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
South Wingfield Station and Bates Weston
South Wingfield Station restored to its former glory, is now open to the public. We were delighted to support this impressive and engaging project.
Inheritance Tax Review
Richard Coombs, Tax Partner at Bates Weston, takes a look at Inheritance Tax Planning and the benefits of an Inheritance Tax Review – a topic no one likes to think about, but we really should.
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...
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...
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...
Charity newsletter
In this issue of our charity newsletter we consider the impact of fundraising regulation, relevant consultations and legislative changes. We also include an update on Gift Aid and the Gift Aid Small Donations Scheme, Digital advice for charities and the introduction...
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 clients....
Making Tax Digital – updates
Update: July 2018 It 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)...
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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