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Archive for the ‘Tax Planning’ Category

How do I avoid the stress and disruption of a tax investigation?

In short: you can’t. Tax investigations can be lengthy and invasive for business owners and although it’s impossible to avoid being selected, there are a few things that might minimise the threat. Here are some of the common triggers to an HMRC investigation: Out of the ordinary If there is a fluctuation in your figures,[...] Read more »

Inheritance tax and gifts: how to cut your liabilities by giving to your family now

Death and taxes are two things that nobody likes to consider, but with the right planning, you can look after your family now and help shield them from inheritance tax liability when the time comes. Here are five simple (and legal) steps to use gifts to cut your inheritance tax liability: Review your spending Use[...] Read more »

I want to make my child a shareholder in my company. What do I need to consider?

There are some benefits to making a child a shareholder in your company, firstly for the child themselves. After all, the shares are a capital asset that should increase in value over time. Allotting shares in a family business to a child can form part of longer-term inheritance tax and capital gains tax planning. Income[...] Read more »

It’s never too early to plan for the tax year end

Are you ready for the new tax year? While it’s not necessarily a time to say ‘out with the old and in with the new’ it’s still a good time to check whether you’re making the most of your tax allowances and finances. Read on for advice about reducing your tax bill, as well as[...] Read more »

How ‘Forgotten’ Tax Deductions Can Put More Money into Your Business

Congratulations! After years of planning, blood sweat and tears, you’ve finally set up your own business. You’ve put thought into your company name, branding, website and staffing. But what about tax savings? Here are some tax breaks that could free up money to put back into your business: Annual Investment Allowance (AIA) You can claim[...] Read more »

Tax avoidance: how to stay on the right side of the law

Tax avoidance is described by HMRC as “operating within the letter, but not the spirit, of the law” and SME tax returns are being scrutinised to make sure they don’t fall foul of the rules. As HMRC wins around 8 out of 10 avoidance cases that taxpayers choose to litigate, we look at how to spot[...] Read more »

Making Tax Digital: stay in the know

Making Tax Digital is a government initiative that sets out a vision to bring the UK tax system into the 21st century and ‘make it easier for individuals and businesses to get tax right and keep on top of their affairs – meaning the end of the tax return for millions’. Under the new regime,[...] Read more »

The Taxman Calling is Causing Even More Disquiet than Usual

HMRC investigations are not pleasant, and nor are they meant to be. However, a recent research study commissioned on behalf of the HMRC itself has revealed widespread discontent amongst the majority of smaller businesses about investigations undertaken by the taxman. The research showed that 52% of small businesses thought that the investigations were too intensive,[...] Read more »

HMRC is getting more money back from its business investigations than ever before

The return on investment per pound spent by HMRC on large business investigations has increased by 17% in the year ending 31 March, according to law firm Pinsent Masons. Pinsent Masons said that the amount of extra tax returned for every £1 spent on large business investigative staff reached £77 last year, up from £66[...] Read more »

Increased Tax for Landlords

Increased tax for landlords will start to hit home this year now that, from 6th April 2017 -to April 2020, HMRC are progressively reducing the deduction for finance costs to the point that you will only be able to deduct 20% of the cost from their personal tax liability. Higher and additional rate tax payers[...] Read more »


 

 

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