Hello again
This time, we have a couple of cases, we review a very good tax break for remittance basis users and as usual new guides and updates for our subscribers.
Best wishes
Nichola Ross Martin FCA Tax Director
Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.
Quick News
When property development is not treated as a trade
In Terrace Hill (Berkeley) Ltd v HMRC TC04282 the FTT accepted that the property disposed of was bought for investment purposes and not development. That was very lucky, its owners had used a capital loss scheme which would not have worked if the disposal was treated as trading.
Company valuations: SAV methodology rejected by tribunal
How do you value a trading company? The FTT favoured the price earnings method.
Will planning: remember to sever a joint tenancy
When property is held as joint tenants it passes on death automatically to the survivior. If you wish to leave an interest in such property to another individual or trust you need to ensure that you have severed the tenancy.
Freeview guides
Business Investment Relief
If you are non-UK domiciled and UK resident this special tax break allows you to bring funds into the UK. Ideal if you want to start a UK buy-to-let business or if you have made accidental remittances of income or gains into the UK in the last 45 days.
RTI: update and guide and penalties
This is exactly what it says.
Capital Gains Tax reliefs
Start here for an a glance guide to the key capital gains tax reliefs available to individuals and companies, with links to detailed guides and examples.
Essential reading - subscription (paid) content
Tax planning for the 2014/15 year end
Our annual tax planning checklist for individuals
Finance Bill 2015: tax update and rolling planner
Visit this regularly in order to avoid feeling overwhelmed by the huge volume of new tax rules and regulations: our rolling tax update and planner sets out all the key measures, dates and deadlines for you. Budget 2015: will take place on Wednesday 18 March 2015.
Editor's choice
Tax free trivial benefits for staff
Order up that "beer fridge", trivial benefits are due to move to a statutory footing in April.
Employee share schemes
Fancy giving shares to a new director or employee? The shares are very likely to be "Employment Related" and there are important income tax and reporting considerations. This practical guide provides an outline of the tax consequences when a company gives shares to an employee or director.
Pensions: what's new?
One of our latest subscriber guide tracks the key changes in the pensions rules for individual over the last three years. We also includes planning points and links for small employers planning their auto-enrolment.
Incorporating a business
It is proposed that CGT Entrepreneurs' Relief will not apply to transfers of goodwill on incorporations made on or after 3 December 2014, so what are the alternative options? This practical tax guide takes you, asset by asset, through the steps of incorporation with worked examples to illustrate the interactions of different CGT and income tax relief.
CGT: different ways of taxing UK residential property
Companies will be subject to two CGT regimes from 1 April 2015, this guide summarises the new tax regimes for UK and off-shore companies and individuals from 1 / 6 April 2015.
Higher Income Child Benefit charge
A guide to the charge and making elections
Employers' NICs allowance
UPDATE: new 2015/16 rates and salary tables to show what salary to pay to maximise your allowances.
Joint property masterclass
UPDATE Changing beneficial interests and severing joint tenancies: when income tax planning may have unforeseen IHT consequences.
How to appeal a tax penalty
UPDATE: increasingly we note that tribunals reducing penalties on appeal because HMRC has failed to consider whether any special circumstances exist.
Dividends: formalities for companies
A briefing and overview for discussion with directors.
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