BUSINESS
Directors’ overdrawn loan accounts and section 455 tax
If a director’s loan account has been repaid and the previous section 455 tax can be reclaimed (25% of the amount ‘loaned’ up to 5 April 2016, 32.5% from 6 April 2016) there...
Use of company assets
Use of Company Assets and Tax Implications – What You Need to Know Having access to company assets, such as helicopters, private aircraft, or other valuable assets, may seem...
P11D deadline approaching!
6 July 2018 is the deadline for employers to submit forms P11D detailing any benefits in kind received by their staff in the 2017/18 tax year (such as private medical...
So what is Making Tax Digital?
What is Making Tax Digital (MTD) all about? Hopefully by now everyone will have heard of MTD, and have a rough idea of what this means. This article serves to provide a bit...
Are you aware of the recent changes to the taxation of termination payments?
There is a common misconception that the first £30,000 paid to an employee on the termination of their employment is free from income tax...
To incorporate or not incorporate? That is the question!
In recent years the changes to the UK tax system have become more complex having had a period of stability under the previous Labour administration and one of the recurrent...
EMI Share Schemes in Limbo
One aspect of EU membership is that member countries cannot offer their resident taxpayers advantageous tax treatment, unless they get permission from the EU to do so. This...
Disincorporation relief – What makes a qualifying transfer?
The transfer of a business out of a company will be a ‘qualifying transfer’ for the purposes of Disincorporation Relief if it meets all of the following conditions: The...
Reduction in dividend allowance from 6 April 2018
Did You Know About These Dividend Allowance Changes? From 6 April 2018, the Dividend Allowance will reduce from £5,000 to £2,000. This change affects shareholders who receive...
Further attack on personal service companies to come?
Governments have historically challenged tax avoidance through the use of “Personal Service Companies” (PSCs), but so far nothing substantial has been enacted to counter the...
Corporation Tax Payslips
Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could...
BPR and estates
Business Property Relief for shares can significantly reduce inheritance tax, but careful planning is needed to maximise its benefits. Understanding how to use this relief...