Try Tax Insider today and receive:
- FREE 3 Issues - The current issue and the previous two issues (Click here to see the tax strategies you'll receive).
- Delivered to your doorstep
Here are just some of the strategies our tax experts are sharing with you this month:
- 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.
- 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.
- 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.
- Termination Payments – New Rules From April 2018
For many years, complex, and full of ‘grey areas’. Sarah Laing outlines recent changes to the income tax and National Insurance contributions rules governing lump sum payments when an employee leaves their job.For many years, complex rules have governed the way in which payments made to employees leaving employment should be taxed. Sarah Laing outlines recent changes to the income tax and National Insurance contributions rules governing lump sum payments when an employee leaves their job.
- Every Little (Tax Break) Helps!
The UK tax system is not known for its generosity when it comes to allowing tax-free benefits from any employment. Any such benefit should, therefore, be welcomed, however small it may seem. Mark McLaughlin highlights an income tax exemption that could be more useful than some people might expect.
- Married Couples v Co-habitees And The 3% SDLT Charge
On the acquisition (whether by way of gift, inheritance, or purchase) of a residential dwelling (e.g. a house or flat), a charge to SDLT in principle arises (but only if there is charge consideration given). Malcolm Finney examines whether it’s better to be married or co-habit in terms of the 3% additional stamp duty land tax charge.
- Paying Somebody Else’s Legal Costs
Andrew Needham looks at the VAT recovery position when a business pays somebody else’s costs.
- Tax-Efficient ‘Personal Service’ Company Closures Part 2
In the second of a two-part article, Peter Rayney examines how to access the beneficial 10% entrepreneurs’ relief rate on winding-up a ‘personal service’ company tax.
- Company Pension Contributions- Can These Be Unlimited?
Pensions are a hot topic, especially with compulsory workplace pension schemes and auto-enrolment in place. Tony Granger points out the level of pension contributions a company can make, and the tax impact of making them.
- Changes To EIS And VCT Investment Rules From April 2018
Lindsey Wicks looks at some of the changes to the seed enterprise investment scheme, enterprise investment scheme and venture capital trust rules.
- Company Tax Relief For Shares – A ‘Hidden’ Gem!
Share transactions invariably have tax consequences. For example, when an individual subscribes for shares in their employer company for less than market value, it is generally necessary to consider the income tax (and possibly National Insurance contribution) implications of the share acquisition. Mark McLaughlin highlights a useful tax relief for companies that is sometimes overlooked.
- New Year - New Rewards?
Sarah Laing looks at changes to investment limits and potential yields for some of the most popular tax-efficient savings vehicles.
- Beware Fine Print! VAT And Contract Law
Many contracts do not mention VAT and some just have a short clause saying prices are exclusive of VAT. But how do these types of clauses protect the vendor if there is a query over the VAT liability of the supply, or HMRC rule that the wrong liability has been applied to the transaction at a later date? Andrew Needham looks at the importance of clarifying the contractual arrangements so that the VAT position is correctly identified.
- Tax-Efficient ‘Personal Service’ Company Closures
There are a lot of personal service companies out there, and at some stage many of them simply come to the end of their working life. In the first of a two-part article, Peter Rayney explores how to close down a ‘personal service’ company tax-efficiently.
- Can A Business Pay For Your Child's Or Parent's Long-Term Care?
Care costs depend on the type of care required, and whether medical or frail care is also needed, which makes it more expensive. Tony Granger examines the options available for a business to pay for the long-term care of a parent, child, or relative.
- A Foot On The Ladder: Tax-Incentives For First-Time Buyers
There are three main tax incentives for those looking to get a foot on the housing ladder. Lindsey Wicks takes a look at these tax incentives available for first-time buyers.
- Stamp Duty Land Tax: First Time Buyer Relief
Stamp duty land tax (SDLT) is a tax which is levied on the purchase of land (which includes buildings on the land) in England, Wales, and Northern Ireland. Malcolm Finney explores the new 'First Time Buyer Relief'.
- Tax Insider: Tax Tips
- Tax Insider: Your Tax Questions Answered!