INHERITANCE TAX - 23.11.2023
Effective planning for older clients
Several of your clients have attained state retirement pension age but have not undertaken any inheritance tax (IHT) planning. You have arranged a series of meetings to discuss strategies which are suitable for using later in life. What ideas might you suggest?
PROPERTY - 26.10.2023
All repair and improvement costs tax deductible?
Recording expenses relating to business premises often causes trouble. If you get it wrong it can mean tax deductions are lost or overstated leading to an HMRC enquiry. How should you approach recording this type of expense?
INHERITANCE TAX - 25.10.2023
IHT planning with bonus and rights issues
One of your clients owns both a trading company and an investment company and has come to you for a review of their inheritance tax (IHT) position. How can a bonus or rights issue be deployed as part of an IHT-saving strategy?
PROPERTY - 17.10.2023
Property tax scheme in the spotlight
HMRC scrutiny. HMRC recently started enquiries into a tax scheme for residential landlords operated by Less Tax 4 Landlords Ltd. The scheme involves private landlords transferring their properties to a company which is a partner in a limited liability partnership (LLP). The scheme aims to save income tax, capital gains tax and inheritance tax. HMRC’s view is that anti-avoidance rules apply to prevent this. ...
LAND - 19.09.2023
Can clients claim VAT on option fee?
One of your clients has a deal with a local farmer, giving them first refusal to purchase ten acres of land if the farmer decides to sell it in the next ten years. Is the farmer right to charge VAT on the fee and can your client claim input tax?
BUSINESS PROPERTY RELIEF - 19.09.2023
Resolving unintended IHT exposure on business assets
A married couple have come to you for a review of their inheritance tax (IHT) position. They own a trading company and are expecting business property relief (BPR) to apply, but you find two business assets that may cause an unexpected IHT problem. How might they resolve it?