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Tax Insider

Our monthly newsletter covers topical issues and strategies to minimise your overall tax bill.

14-Day Free Trial - Access over 800 tax saving articles today!

Each month our tax experts and authors share practical tips to help you better manage your tax affairs and reduce your tax liability.

Take a free 14-day trial today and download the June Tax Insider newsletter. As part of your free trial you’ll also get instant access to 882 tax saving strategies from our online tax articles.

All newsletters are covered by our cast-iron guarantee: After 90 days, if you've not saved money on your tax bill we'll issue a prompt refund.

Here is what our experts are sharing this month:

  • PPR change to inter-spouse transfers: What’s new? 

    A proposal as part of the Finance Bill 2020 is to amend the capital gains tax (CGT) principal private residence (PPR) relief legislation to allow for a ‘back-dating’ effect. This is  where one spouse transfers an interest in a dwelling-house to the other spouse (or if such an interest passes on the death of a spouse) but only if at the time of transfer the dwelling-house is their only or main residence. 

    Malcolm Finney looks at the often misunderstood and overlooked impact of inter-spouse  residence transfers. 

  • Make the most of the enhanced employment allowance 

    The employment allowance (EA) is a valuable relief, which currently benefits more than a million smaller businesses in the UK. Broadly, the relief works by allowing an employer to offset up to a pre-set annual threshold against their employer National Insurance contributions (NICs) liabilities. 

     Sarah Laing highlights three changes to the employment allowance (EA) of which employers need to be aware. 

  • VAT: Business splitting  

    As a business that deals with the public (e.g. a plumber or hairdresser) approaches the VAT registration threshold they realise that when they register for VAT they will either take a 20% pay cut in order to remain competitive, or increase their prices by 20% and lose customers.  

    Andrew Needham looks at whether business splitting is a good idea and considers what needs to be done to make it effective. 

  • Entrepreneurs’ relief: Where are we now? 

    Prior to the budget in March 2020, the rumour mill about the future of entrepreneurs’ relief (ER) for capital gains tax (CGT) was red hot; talk of restrictions and even abolition in order to fulfil the government’s election spending promises.  

    Chris Thorpe takes a look at the relief formerly known as entrepreneurs’ relief following the budget in March 2020.  

  • Pensions: Good news for high earners 

    Had George Osborne got to complete his reform of pensions, there would probably no longer be any higher rate tax relief on pension contributions. However, the restrictions he introduced on top rate tax relief (i.e. via a tapering of the normal £40,000 annual allowance) are still with us and, in the context of defined benefit schemes for doctors, they received a lot of bad publicity in the months before the Budget. 

     Kevin Read discusses the recent changes to the tapering of the pension annual allowance and reminds readers of the importance of ‘scheme pays’ elections. 

  • ‘Time to pay’ and Coronavirus  

    HMRC has already announced the deferral of quarterly VAT payments due before 30 June 2020 until 31 March 2021, and a delay to self-assessment payments on account due by 31 July 2020 to 31 January 2021.  

    Iain Rankin looks at how businesses and individuals may make use of ‘time to pay’ arrangements to defer payment of tax bills, in light of the current coronavirus crisis. 
     

  • IHT: One nil rate band – or four? 

    It is said that inheritance tax (IHT) is the UK’s most hated tax. Nevertheless, the transferable nil rate band (TNRB) is a welcome facility for married couples or civil partners (references to spouses in this article include civil partners). 

    Mark McLaughlin points out that inheritance tax nil rate bands can sometimes be multiplied - or lost inadvertently. 

Benefits of the subscription
  • The latest tax saving strategies shared monthly wherever you want
  • Written by leading practising UK tax advisors
  • Complex tax strategies made easy
  • Practical tips you can apply in everyday situations
  • Immediate access to all 882 previous articles
Who is it for?
  • UK taxpayers
  • Business owners
  • Property developers
  • Landlords
  • Anyone with an interest in responsible tax saving
What topics do you cover?
  • Capital Gains & Inheritance Tax
  • Business taxes
  • Personal taxes and NIC Issues
  • Property taxation
  • HMRC powers and enquiries
  • Remuneration
  • VAT
  • Assets
  • And more
As part of your free trial, you will also get immediate access to the following popular tax-saving strategies:
Tax Implications of Employing Family Members

More than 60% of UK businesses are family owned. You can employ any family members in your business and take advantage of the lower tax rates and personal allowances that may be available to your spouse, civil partner, or children. In turn, this arrangement can help reduce your household’s overall tax bill.

A few rules, however, do apply that you need to keep in mind:

  • Your relative has to be hired to do real work at a proper commercial wages rate. HMRC are likely to query payments of £50 per hour to a 5-year-old who is &lsquo
Accounting Dates – Choose Carefully!

The tax year runs from 6 April to 5 April and most businesses use this system for their accounting year too, although some people may find it convenient to use 31 March as the end date for their business year. This is also known as opting for fiscal accounting, so-called because the business year is the same as the tax, or fiscal, year.

Although the fiscal year is the most popular choice, it is possible to choose any other date for a business year-end. Choosing a different date can give a longer time to file self-assessment tax returns and longer to pay the tax

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