Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that
Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception
For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief for interest and finance costs on residential lets as a
Potential benefits of putting a property into joint names prior to sale Where a property qualifies in full for private residence relief, it is perhaps
The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money from the
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or
Director’s salary or bonus? Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits
VAT registration – sooner or later? Once a business is up and running, the next major administrative area to be faced often concerns the subject
When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and
VAT refunds for DIY builders If you build your own house or convert an existing property into a home, you may be eligible to apply
Curtailment of letting relief Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating.
Using a SIPP to save for retirement A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP
Closing a business – when a member’s voluntary liquidation is beneficial Although it is possible to strike off a company and for distributions made prior
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs
Optimising tax-free benefits in family companies Making use of statutory exemptions for certain benefits-in-kind offers an opportunity to extract funds from a family company without
Timing dividends right could help save tax Timing the date of a dividend payment from a company can determine both the amount and the due
