Specialist Tax News

30 October 2023

Salary or dividend best in 2023/24?

In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay

30 October 2023

Year end tax planning ideas for your business

It is always a good idea to set up a planning meeting with us a couple of months before your business year end so that we

30 October 2023

Not all LLP members are self-employed

Since April 2014 members of a LLP are no longer automatically treated as self-employed for tax purposes. A recent case before the Upper Tax Tribunal has

30 October 2023

HMRC challenges LLP scheme for property businesses

HMRC have recently published Spotlight 63 which alerts taxpayers to a marketed tax avoidance scheme that claims to help taxpayers reduce the tax payable on their

30 October 2023

Charging electric cars at home

HMRC have recently clarified their view of the tax treatment of the reimbursement of electricity costs where employees charge their electric company cars at home. HMRC

30 October 2023

Reclaiming input VAT on the sale of shares

The sale of shares is an exempt supply for VAT purposes, which means that input VAT on professional fees in connection with the transaction cannot be

30 October 2023

Diary of main tax events November / December 2023

Date What’s Due 1 November Corporation tax for year to 31/01/2023, unless quarterly instalments apply 19 November PAYE & NIC deductions, and CIS return and tax,

25 September 2023

Child benefit may create a tax charge for those with high income

Parents and carers need to be aware that if either of the couple have ‘adjusted net income’ in excess of £50,000 then the one with the

25 September 2023

Merger of R&D tax relief schemes to go ahead

The government have issued draft legislation for consultation on the proposal to merge the two forms of corporation tax relief for expenditure on research and development

25 September 2023

Income tax on inherited pension funds

Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the

25 September 2023

HMRC to require more information to be provided by taxpayers

Draft legislation released for consultation on 18 July indicates that business and individual taxpayers will be required to provide more information to HMRC in the next

25 September 2023

Advisory fuel rate for company cars

The table below sets out the HMRC advisory fuel rates from 1 September 2023. These are the suggested reimbursement rates for employees' private mileage using their