2015/16 annual returns for employment related share schemes must be submitted by 6 July 2016. All returns now have to be submitted online. more »
A straight forward question but one that is not so easy to answer!
From 6 April 2016, finding out the rate of capital gains tax payable when you make a profit on the sale of a capital asset got a whole lot harder. more »
Many company shareholders, and business partners, personally own the trading premises from which their company, or partnership, operate. Charging the company rent to use the premises might be considered to be a tax efficient way of a shareholder extracting profits more »
The ability to claim entrepreneurs relief when a business is incorporated has, very confusingly, been changed several times over the last year. Due to the changes made this is an area where errors are very likely.
So what is the position now? Can a claim be made or not? more »
We understand that one of the first areas HMRC check when deciding whether to enquire into a claim for entrepreneurs relief on the sale of shares is whether the claimant was more »
Entrepreneurs’ relief (ER) is a very valuable relief for individuals who sell shares in a trading company or dispose of the whole or part of a trading business. Where the qualifying conditions are met ER reduces the capital gains tax rate on a disposal to only 10% on lifetime gains of up to £10 million, giving a potential tax saving of up to £1 million. more »
Contrary to the belief of many, it is not illegal for shareholders to borrow money from their limited company. However more »
Last week we highlighted changes to the taxation of interest income from 6 April 2016. These changes together with changes to the taxation of dividend income, also from 6 April 2016, mean that some individuals will no longer pay tax…good news!
However, this can have an adverse impact on those who also make regular donations to charity under gift aid.
If you make donations under gift aid you must pay sufficient income tax to cover the amount that the charity reclaims, equal to 25% of the cash that you donate. If not then then you have to make up the shortfall to HMRC.
As a result any individuals who are paying a small amount of, or no, tax should consider carefully whether to sign gift aid declarations for any new donations and whether they should withdraw existing declarations for ongoing donations.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.
From 6 April 2016 all interest paid on your savings will be paid gross, prior to this most people received their interest net of basic rate income tax. more »
You may not have heard of ATED, this is an annual charge introduced by HMRC in April 2013. It is levied on those who hold high value residential property in a limited company for personal use more »