Taxation

Taxation

S431 elections

Issuing shares to employees - don’t forget s431 elections Employment related securities is probably one of the most tortuous areas of tax legislation. Contained in ITEPA 2003 it should be considered each and every time shares are issued or value shifts into shares by...

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SSE rules & company sales

Changes to Substantial Shareholding Exemption (SSE) rules open new possibilities on company salesCraig Simpson explores how the changes to the SSE rules can lead to an interesting decision for entrepreneurs selling a trading company. The market for company sales...

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Rangers FC v HMRC

The Supreme Court has now published its decision in the long running tax case involving Rangers Football Club.The case centred on whether payments to an Employee Benefit Trust set up by the club for the benefit of players and executives should be treated as earnings...

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Remunerating company owner managers

The conventional wisdom for many years has been to remunerate company owner managers by means of a small salary and the balance in dividends.The salary was normally pitched at just below the primary threshold - £8.164 in 2017/18. This might mean that some personal...

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Salary Sacrifice Guidance

HMRC have published guidance on the salary sacrifice optional remuneration rules which took effect from 6 April 2017.The new rules largely see the withdrawal of the Income Tax and National Insurance benefit where an employee gave up a right to earnings in return for a...

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Have you missed out on the employment allowance?

Statistically 20% of companies did not claim the employment allowance when it was introduced in 2014/15 and it may have been missed in 2015/16 and 2016/17 as a result. The employment allowance came into effect from April 2014 and was originally £2000. It increased to...

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Employee Benefit Trusts – Storm Approaching!

Often with HMRC pronouncements surrounding tax avoidance we get no warning.  An announcement is made out of the blue and tax professionals everywhere are left scurrying round trying to find the detail behind the headlines to see how it might affect their...

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Making Tax Digital – updates

Update: July 2018It is time to take action if your business has a taxable turnover above the VAT threshold of £85,000. The government has confirmed that from 1 April 2019 all VAT registered businesses with taxable turnover above the VAT threshold (currently £85,000)...

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Cash in reserve

In an article published in September 2016's Taxation magazine, Craig Simpson, partner at Bates Weston Tax LLP, examines the treatment of surplus cash in a company. Tha article is written as a discussion document for fellow professional tax advisers, however it...

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