Article Database - Tips & Advice Tax: Year 19, issue 21

 
Pension penalties - are you at risk? Publication date: 05.09.2019
Article database » Pensions » Penalties
HMRC is apparently clueless about the number of individuals it’s penalised because they were unaware of the possible consequences of accessing their pension savings. What steps should you take to avoid being fined?
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Accessing capital growth tax efficiently Publication date: 05.09.2019
Article database » Shares » Capital gains tax
Your company is well enough established that you can consider withdrawing some of the accumulated capital. What are your options for doing this and which is the most tax efficient?
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Borrowing for your business - avoiding an IHT trap Publication date: 05.09.2019
Article database » Inheritance tax » Business property relief
If you were to die while owning a business, its value, while part of your estate, can qualify for relief from inheritance tax (IHT). But the relief might be eroded if you’ve borrowed money to fund the business. Is there a way to avoid this trap?
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Holiday lets - read the small print Publication date: 05.09.2019
Article database » Property » Buy-to-let
Last tax year you started letting a property as a holiday let. The trouble is that to qualify for the special tax breaks it must be let for 105 days in the tax year and you didn’t reach this figure. Is there a way around this rule?
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Can you reimburse credit card charges tax free? Publication date: 05.09.2019
Article database » Expenses » Reimbursed to employee
A director made a big credit card purchase of stock for her company as it was short of cash. It was several months before it could it pay her back. If the company pays her credit card charges can it do so tax and NI free?
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HMRC targets cash businesses Publication date: 05.09.2019
Article database » Enquiries/investigations » Taxman's rights
Even in this digital age some businesses make mainly cash transactions. HMRC views these as high risk and uses special techniques to justify investigating them. What are they and how should you respond if challenged?
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HMRC’s approach to late MTD reports Publication date: 05.09.2019
Article database » HMRC » Making tax digital
HMRC’s approach to late MTD reports..August deadline. Businesses required to be registered which had a VAT quarter ended on 30 June 2019 should have submitted their figures to HMRC by 7 August using software compatible with Making Tax Digital (MTD). HMRC says that around 120,000 businesses didn’t comply risking a fine of up to £400. No penalty....
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Important change to cycle-to-work scheme Publication date: 05.09.2019
Article database » Benefits » Cycle-to-work
Important change to cycle-to-work scheme..Tax-free perk. The cycle-to-work scheme encourages employers to help their employees go green by getting on their bike to commute to work. Where an employer provides a bike to an employee (without transferring ownership to them) it doesn’t count as a taxable benefit in kind. £1,000 limit. Until recently where...
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How to claim the new SBA Publication date: 05.09.2019
Article database » Capital allowances » Structures and buildings allowance
HMRC has recently published new guidance on the structures and buildings allowance (SBA) following changes to the rules. This includes important information about how to claim it. What’s involved?
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Last updated: 13.09.2019
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