English Cymraeg Changes to UK company law The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the measures will lead to improved transparency and more accurate and trusted information on our registers. There’ll be new responsibilities for: all new and existing company… Read more
HMRC has created a series of messages, information and other communications materials as part of its ‘Tax Avoidance – don’t get caught out’ campaign, designed to help contractors get their tax right. The Revenue’s campaign is designed to help contractors and their agents recognise the signs of tax avoidance and understand how umbrella companies work. It has been developed partly in response to the loan charge, which saw tens of… Read more
A director has been injured in a car accident. This has made it difficult for him to commute to the office. The company is paying to provide special equipment at home so he can work. Will this count as a taxable benefit in kind? Working from home Working from home is increasingly common these days, and despite the tax system being slow to react to change, there are a few… Read more
To release capital tied up in a let property you have remortgaged it. In the past HMRC accepted that the interest paid on this type of loan was tax deductible, but it seems to be changing its view. What’s the full story? A matter of interest A change in HMRC’s internal guidance has left tax experts baffled. The trouble relates to a paragraph in HMRC’s business income manual ( BIM45700 ), which… Read more
As your estate grows so does the potential inheritance tax bill. What steps can you take to minimise tax while keeping hold of your underlying wealth? IHT-effective gifts The simplest way for someone to reduce their estate for IHT purposes is for them to pass their wealth to their beneficiaries by making gifts during their lifetime. However, the maximum that an individual can give away to others entirely exempt from… Read more
The taxation of dividends and benefits in kind has changed significantly in recent times. So if you’re considering taking more income from your company, which should you choose for maximum tax efficiency? Topping up your income Choosing tax and NI-efficient types of income to draw from your company can make a big difference to its worth to you. As a rule of thumb, salary in excess of the NI threshold… Read more
The new Tax-Free Childcare Scheme (TFCS) is now available to the first tranche of working parents. The scheme has initially been made available to working parents of children who will be aged under 4 on 31 August 2017. The TFCS will help support working families with their childcare costs. The new scheme will eventually replace the salary sacrifice scheme and will be open to all qualifying parents including the self-employed… Read more