Our Spring Newsletter is now out – please click on the link to read it.
Now is an ideal time to turn your mind to a review of your personal and business tax strategies, Therefore, this issue includes a special four-page supplement devoted to year end tax planning tips.
Our cover article focuses on ‘income shifting’ and the announcement of proposed new rules following HMRC’s defeat in the well-publicised case of Arctic Systems. The new rules are being introduced to prevent a tax advantage being gained through spouses and civil partners introducing their ‘non-working’ partners into businesses to use up personal allowances and lower rates of tax. With the net widening to cover other family members (and businesses run by non-family members) will you now be caught by them too?
Husbands, wives and civil partners also feature in our articles on associated companies and inheritance tax nil rate bands. Staying with tax, we also summarise the significant changes to the benefit in kind rules regarding company cars and fuel, and look at the tax relief available for training costs. See our data centre for a more detailed briefing.
If you own or run a company ensure that you read our latest update on the implementation of the new Companies Act 2006. The next round of changes to be introduced will affect your company’s financial statements and there is also news on proposed changes to the late filing penalty regime. See our data centre for a more detailed briefing.
Finally, new anti-money laundering legislation has also been introduced recently and we consider how you might be affected. See our data centre for a more detailed briefing.
We would be delighted to hear from you if you have any questions arising from the features or tax planning tips included in our newsletter. S G C Towers, Director.
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