The chancellor announced at the weekend that there will be a summer budget on 8 July 2015, so there will be more changes in legislation to take in this year. Assuming that the 0% Savings Rate will remain intact following the next budget, this time we take a look at savings income and planning opportunities for company owners.
The question is whether it is worth the effort to rearrange your finances to take advantage of the £5,000 savings band? It could well be and now is the time to act.
No dount of interest to many SME advisers, we also report on an Entrepreneurs' Relief case along with various updates and mini-guides.
Nichola Ross Martin FCA Tax Director
Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.
Summer Budget (for working people) announced
All set for the 8th July: we have summarised the measures which we are fairly sure will be included in the new Finance Bill.
CGT Entrepreneurs' Relief: disposal of assets or part of a business?
In Carver v HMRC  TC004362 a Lloyd’s Name was denied CGT Entrepreneurs’ Relief on a disposal of syndicate capacity, the FTT found that his disposal was similar to that of a farmer selling off a parcel of land.
Penalties: Senior Accounting Officers
Mini-guide. Possible pitfalls for UK subsidiaries: in considering whether there are any UK reporting issues don't forget to include other UK group companies.
Employers: What's on April - July 2015?
New and online reporting requirements for RTI and concessions for late filing, Shares and securities, employment intermediaries and PIID deadlines.
Nichola's Capital Taxes Update April/May 2015
Updates and worked examples to explain the new rules for CGT Entrepreneurs' Relief, Wasting Assets, the new Company CGT regime, changes to Private Residence relief, CGT for non-residents, SDLT and the Annual Tax on Enveloped Dwellings with cases on ER and EIS.
Editor's choice - subscription content
Charging the company interest to use your savings band
You may earn up to £5,000 in savings tax free in 2015/16. This guide summarises the tax treatment for the company of interest paid to directors and takes you through a worked example.
Do I pay salary or dividend?
This guide explores the tax-planning points and pitfalls of using dividends to create a tax-efficient pay package.
Salary 2015/16 (avoiding NICs)
What is the optimal monthly or weekly salary that can be paid by an employer without incurring a liability for the employer or employee for National Insurance (NICs)? Or, is it better to pay some ERs NICs in order to claim it back from the government?
Shifting your income to avoid tax
This guide explains the planning points and pitfalls of splitting your income with your spouse or other family members.
Finance Act 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. Summer Budget 2015: will take place on Wednesday 8 July 2015.
Incorporating a business
If CGT Entrepreneurs' Relief is no longer available on transfers of goodwill on incorporations made on or after 3 December 2014, 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.
The non-resident landlord scheme for rental income
An at a glance guide, don't forget to file by 6 July 2015
Carry on appealing: daily penalties
If you have been assessed daily tax penalties under Schedule 55 FA 2009, you may well be able to lodge an appeal on technical grounds.
Come and join our Cloud
Subscribe (and UNLOCK the whole site) A single user annual subscription is £325 (+ VAT)
What do you get?
- We keep YOU up to date in SME tax.
- FULL access to www.rossmartin.co.uk: your firm's personal TAX INTRANET containing over 1,200 actively maintained tax guides, briefings, toolkits and checklists.
- Want to know more? Commission your own articles and checklists.
- Structured CPD: our detailed SME tax updates "for Advisers Only" provide topical summaries and planning notes.
- Regular client tax briefings: these cover the latest business and employment tax issues and are designed to assist you plan meetings and improve your client services.
- Nichola’s regular SME tax news web-update: we do the reading and cherry pick the best of the taxpress, magazines and websites for you.
- You can also commission guides and checklists for your own practice, post comments and upload your own articles.
- Access to the Virtual Tax Partner ® service provides subscribers with FREE quick calls and a discount of on phone, email and tax support and mentoring.