PROPERTY - 17.04.2024
Act quickly to comply with the ATED
Your company owns a city flat for use by directors and employees. Its value has risen in recent years. Might this mean that the annual tax on enveloped dwellings (ATED) now applies and, if so, what steps must you take?
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CAPITAL GAINS TAX - 17.04.2024
Did MP dodge capital gains tax?
A story about Angela Rayner MP and the sale of her property has recently been doing the rounds in the media. The reports suggest that the police are investigating possible tax evasion. Is this justified or just wild speculation?
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PROFIT EXTRACTION - 17.04.2024
Can dividend ever be paid from loss-making company?
Dividends are generally the most tax-efficient form of income you can take from your company but they can only be paid out of profits. Despite this, might there be a way for your loss-making company to pay you a dividend?
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BENEFITS - 17.04.2024
The tax advantages of benefits in kind
Your company is doing especially well and you want to take advantage of its good fortune. The priority income you take should be tax efficient. Why might benefits in kind be your best option?
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CAPITAL ALLOWANCES - 03.04.2024
Employers or employees - who gets tax relief for equipment?
Your company is kitting out its directors with new computers for their home offices. As inevitably there’ll be some private use of the equipment, how might this affect the tax position of the company and the director?
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SCAMS - 03.04.2024
Surge in tax scams
Numbers up. According to a recent report from HMRC it received over 207,000 potential fraud referrals in 2023, a rise of 14% compared with the previous year. Even more worryingly is that the scams are becoming more sophisticated and difficult to spot. Self-assessment. You are especially at risk if you’re one of the nearly 12 million taxpayers who submit self-assessment tax returns. HMRC says “Taxpayers who completed their tax return for the 2022 to 2023 tax year by the 31 January deadline might be taken in by an email, phone call or text message offering a tax rebate.” If you receive such a message you should not respond but contact HMRC instead (see The next step ). ...
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