Over the past few weeks it has become clear that the TRS not only falls well short of what was first envisaged but that it is struggling to cope with any use at all.
HMRC have launched a new service designed to directly help medium-sized businesses as they develop and grow.
With no changes announced in last week’s Budget to the Making Tax Digital (MTD) scheme, the plan is still that businesses will have to keep digital records for VAT purposes…
Yesterday in the 2017 Autumn Budget, the Chancellor announced that from April 2019, tax will be charged on gains made by non-residents on disposals of all types of UK immovable property.
A company’s ability to buy back its own shares from an individual shareholder on terms which are beneficial for both itself, and more importantly the shareholder, is one of the most valuable areas of tax legislation.
Capital allowances on buildings can be a complex area but they remain one of the most fruitful ways for a company to save tax, without resorting to tax avoidance and aggressive planning.
Two new offences in relation to tax evasion have come into operation as a result of the Criminal Finances Act (CFA) 2017. They cover the corporate facilitation of tax evasion within the UK, and a similar sanction for overseas offences.
The concept is very simple – a person (the settlor) wants to gift an asset to someone else (a beneficiary) but does so by giving it to someone they trust (a trustee) with instructions as to how it should be looked after on behalf of the beneficiaries.
Unexpected changes mean HMRC’s Property Income Manual (PIM) now reflects the restriction of interest relief for landlords who are higher rate tax payers. It’s not obvious whether or not these revisions were meant, or when they are expected to come into effect.
When looking at succession planning and reducing potential Inheritance Tax liabilities, getting your affairs in order will help you to make this a much smoother process.