News
A round up of our latest blogs, commentary or office news. Get in touch if you need more details on any of the topics covered.
Latest posts
EOT Deferred Consideration
Craig Simpson, Tax Partner at Bates Weston, considers the implications of using deferred consideration to pay outgoing shareholders when an Employee Ownership Trust (EOT) is created.
EOT Share Valuation
The tax costs of overvaluation are significant should HMRC consider the transaction overvalued. Getting an independent valuation early in the EOT thought process is important.
Charities materially misstate accounts
The Charity Commission expects trustees to take compliance with accounting requirements seriously. It was not impressed with the 97 charities, with a collective income of almost £195 million, who filed accounts where their auditors stated that the accounts were or...
HMRC settlements on EBTs
HMRC Settlements on EBTs are back on the table Richard Coombs reminds advisors to encourage clients to settle their historic EBT liabilities before April 2019 . Employee Benefit Trusts seem to be permanently in the news these days and the recent “Paradise Papers” leak...
Trading and property allowances
If your property income is less than £1,000 there is probably no need to report it to HMRC. There are exceptions and Graham Buckell takes us through the traps. "In the Budget 2016 the Chancellor announced two new exemptions for casual trading and property businesses...
R & D tax relief under-claimed
R&D tax relief still under-claimed Every year HMRC publish statistics about the take-up of the very generous Research & Development tax credit regime and this year’s review has yet again illustrated that the relief is often underclaimed. It seems that many...
HMRC’s definition of a car
The difference between a company car and a van is not just aesthetic or practical, it has an impact on your tax bill.
Making Tax Digital for VAT
The Finance Bill 2017 proposes HMRC powers to introduce regulations for businesses with turnover above the VAT threshold to keep records digitally (for VAT purposes only) and to submit VAT info to HMRC through MTD compatible software from April 2019. MTD will also be...
Top 5 tax tips
As tax advisors, some themes come up time and time again and so we thought it might be useful to share our Top 5. Salary & dividend mix Owner managers have the benefit of being able to decide how they remunerate themselves with a combination of dividend and...
IHT and business property
What are the inheritance tax (IHT) implications of how business property is held? Trading businesses, whether held as sole traders, partnerships or in a company, generally qualify for 100% business property relief for inheritance tax purposes. Where property used in...
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...
SSE rules & company sales
Changes to Substantial Shareholding Exemption (SSE) rules open new possibilities on company sales Craig 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...
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...
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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