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Business Blog

Corporate residence

A company is subject to corporation tax on its worldwide profits if it UK tax resident. It is UK tax resident if it is incorporated in the UK or its place of central management and control is in the UK. Central management and control is, broadly, where the highest level of control of the business of the company is exercised. It is usually therefore...


Date: 4th August, 2017
Author: David Hadley

Uncertain times for winding up transactions

The current focus on preventing tax avoidance to make sure everyone pays their fair share is understandable but any legislation that is drafted on a wide-ranging basis creates uncertainty for people who should never be affected by the proposals.The new provisions on liquidation distributions is a case in point. A complication is that the...


Date: 20th July, 2017
Author: Cathy Corns

Double trouble

A recent tax case highlighted HMRC’s hard stance on tax avoidance.   A PAYE savings arrangement had been undertaken by the main holding company that involved a further two group companies trading and hence paying corporation tax.  The tribunals found that money had merely flowed through the new companies, which were ciphers or...


Date: 3rd July, 2017
Author: Cathy Corns

PAYE questionnaire

HMRC appears to be using questionnaires as part of its ‘Check of employer records’, generally sent out by letter.  The ‘Compliance check questionnaire’ is long and requires some detailed information. It is important to realise that all of the sections within the questionnaire have the potential for problems so you...


Date: 9th June, 2017
Author: Cathy Corns

Tax-free childcare and childcare vouchers

The childcare vouchers scheme will not be available to new entrants after 5 April 2018. Instead the government has introduced tax-free childcare. This applies to working parents with children under 12 (or under 17 for disabled children). They need to open an online account to pay for registered childcare. The government tops-up the money parents...


Date: 8th June, 2017
Author: David Hadley

New changes to PAYE coding notices

HMRC is making changes to the PAYE coding notices system.  From 31 May 2017, HMRC will be using data received under RTI and from taxpayers’ personal tax accounts to update tax coding notices as a move towards Making Tax Digital.  HMRC believe changing tax codes more frequently during the tax year will help taxpayers pay...


Date: 5th June, 2017
Author: Jacqui Gudgion

Property developers’ common queries and potential pitfalls

The world of a property developer is an ever moving landscape of choices and, for each opportunity, there are a myriad of potential directions the deal can go in. Because of the need for flexibility the paths which can be travelled are often littered with potential commercial and taxation pitfalls. This article highlights some common issues and...


Date: 30th May, 2017
Author: Mark Cassidy

Maximising capital allowances on commercial property

It is important for taxpayers to ensure that they tap in to all the standard tax allowances and reliefs to which they are entitled.  The capital allowances code is a complex area but one where significant tax allowances can easily be gained (or just as easily lost!), especially when it comes to commercial property. If you are undertaking a...


Date: 30th May, 2017
Author: Jacqui Gudgion

Incorporation Relief and structuring buy-to-let properties

Mortgage interest relief is now restricted for individuals holding loans to acquire residential properties. Consequently, many people are considering holding their properties in a company where the restrictions do not apply. This has a number of advantages over holding the property personally. Firstly, the company will only pay corporation tax on...


Date: 30th May, 2017
Author: David Hadley

Implications of Brexit for the UK’s direct taxes

Now that Article 50 has been triggered what are the implications for the UK’s direct taxes? UK direct taxes, unlike VAT, are purely governed by domestic law not EU law, apart from the requirement not to discriminate against other EU nationals and to comply with the fundamental freedoms and state aid regulations. If the UK were to leave the EU...


Date: 2nd May, 2017
Author: David Hadley

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