount of remuneration, and what form it takes. 

Chris Thorpe looks at what to watch out for with regard to paying employees and directors.

Despite the reduction in National Insurance contributions (NICs) in Spring Budget 2024, more employees are paying tax at higher rates on their earnings due to the freezing of tax thresholds. Some may find that any pay rise or bonus attracts additional tax and NICs such that the net pay increase is minimal.  

Jennifer Adams looks at some alternatives to rewarding an employee with a pay rise or a bonus. 

Mark McLaughlin looks at company purchases of own shares and warns not to become too focused on the more difficult rules for capital treatment. 

A company purchase of its own shares from a shareholder is a popular ‘exit’ strategy when an individual shareholder is retiring, or a dissenting shareholder is departing.