Article Database

Search results: 9 article(s) found in year 16, issue 7

PROFIT EXTRACTION

More tax on taking company capital

The government has drawn up tough new rules to collect more tax from company owners who sell or wind up their company. What’s the full story? More...

PAYROLL

RTI discrepancies - what’s the latest?

Employers are still having to cope with HMRC’s inability to handle its PAYE RTI system. If its records don’t match up with yours or you receive a letter incorrectly warning that you’ve made a late report, how should you respond? More...

RETIREMENT PLANNING

Tax-efficient retirement income

If you run your own company and plan to retire, the usual strategy is to sell or wind it up and take the money. However, changes to the tax rules in 2016 might make it more tax efficient to keep the company going. Why? More...

PAYE

Delayed salary - when is tax payable?

To help improve the company’s cash flow and for personal tax reasons you’ve delayed taking some of your salary. However, your payroll manager tells you that this doesn’t affect when the PAYE tax and NI is payable. Can that be right? More...

CAPITAL GAINS TAX

When is it too late for CGT planning?

You signed a contract to sell a property on which you’ve made a capital gain. You’ve resigned yourself to paying a large tax bill, but a friend says that you could reduce it by transferring a share of the property to your spouse. Is he right? More...

IHT

How not to lose business property relief

The value of your business assets is protected from inheritance tax (IHT) by business property relief (BPR). But as soon as you contract to sell the business, BPR is lost. What steps can you take to preserve it? More...

VAT

When can HMRC claw back VAT you’ve reclaimed?

You’ve reclaimed VAT on an asset which you expect to use to make VATable supplies, but your intentions change. It will instead be used for exempt or non-business purposes. Does this mean you’ll have to repay the VAT? More...

TAX RATES

Scottish rate of tax announced

TAX RETURNS

2014/15 tax return deadline in sight

Last updated: 07.08.2020

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