Tax Insider

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

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Here is what our experts are sharing this month:

Can directors be consultants to their own companies?

Director-shareholders of private companies are always interested in tax-efficient ways of withdrawing income from their companies. The recent case Petrol Services Limited v HMRC [2018] UKFTT 773 (TC) has highlighted one method that will not usually be successful, as the First-Tier Tribunal (FTT) confirmed.

Kevin Read considers a recent HMRC victory on directors working as consultants to their own companies and discusses how in other circumstances directors may be successful in avoiding PAYE or benefit tax charges.
Using the cash basis to report self-employed income

Since 2013/14, certain unincorporated small businesses have been able to choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books, rather than being asked to undertake complex and time-consuming calculations designed for big businesses.

Sarah Laing looks at how the cash basis may be used for calculating taxable income.
VAT: What trade-in values should you use when selling second-hand cars?

When a customer part-exchanges his car, he likes to feel that he is getting a good trade-in price for his existing vehicle.

Andrew Needham looks at what trade-in values should be used for VAT purposes when selling second-hand cars.
Are the workers employed or self-employed?

When a business grows to the size where it needs employees, it may be responsible for more than initially thought. The extra responsibility and cost are just a couple of the reasons why this has become such a contentious issue.

Lynne Bell outlines some key considerations when considering a worker’s status.
EIS and SEIS cash - use it or lose it!

As some readers will appreciate, the complex rules for enterprise investment scheme (EIS) and seed enterprise investment scheme (SEIS) investments can seem like an obstacle course, where if you trip you may stand to lose all relief. One such hurdle under both schemes concerns the use of monies raised within time limits.

Ken Moody looks at a potential obstacle to successfully claiming tax relief under the enterprise investment scheme or seed enterprise investment scheme.
CGT-efficient investments

As some readers will appreciate, the complex rules for enterprise investment scheme (EIS) and seed enterprise investment scheme (SEIS) investments can seem like an obstacle course, where if you trip you may stand to lose all relief. One such hurdle under both schemes concerns the use of monies raised within time limits.

Ken Moody looks at a potential obstacle to successfully claiming tax relief under the enterprise investment scheme or seed enterprise investment scheme.
By reason of employment? Not necessarily!

If an employee receives something from their employer (e.g. an option over shares in the employer company) there will generally be tax implications to consider.

Mark McLaughlin highlights a case in which an employee’s share options were not considered to have been received by reason of his employment.
Q&As with Arthur Weller

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Written by professionals for general taxpayers in mind.
Complex tax issues made simple and easy to understand
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Income Tax
General Tax
HMRC Powers
Personal Tax and Investment
VAT
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Be investment savvy with ‘CGT exempt’ assets!

Meg Saksida uncovers some traps for the unwary with exempt capital gains tax investment assets.

Goodwill: New tax rules explained

Satwaki Chanda discusses the new corporate tax rules for goodwill relief, which apply from 1 April 2019.

Reducing inheritance tax for business owners

Tony Granger seeks to tackle some of the challenges faced by business owners who are worried about inheritance tax on their business assets.

Overdrawn director’s loan accounts: A penalty problem

Mark McLaughlin highlights a potential trap concerning the late notification of overdrawn director shareholders’ loan accounts to HMRC where the overdrawn balance was repaid.

Mileage allowances for employees – how much can be claimed?

Sarah Laing outlines the tax advantages of approved mileage allowance payment rates for employee business travel in their own vehicles.

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Here is what our experts are sharing this month:

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