December 2019 Tax Tips & News

Welcome...

To December's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!                  

 

December 2019

· Tax-free Christmas parties

· Proposals to pay doctors' pension tax bills: update

· Should I register for VAT?

· Should I incorporate my business?

· December questions and answers

PLEASE NOTE:

Our office will be closed for the Christmas and New Year holidays from 5pm on Friday 20th December 2019 until 9am on Thursday 2nd January 2020. 

Wishing you a very Merry Christmas and a Happy New Year!

November 2019 Tax Tips & News

Welcome...

To November's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!   

                     

November 2019

· Recognising genuine HMRC contact

· Losses in the first years of trade

· Probate fees changes abandoned

· Salary or bonus?

· November questions and answers

October 2019 Tax Tips & News

Welcome...

To October's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!

October 2019

· HMRC publish Agent Update: Brexit Special
· Delay in implementation of domestic reverse charge VAT for construction services
· HMRC win IR35 case
· Tax-free expenses for home-workers
· October questions and answers
· October key tax dates

September 2019 Tax Tips & News

Welcome...

To September's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!     

August 2019 Tax Tips & News

Welcome...

To August's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!                        

August 2019

· Dividend allowance

· HMRC consultation on Partial Exemption and Capital Goods Scheme

· The correct way with directors' NICs

· Changes in accounting for VAT after prices are altered

· August questions and answers

· August key tax dates

Making Tax Digital: are you ready?

If you're a VAT-registered business you need to be signed up to the UK Government's Making Tax Digital (MTD) scheme – an initiative that’s moving tax returns to the digital space.

July 2019 Tax Tips & News

Welcome...

To July's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances.

We're here to help!                   

July 2019

· Capital allowances SBA update

· HMRC clarify VAT zero-rating of transport of disabled passengers

· Tax-free childcare - don’t miss out!

· Tax-efficient remuneration with pension contributions

· July questions and answers

· July key tax dates

Taking the pain out of pricing - how much should you charge?

Figuring out how much to charge is a big learning curve for any business owner. The answer to how to approach it will fluctuate as circumstances and markets change. It is important to revisit the question throughout the life cycle of your business.

June 2019 Tax Tips & News

Welcome... To June's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! June 2019 · New NIC treatment of termination payments · Making use of gift exemptions for IHT · MTD for VAT: guidance updated · Moving into partnership · June questions and answers · June key tax dates

May 2019 Tax Tips & News

Welcome...

To May's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. 

We're here to help!

May 2019

· Taxpayer wins IR35 challenge
· Minimum workplace pension contributions rise
· VAT Flat rate scheme
· Rent-a-room tax break remains
· May questions and answers
· May key tax dates
 

April 2019 Tax Tips & News

Welcome... To April's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! April 2019 · Treasury under pressure to debate probate 'tax' · Making Tax Digital update · Employee mileage allowances · NMW and NLW increases take effect · April questions and answers · April key tax dates

March 2019 Tax Tips & News

Welcome... To March's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! March 2019 · HMRC reaffirm income tax charge on winding up · Checking directors' expenses · Voluntary disclosures · Employer responsibilities for tips · March questions and answers · March key tax dates

HMRC reaffirm income tax charge on winding up

HMRC have published Spotlight 47, which provides guidance on tax avoidance schemes that try to avoid the income tax charge on distributions when a company is being wound up. In recent years, HMRC have endeavoured to prevent schemes being used by shareholders to take advantage of more favourable capital gains tax rates when extracting value from their company. Until 6 April 2016, under arrangements known as 'phoenixism', an individual shareholder who intended to carry on the company's activities could arrange matters enabling them to wind up the company and receive the company's undistributed profits. The profits would be classed as capital distribution (subject to capital gains tax rates), rather than a dividend or other income distribution (subject to higher income tax rates). The individual would then carry on the same or similar activity, often using a newly-formed company. To counter this perceived avoidance, in 2015 HMRC introduced Targeted Anti-avoidance Rule(TAAR) legislation to prevent individuals from gaining a tax advantage by winding up companies, to make sure any distribution in the winding up is taxed as income, rather than being subject to capital gains tax. Some scheme promoters have recently claimed that they can get around the TAAR legislation by making an artificial modification of the arrangements (for example by selling the company to a third party rather than winding it up). However, HMRC are adamant that such schemes do not work because: - in many cases, the actual outcome is that the individual is receiving distributions in a winding up - as the individual carries on trading using a different vehicle these schemes are within the scope and purpose of the TAAR legislation; and - phoenixism arrangements that claim to involve payments to shareholders taxed as capital instead of income are caught by the TAAR, or other provisions. HMRC have said that they will investigate any attempts to avoid the income tax charge. If it is claimed that the phoenixism TAAR does not cover the arrangements, HMRC will consider whether the General Anti-abuse Rule (GAAR) applies to these schemes. Penalties HMRC have reaffirmed that a severe penalty regime exists in relation to such schemes - transactions after 14 September 2016 where the GAAR applies will be subject to a 60% user penalty. Moreover, for transactions entered into on or after 16 November 2017, any person who enabled the use of these sorts of schemes may be subject to a penalty as an enabler of an abusive scheme. The penalty amount will be equal to the amount of consideration they received for enabling the arrangements. The user may also be subject to penalties for filing an inaccurate return, with penalties of up to 100% of the undeclared tax. For further information, see HMRC Spotlight 47 here.

February 2019 Tax Tips & News

Welcome... To February's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! February 2019 · MTD pilot opens to all · Maximising the benefit of Gift Aid donations · The 'section 455 charge' · Anti-malware: Free vs Home vs Business · February questions and answers · February key tax dates

January 2019 Tax Tips & News

Welcome... To January's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! January 2019 · Make the most of tax efficient savings offers · Can an employer still claim the EA? · Considering capital expenditure? · VAT: Supplies of digital services to consumers in the EU · January questions and answers · January key tax dates