Monthly Archives: September 2016

Directors loans – tax implications

Lending money to your company

If you lend money to your company, the tax effects are as follows:

·         Your company will not pay corporation tax on the money you lend it.

·         If your company pays you interest on the loan, it will need to deduct income tax at 20% from the interest it pays you, and...

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HMRCs consultations

It is not difficult to gauge the focus of our tax collectors. Since the Brexit vote, 23 June 2016, and the change in government leadership, HMRC have published a number of consultation documents, all issued during August 2016. Prior to the Brexit vote, there were a smattering of consultations, but none issued after 23 May...

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Directors responsibilities, legal, signs and stationery

Legal responsibilities

We are often asked to clarify the responsibilities that directors take on when they agree to become directors of limited companies. A summary of directors’ duties published on the GOV.UK website are reproduced below.

As a director of a limited company, you must:

  • try to make the company a success, using your skills, experience and judgment
  • follow...
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Landlords – George Osbornes legacy

George Osborne’s summer budget 2015, and the subsequent Finance (No2) Act 2015, introduced far ranging changes to the income tax relief that can be claimed by individual landlords for finance costs.

George believed that property landlords were adding too much inflationary pressure to the UK’s housing stock. To remedy this, he set out to reduce the...

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Autumn statement 23 November 2016

Philip Hammond has announced the date for the Autumn Statement: 23 November 2016.

In the past, Chancellors have used the occasion to set the scene for the following years’ budgets. This year, Philip Hammond will be disclosing the fiscal direction of the new Conservative government. Are we to have evermore “austerity”, cuts in government expenditure, or...

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Taxman safeguards billions of tax payments

The Financial Secretary to the Treasury, Jane Ellison MP, announced last week that HMRC has collected £3 billion up-front from tax avoiders. The move continues the government clampdown on tax avoidance following last month’s announcement that enablers of tax avoidance will face tough new sanctions.

The 60,000 accelerated payment notices (APNs) issued since the new rules...

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Letting out part of your home

There are a number of considerations that home owners will need to consider if they are letting out part of their home. The following points cover some of the more obscure situations that can arise:

I’m a tenant. Can I sublet part of the property or take in lodgers?

If you are a secure council tenant, you...

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City trader conceals assets from his creditors

A former City trader has been hit with a £2m-plus confiscation order for concealing assets from his bankruptcy trustee and thus, his creditors.

Tahseen Goni, 41, from Luton, has been ordered to pay a confiscation order of £2,084,897.37 and prosecution costs of £118,352.36, following a hearing at Cambridge Crown Court on 28 July 2016.

Mr Goni was...

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Tax Diary September/October 2016

1 September 2016 - Due date for Corporation Tax due for the year ended 30 November 2015.

 

19 September 2016 - PAYE and NIC deductions due for month ended 5 September 2016. (If you pay your tax electronically the due date is 22 September 2016)

 

19 September 2016 - Filing deadline for the CIS300 monthly return for...

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New successes for HMRC in the courts

HMRC seem to be making progress in their attempts to discourage, and recover unpaid tax, from participators in tax avoidance schemes.

In a recent high profile case, HMRC have recovered more than £434m in unpaid taxes from users of the tax avoidance scheme promoted by the Ingenious Film Partnership. Their scheme tried to use artificial losses...

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