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Month: August 2019

Tax tips

Closing a business – when a member’s voluntary liquidation is beneficial

27 August 201927 August 2019Cris Cox

Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather than as a dividend, this is not an option where the amount of the distributions exceeds £25,000. Where the taxpayer’s personal circumstances are such that it is beneficial for the remaining funds to…

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Tax tips

Non-residents landlord scheme

18 August 201918 August 2019Cris Cox

A non-resident landlord is a landlord who lets out property in the UK but spends more than six months in the tax year outside the UK. A special tax scheme – the non-residents landlord scheme – applies to these landlords. Under the scheme, tax must be deducted by a letting agent or tenant from the…

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Tax tips

Are low emissions cars tax efficient?

10 August 201910 August 2019Cris Cox

Significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs). The taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of any accessories. This figure is then multiplied by the ‘appropriate percentage’, which can…

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Tax tips

Inheritance tax and spouses and civil partners

2 August 20192 August 2019Cris Cox

Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil partners benefit from exemptions that are not available to unmarried couples. Inter-spouse exemption The main…

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Recent Posts

  • Do I need to register for VAT?
  • New lower SDLT residential threshold
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  • IR35 and off-payroll working – What to do from 6 April 2021 if you provide services through an intermediary

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