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  • Tips & Advice Tax - Lending to your company - avoid a tax trap
    A few years ago you personally borrowed money to help your company through a sticky patch. A colleague says that you could claim a tax deduction for this. Assuming he’s correct, how much tax relief can you claim?
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  • Tips & Advice Tax - Can you choose who to offer a tax-free perk to?
    You want to use tax and NI-free perks to improve the value of salary packages for some of your staff. Paying for pensions advice is one possibility but HMRC’s conditions make it tricky to target this tax break. Is there a workaround?
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  • Tips & Advice Tax - Tax return deadlines
    The first deadline for submitting your self-assessment tax return on paper for 2018/19 is just two weeks away. If you’re not going to be on time what can you do to prevent being fined?
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  • Tips & Advice Tax - How long can you stay VAT registered?
    You’ve been winding down one of your businesses so that now it’s trading well below the VAT registration limit. You want to stay registered so you can continue to reclaim VAT on purchases but can HMRC override your decision?
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  • Tips & Advice Tax - What can you include in your capital allowances claim?
    When you buy equipment for your business you may incur additional costs such as delivery fees. While you can claim capital allowances for the equipment what about the additional expenditure?
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  • Tips & Advice Tax - What’s new with company cars in 2020
    If you have use of a company car for private travel you’ll have to pay tax for the privilege. Plus, there’s a further tax bill if the business pays for your fuel for private journeys. What’s changing with these tax charges in April 2020?
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  • Tips & Advice Tax - Updated property income toolkit
    Updated property income toolkit..Latest changes. In September 2019 HMRC updated its “Property rental income toolkit” (see The next step ). It now includes information about the cash basis of accounting for tax which has applied to property business since April 2017. HMRC toolkits include pointers to help you identify and tackle common problems you might have when completing your tax return. They also have another less obvious function. Penalties. If HMRC makes an enquiry into your tax return which results...
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  • Tips & Advice Tax - HMRC clearance for transactions
    HMRC clearance for transactions..Uncertainty. The tax consequences of a transaction can affect how it’s structured. Where there’s uncertainty over the tax position it can take time to consider and, if the uncertainty continues, might even prevent a transaction going ahead. The good news is that HMRC can provide advance confirmation of the tax position for certain types of transaction, particularly where they involve companies. It has recently updated its list of the types of transaction it will give advance...
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  • Tips & Advice Tax - How to make CGT deferral more efficient
    You’re selling shares in a company which because of recent changes to the rules don’t qualify for the special low entrepreneurs’ relief rate of tax. What steps can you take to replicate it or achieve an even lower tax bill?
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  • Tips & Advice Tax - Don’t let business property relief disappear
    Business property relief shelters the value of your business from the Taxman. The trouble is when you retire from your unincorporated business the relief disappears immediately. How can you preserve it?
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