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It is very common for employees to receive non-cash remuneration in addition to their salary. In a more competitive market, many employers will add ‘perks’ to an employee’s package (e.g., a company car, health insurance, gym membership, etc.). A pension is now a compulsory addition to most jobs, but none of these are taxed in quite the same way as the cash salary.
Chris Thorpe looks at where we are with benefits-in-kind, particularly in relation to the salary sacrifice rules.
In most cases, businesses dealing in second-hand goods buy the goods or take them as trade-ins from private individuals and then sell them on, using the second-hand margin scheme. Only VAT on the profit margin can be accounted for if the second-hand margin scheme is used. If they use global accounting, even greater VAT savings can be achieved.
Andrew Needham looks at the VAT advantages of selling second-hand goods as an agent.
According to employment law, there are three kinds of workforce. The first is employed, the second is self-employed, and the third is ‘hybrid self-employed’ (i.e. self-employed but working as a part of a business carried on by someone else).
Meg Saksida examines the outcome of the Uber taxi case and what has happened because of it.
Retirement for a family company member can be an emotive event. Someone who has spent much of their working life building up that business now has to hand over the reins to another.
Jennifer Adams considers the main reasons why some shareholders of a family-owned company may consider a purchase of its shares and the tax implications of doing so.
Capital gains tax (CGT) and business asset disposal relief (BADR) may apply to a disposal of company shares provided that...
Ken Moody analyses what may be regarded as ‘substantial’ non-trading activity affecting a company’s status for various capital gains tax relief purposes in the light of recent case law and its effect of non-statutory clearance applications.
On incorporation, a taxpayer will have a choice between the use of either gift relief (TCGA 1992, s 165), incorporation relief (TCGA 1992, s 162), or simply paying the capital gains tax (CGT) at the time of disposal.
Reshma Johar considers what options a sole trader or partner of a partnership have when their unincorporated business is transferred into a company.
Bank or building society accounts are often held in the joint names of two or more family members. As a general rule, the person liable for tax on the interest credited is the person receiving or entitled to the interest.
Mark McLaughlin outlines the income tax treatment of joint accounts between family members.
Where a business is run as a family or personal company, the company is separate from the shareholders and those who run it. This means that where funds are required outside the company to meet personal bills and suchlike, they have to be extracted from the company.
Sarah Bradford explains how to determine the optimal salary level for 2021/22 for personal and family companies seeking to extract profits in a tax-efficient manner.
Business asset disposal relief (BADR) is an important and valuable capital gains tax (CGT) relief. However, the relief conditions are such that BADR can be easily lost. Here is a selection of potential ‘traps’ for the unwary.
Peter Rayney highlights six potential traps that can lead to claims for business asset disposal relief being rejected on company share sales.
Where the same people are carrying on two or more different trades, for all kinds of reasons it’s often a good idea for those different trades to be carried on in different companies.
Alan Pink considers whether different trades should be held in a group of companies or in stand-alone companies.
Many individual shareholders of owner-managed businesses have bought their shares in the company using a bank loan. Alternatively, they may have used the borrowings to inject funds into the company’s trade; or to refinance a loan for either purpose.
Mark McLaughlin looks at a potential tax pitfall for company shareholders gifting their shares.
According to resolutionfoundation.org, one in eight private sector tenants has failed to cover their housing costs during the Covid-19 crisis. This means that 13% of private landlords are facing the same expenses as every other year but without the income to cover them, meaning they are more than likely finding themselves in a loss-making position.
Meg Saksida outlines ways for individual landlords to offset rental losses for tax purposes.
The previous case study focused on the kind of expenses incurred when a landlord or landlady takes on a new property and prepares it for letting out.
In his fourth article in the series, Lee Sharpe looks at repair work undertaken in a void period and how to deal with insurance claims.
Inheritance tax (IHT) is only payable where the value of the chargeable estate exceeds the available nil-rate bands.
Sarah Bradford considers the impact that the Chancellor’s announcement that the IHT nil-rate band and residence nil-rate are to be frozen until April 2026 may have on those looking to pass on their family home.
Land and buildings (e.g. the family home) are often held in joint names, such as by spouses (or civil partners), or parent and offspring. When it comes to valuing an interest in a jointly-owned property for inheritance tax (IHT) purposes (e.g. on death), it is necessary to consider the valuation methodology.
Mark McLaughlin looks at discounts from the market value of jointly-owned properties for inheritance tax purposes.
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