Time to Secure Crucial Business Reliefs before they Fade Away?
Business Property Relief and Agricultural Property Relief are both ways of passing on assets without needing to pay Inheritance Tax. The reliefs can currently achieve up to a 100% tax saving, meaning assets that fall into these categories – such…
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Partial success for farmer’s daughter in proprietary estoppel claim
Anyone observing family disputes over farming businesses over the past few years will probably have reflected on the wisdom of making succession plans as clear as is practical. Unfortunately, family ‘understandings’ lack clarity and formal undertakings. Chapter 3 of my…
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Treasury Committee says quarterly tax reporting is ‘too rushed’
The House of Commons Treasury Committee has published a report criticising HM Revenue & Customs’ Making Tax Digital (MTD) project, which will require small businesses, landlords and the self-employed to keep digital records of income and outgoings and report them…
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Farming Partnership Dissolved in Son’s Favour After Father Loses Capacity
Another case illustrating that it is not a good idea to where businesses are concerned for an owner to follow a succession plan and then backtrack on that plan on later personal inclination or circumstances. In Moore v Moore, 2016 EWHC 2202…
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Autumn Statement 2015: Implications for owner-managed companies and investment property owners
You may be forgiven for regarding last weeks Autumn Statement as being a little on the bland side as far as taxation goes but if you are in business or are involved with investment properties then you really do need…
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DIVIDEND STRATEGY FROM 6 APRIL 2016
Tax policies introduced during the first decade of the 21st century encouraged the use of companies as a trading vehicle. The result was that many traditionally self-employed people incorporated their businesses, took salaries equal to the income tax personal allowance…
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THE SUMMER FINANCE BILL: WHAT IS MISSING !
The second Finance Bill 2015 and its explanatory notes were released on 15th July. The Bill received it’s second reading in the House of Commons on 21st July, although MPs will not debate it until September, after the summer recess. The Bill is expected…
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SUMMER BUDGET 2015: INITIAL THOUGHTS CORPORATE
Re-defining the Taxation of Dividends Post April 2016 Planning As a result of the changes announced in the budget, tax planning involving dividends will become less attractive, and we are likely to see a move towards paying salary rather than…
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Summer Budget 8th July 2015: The Main Points
The Personal Allowance The Chancellor was already moving in the direction of a £12,500 personal allowance with the allowance previously due to rise to £10,800 in 2016-17. However, in the Budget he has now said that the first £11,000 of…
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CONCISE BUDGET PREDICTIONS FOR 8TH JULY 2015
The Chancellor must strike a balance between commitments made prior to the election and the need to generate revenue. The Conservative Party’s manifesto pledge for a tax lock on income tax, VAT and national insurance limits the Chancellor’s room for…
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