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Simple ways to reduce IHT bills Publication date: 23.02.2022
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Clients often leave inheritance tax (IHT) planning until later in life when its effectiveness can be greatly reduced. Others may be put off by the potential cost of planning products. But how might a simple family loan arrangement utilising exempt gifts help them?
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Can EIS reliefs be preserved on a company takeover? Publication date: 23.02.2022
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A client that holds shares in an enterprise investment scheme (EIS) company has been told that it is to list on the stock exchange. It will first be acquired by a special acquisition company via a share exchange. How will this be taxed, and can the shares’ EIS reliefs be preserved?
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Is your client’s VAT assessment excessive? Publication date: 23.02.2022
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Some of your clients might receive VAT assessments which say that HMRC has used its best judgment. What does this phrase mean and what can you do if you disagree with the calculations?
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HMRC confirms NI rates for 2022/23 Publication date: 23.02.2022
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The National Insurance (NI) rates and thresholds are reviewed each year. HMRC has recently published the applicable amounts for the forthcoming 2022/23 year. What are the most important points for clients to know?
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Loss of deposit not a capital loss Publication date: 23.02.2022
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Loss of deposit not a capital loss..Drake v HMRC. The taxpayer, D, entered a lease agreement in 2014. Under the terms of this agreement, he would be granted a lease of a property that was under construction in exchange for a premium of £2.2 million. D was required to pay a 20% deposit, plus a 10% stage payment later on. D defaulted on the later payment,...
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HMRC applies the wrong law in CIS case Publication date: 23.02.2022
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HMRC applies the wrong law in CIS case..Bagri Services Ltd v HMRC. The taxpayer, B, is registered for the Construction Industry Scheme (CIS). Under the CIS, it is possible to apply to be paid with no deduction of tax. However, HMRC has the power to cancel this gross payment status if the information on the application is false. HMRC had found that the...
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Cryptocurrency: a trap for remittance basis users Publication date: 23.02.2022
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Some of your clients have been buying and selling cryptossets and have asked your advice on how to treat the sales for tax purposes. What is HMRC’s latest view, and is there a problem if the client is a remittance basis user?
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Take full advantage of the SEIS Publication date: 23.02.2022
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A client has recently set up a trading company. They need a modest amount of investment, and you have introduced them to another client who will invest if seed enterprise investment scheme (SEIS) relief is available. What is this relief, and what must your client be wary of?
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An alternative way to reward staff Publication date: 23.02.2022
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Your client cannot afford to make the customary inflation-linked increases to staff salaries this year. However, they are keen to reward their employees in some way. Why might a share incentive plan be a good alternative?
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Can clients claim the AIA for more than one business? Publication date: 23.02.2022
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Generally, every business is entitled to an annual investment allowance (AIA) for capital expenditure each year. One of your clients owns multiple businesses, and is asking if he needs to apportion the AIA between them. What do you advise?
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