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When a business or a limited company has run its course, for whatever reason, the owner needs to decide what happens to it; for example, the company will not automatically end when the owner dies.
Chris Thorpe looks at liquidations and some related tax planning opportunities and pitfalls.
The recovery of VAT on business entertainment is normally blocked by legislation. However, there are some circumstances when VAT recovery is permitted.
Andrew Needham looks at the recovery of VAT on business entertainment.
Most individuals in the UK will be eligible for the state pension. This is a monthly amount payable to the individual once they reach pensionable age (currently 66 in the UK), at a level depending on the level of the
National Insurance payments the individual has paid over their working life.
Meg Saksida explains the mechanics and benefits of contributing to an occupational pension scheme.
The ability of HMRC’s ‘Connect’ database to identify links between businesses, shareholders, properties, families and across different government departments is increasing in its sophistication, such that investigations are being targeted, rather than being conducted on a
speculative basis, as in the past. So, if a request for information is received, it is more than likely that HMRC has some information for which the taxpayer’s input or confirmation is required.
Jennifer Adams outlines the powers that enable HMRC to obtain documents from the taxpayer and third parties.
Employer pension contributions are very tax-efficient. They will become even more so from April 2023, when corporation tax (CT) is increasing for companies with profits exceeding £50,000. For stand-alone companies, the marginal CT rate on profits between £50,000 and £250,000 will rise to 26.5% from the current flat rate of 19%, while for profits above £250,000, it will become 25%.
Kevin Read explains why owner-managed businesses may want to consider deferring directors’ pension contributions.
The 'helpful sidekick' of capital gains tax (CGT) business asset disposal relief (BADR, formerly entrepreneurs' relief), has been hiding in the wings for several years.
Reshma Johar looks at an often-overlooked form of capital gains tax relief.
Tax relief is available to individuals for contributions paid to a registered pension scheme, where certain conditions are satisfied. HM Revenue and Customs (HMRC) considers ‘paid’ generally means the contributions must be of a monetary amount, such as cash or bank transfer (NB: a possible exception applies for eligible shares relating to SAYE schemes or share incentive plans, which is not discussed here).
Mark McLaughlin looks at pension scheme contributions and what constitutes a valid payment of pension contributions for tax purposes.
National insurance contributions (NICs) are often overlooked in tax planning, but are a major source of income for the Government. Many regard NICs as being no more, effectively, than another tax. This point of view has a lot going for it.
Alan Pink looks at ways that businesses can avoid overpaying National Insurance contributions to HMRC.
Smaller unincorporated businesses can elect to compute their taxable profits using thecash basis rather than the traditional accruals basis. The cash basis is a much simpler method as it only takes account of cash in and cash out. However, it will not be for everyone.
Sarah Bradford explains how the cash basis works and when, despite its simplicity, the accruals basis mighty be preferable.
Many company sales involve part of the consideration being satisfied in the form of loan notes issued by the purchaser. The sale of owner-managed companies often involves part of the sale consideration being satisfied in the form of loan notes issued by the purchaser. In effect, the owner manager is agreeing to finance the deferral of part of their sale proceeds.
Peter Rayney looks at some of the practical tax issues concerning loan notes.
Business property relief (BPR) offers inheritance tax (IHT) relief of 100% or 50% on a transfer of value attributable to ‘relevant business property’. For example, unquoted company shares potentially qualify for 100% BPR, subject to certain general restrictions where the company’s activities consist wholly or mainly of dealing in stocks or shares, land or buildings, or making or holding investments.
Mark McLaughlin looks at an inheritance tax business property relief anti-avoidance rule that can result in a relief restriction.
This article was prompted by one or two queries that have been raised by regular readers of the Tax Insider magazines. In it, we hope to allay most concerns in relation to property landlord companies, but also to highlight where those concerns may yet be valid, and what to look out for.
Lee Sharpe looks at the effect of the re-introduction of a swathe of ‘old’ legislation to raise corporation tax revenues for a worried chancellorr for property investment companies in particular.
Buying a property to renovate can be appealing for a number of reasons. For example, there is the possibility of making a profit from ‘doing it up’, as well as the chance to put your unique stamp on a property.
Sarah Bradford considers the extent to which tax relief is available for the costs of renovating a property.
Land is an asset that, unlike (say) an antique bureau or a painting, can be sold off in several tranches. Land is, therefore, a perfect asset for those times when a landowner is down on their luck and needs a little cash injection but doesn’t want to sell the whole of their asset.
Meg Saksida outlines a potential deferral opportunity for capital gains tax purposes.
Property transactions do not always go according to plan. For example, suppose a potential buyer pays the seller a deposit for a property. The purchaser has sufficient cash to pay the deposit but is subsequently forced to pull out of the deal as they were unable to obtain the necessary borrowings to meet the full purchase price.
Mark McLaughlin looks at the tax position of forfeited deposits when property deals fall through.
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