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Tax Insider
Tax Insider UK and Tax Advice UK

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Here are just some of the strategies our tax experts are sharing with you this month:                     
  • Too Late To Claim? Not Necessarily! 
    Mistakes can easily happen in tax, some of which may result in an overpayment by the taxpayer. If the error is only discovered sometime later, what can be done? Mark McLaughlin highlights overpayment relief in the context of tax return errors by individuals.              
  • Investors’ Relief: Enhancing ER’s Appeal?  
    In the 2016 Spring Budget, the government announced that the existing capital gains tax (CGT) entrepreneurs' relief (ER) would be extended to certain long-term investors in unlisted trading companies who had subscribed for their shares. Sarah Laing examines the tax advantages of a relatively new relief aimed at providing a financial incentive for investment in unlisted trading companies
  • VAT: Selling Goods On Sale Or Return 
    Under a sale or return agreement, goods are supplied on terms that allow the customer to return them at any
     point up until the time they are adopted. Andrew Needham looks at tax points for VAT purposes on selling goods on sale or return.                        
  • Getting To Grips With The 3% SDLT Surcharge (Part 1) 
    The 3% stamp duty land tax (SDLT) surcharge rules are highly prescriptive and complex. 
    They therefore contain a number of potential traps for prospective buyers of residential property (dwellings). In the first of a two-part article, Peter Rayney examines some of the thornier issues with the 3% stamp duty land tax surcharge.                   
  • Inheritance Tax: Planning In Family Companies 
    Business property relief (BPR) at 100% is available for inheritance tax (IHT) purposes if an asset, such as shares, constitutes ‘relevant business property’. 
    A chilling thought for many! Kevin Read discusses planning opportunities for maximising business property relief and warns of some of the traps that can cause this valuable inheritance tax relief to be lost.                        
  • Claiming Holdover Relief – Are You Sure? 
    Holdover relief for gifts of business assets is a very useful relief, but it does have limitations and it can be embarrassing if an adviser assures a client that a gain can be held over and then discovers it can’t.  Aen Moody explains a few qualifications to capital gains tax ‘holdover relief’ for gifts of business assets.                      
  • Trading Loss Relief Against Capital Gains 
    Tax planning is as much about ensuring the efficient offsetting of trading losses as it is about maximising post-tax income. Generally speaking, income and capital gains are distinct categories, with each having their own specific legislation, and rarely do their paths cross. Malcolm Finney outlines the utilisation of a little known 'Trading Loss Relief'. 
  • Transferring The Home To Family Members - Tax Issues
    In some cases where an adult child (e.g. son) comes to live with their parents, part of the family home is gifted to them. 
    A chilling thought for many! Tony Granger considers various taxes that may be payable when transferring an interest in the family home to family members.     
  • Tax Relief For Business Travel: Prove It!
    The tax system in the UK offers tax reliefs and exemptions to employees (including company directors) and the self-employed for various costs, etc., relating to their work. 
     However, these tax deductions generally come with strings attached in the form of conditions and record-keeping requirements. Mark McLaughlin underlines the importance of being able to substantiate tax relief claims.                      
  • VAT: Retrospectively Joining Or Leaving The Flat Rate Scheme
    The flat rate scheme (FRS) is designed primarily as a means of simplifying VAT accounting for small businesses. Andrew Needham looks at retrospectively joining or leaving the VAT flat rate scheme for small businesses.
  • Making The Most Of Gift Aid
    Under the gift aid regime, the amount of a qualifying gift is treated as a net amount from which income tax at the basic rate has been deducted. 
    Sarah Laing highlights gift aid tax relief and how to maximise charitable donations.       
  • Getting The Benefit Of Capital Allowances On Property Purchases
    When a business buys a commercial building, it is very important to ensure that it is able to claim the appropriate amount of capital allowances on its various fixtures/integral features. Peter Rayney explains that care must be taken when buying commercial buildings, to ensure valid capital allowances claims can be made on their fixtures and integral features.
  • CGT Entrepreneurs’ Relief – Points of Order
    For a short piece of legislation, capital gains tax (CGT) entrepreneurs’ relief throws up more than its fair share of conundrums. Ken Moody points out some ‘conundrums’ in the capital gains tax entrepreneurs’ relief rules.
  • Codicils: What Are They And What Are They Used For?
    Most people are familiar with the concept of a will but are perhaps less clear as to what exactly is a codicil and how it may be relevant. Malcolm Finney explains the nature of the codicil
  • Selling Goods On Interest-Free Credit
    There are two ways retailers can finance interest-free credit: self-finance where the retailer simply collects payment over an agreed period of time, and finance provided by a third-party finance house. In the latter case, the finance house makes a charge to the retailer for providing ‘interest-free’ credit to their customer. Andrew Needham looks always of reducing the amount of VAT due when selling on interest-free credit.
  • IR35: The Costs Of Getting It Wrong
    In February 2018, HMRC won a significant appeal concerning the application of the intermediaries legislation to BBC television presenters. 
    Sarah Laing looks at a recent tax case where the intermediaries legislation cost a taxpayer nearly half a million pounds in back taxes and National Insurance contributions. 
  • The Non-Resident CGT Charge - 'Getting To Grips With The Non-Resident CGT Charge
    Historically, non-residents were not generally subject to UK capital gains tax (although some special rules could trigger a UK CGT charge in certain cases). However, this all changed on 6 April 2015, when the non-resident capital gains tax (NRCGT) charge was introduced (in TCGA 1992, s 14B and Sch B1). These provisions placed ‘non-residents’ on an equal footing with UK residents in relation to CGT on residential property.  Peter Rayney discusses the basic mechanics of the non-resident capital gains tax charge on UK residential property.
  • Cryptocurrency Tax Implications – Trading investment
    Most investors in Bitcoin probably don’t consider what the tax implications are of their dealings, perhaps imagining that these are just a form of betting or gambling. Ken Moody looks at the tax implications of Bitcoin and other cryptocurrencies.
  • Trusts And The 3% SDLT Charge
    The 3% stamp duty land tax (SDLT) charge applies to residential dwellings purchased on or after 1 April 2016. In principle, it applies where at the time of purchasing a residential dwelling (typically a second home or buy-to-let) the purchaser is an individual who already owns another such dwelling (typically his/her own home). Malcolm Finney takes a look at the complexities of trustee residential property purchases from a stamp duty land tax perspective.
  • Remuneration Strategies For Directors - Getting The Best Deal For Yourself
    This article offers a brief insight into some of the remuneration strategies that company directors can employ to ensure the most tax-efficient remuneration package for themselves. Sarah Laing outlines recent changes to the income tax and National Insurance contributions rules governing lump sum payments when an employee leaves their job.
  • HMRC Guidance - Can You Rely On It?
    For many years, complex, and full of ‘grey areas’. Many tax professionals (and some taxpayers) therefore refer to guidance in the HM Revenue and Customs (HMRC) manuals on a regular basis. Mark McLaughlin considers whether taxpayers and advisers can rely on guidance given in HMRC’s manuals.       
  • Tax Insider: Tax Tips
  • Tax Insider: Your Tax Questions Answered!
Tax Insider