BUSINESS
Disincorporation relief – What makes a qualifying transfer?
The transfer of a business out of a company will be a ‘qualifying transfer’ for the purposes of Disincorporation Relief if it meets all of the following conditions: The...
Reduction in dividend allowance from 6 April 2018
Did you know about these dividend allowance changes? From 6 April 2018, the dividend allowance is reduced to £2,000. If you are a shareholder in your own company and have...
Further attack on personal service companies to come?
Governments have historically challenged tax avoidance through the use of “Personal Service Companies” (PSCs), but so far nothing substantial has been enacted to counter the...
Corporation Tax Payslips
Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could...
BPR and estates
If shares qualify for 100% business property relief no inheritance tax is payable but if those shares are left to a surviving spouse the relief is wasted as such transfers are...
Uniforms for staff
The inclusion of your firm’s logo, if sufficiently obvious and recognisable, can turn otherwise ordinary clothing into uniform and not be taxed as a benefit in kind. If you...
Tax-free awards for long service – can these be increased?
The tax-free amount has remained at £50 per annum for each year of service with a minimum of 20 years service for a long time. The gift must not be cash or vouchers that can...
2 Step Verification for Businesses Accessing HMRC services
From September 2017, 2 Step Verification will be compulsory for businesses accessing their online tax accounts. This means that in addition to the usual log in details,...
CT acknowledgements and payslips
Do remember to pay the corporation tax due. HMRC are no longer issuing acknowledgements or payslips after a return has been filed. HMRC is still paying interest at 0.5% on tax...
National wage rates from April 2017
National minimum wage and national living wage Both were increased on 1 April 2017 and future increases in both will be on 1 April each year. National Living Wage for those...
Entrepreneur’s relief – associated disposals
For entrepreneur’s relief, provided trading conditions are satisfied, in order for an associated disposal to qualify e.g. trading premises held outside the company, the...
Car and van fuel benefit rates
If fuel is provided for private use in a company van or company car and it is not reimbursed a fuel benefit charge arises. From 6 April 2017 the car fuel benefit increases to...