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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.

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What now for the Loan Charge?

Richard Coombs, Tax Partner at Bates Weston, looks at the outcry against the retrospective nature of the loan charge, effective from the beginning of April 2019. You would be forgiven for thinking that now that April has passed then the loan charge is now a done deal...

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...

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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...

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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...

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HMRC’s definition of a car

When is a car not 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. Graham Buckell, Tax Partner at Bates Weston looks at HMRC's definitions of a car, a van and a "car derived van" or "combi...

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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...

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Gold in the garden

Gold in the garden – but watch for the pit traps! By Graham Buckell Over the years the trend has been towards smaller and smaller gardens, reflecting the increasing cost of land. Some, owning houses with particularly large garden areas, may be tempted to sell or...

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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...

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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...

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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...

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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...

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Gardening Gains

Graham Buckell points out various tax traps to watch for when selling or developing part of your garden. Over the years the trend has been towards smaller and smaller gardens, reflecting the increasing cost of land. Some, owning houses with particularly large garden...

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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...

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