We have updated our site with our spring newsletter. As now is an ideal time to turn your mind to a review of your personal and business tax strategies, this issue includes a special four-page supplement devoted to year end tax planning tips.
This issue looks at the tax relief available when there is a loss on private company shares. Whilst it may not be good news to make a loss at least some relief is available. However, there is good news for anyone running an unincorporated business who wants to transfer some of the assets, most notably land, to reduce their IHT burden. Our article ‘Nifty footwork proves a winning dance’ will reveal more.
As we accelerate towards the end of another tax year, we also include two articles of timely interest on employment taxation issues. Firstly, if you have use of a mobile or home phone through a business you may want to read ‘Ringing the right tone’ to ensure tax costs are minimised. Secondly, our article on ‘salary sacrifice’ summarises how you could use it to mitigate tax and/or national insurance for you and your employees.
The end of the tax year heralds the end of the favourable tax treatment of Furnished Holiday Lettings but in our article ‘As the holiday comes to an end…’ we detail how some benefits can still be obtained.
Finally for anyone looking to raise funds we look at the extension to a government backed scheme to facilitate access to loans and working capital for businesses, as announced in November’s Pre Budget.
Please contact us if you have any questions regarding any of the articles or tax planning tips we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome any feedback you could give us.
In addition to our newsletter we have added two special briefings for our datacentre where we look in more detail at:
Practical tax Tips for the Owner Managed Business
The aim of this briefing is to focus on some key direct tax areas affecting the owner managed business so that essential opportunities to maximise tax savings or minimise liabilities are not overlooked. Areas covered include capital allowances, extraction of profits and employment taxation.
It also includes a summary of the more important year end tax tips to help you identify the areas that should be considered shortly before both an accounts period end and the tax year end. It is relevant for both unincorporated and incorporated businesses.
Essential Update for Employers - Recent developments in employment matters
This briefing provides a practical summary of recent developments affecting employers. It includes related tax considerations such as:
- National Insurance increases ahead
- Changes to state retirement pension ages
- Update on Age Discrimination
- Childcare Vouchers
- Additional paternity pay and leave
- National minimum wage update
- Online changes
- Employer deadlines
- Penalties for late payment of PAYE
Simon Towers
Director
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