Latest Publications

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Using a company to reduce tax on income from your properties – the pitfalls

Posted on: March 6th, 2015 by Eventy

I have been asked to comment on the following suggestion:

“Can I lease my BTL properties to a limited company I own at rents which cover my mortgage interest payments, in order for that company to let them out to tenants at full market rents and thereby pay corporation tax on the profits at 20% rather than incomes tax at 40%. I will not be taking any salary or dividend from the company.”

The idea looks attractive, but there may be a problem.

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Losing Your Losses

Posted on: March 6th, 2015 by Eventy

The recent Tax Tribunal case of Amah v Revenue & Customs [2014]UKFTT 1084 (TC) highlights a problem when a loss making trade changes in a significant way. The same problem can arise when a trading company changes ownership. Losses can only be carried forward against future profits of the same trade, so it is important to be aware of what is regarded as a change in the nature of a trade.

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“Associated Companies” after 31 March 2015

Posted on: March 6th, 2015 by Eventy

The rate of Corporation Tax is scheduled to be a single rate of 20% from 1 April 2015, so the distinction between the “full rate” and the “small companies’ rate” will no longer exist. James Bailey looks at the implications of this, and at one way in which the “associated company” will survive April 2015, albeit in a new form and with a new name.

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Spring 2015 Newsletter

Posted on: February 23rd, 2015 by RRL-admin

Spring 2015 Newsletter

Essential Employer Update 2015

Posted on: February 23rd, 2015 by RRL-admin

Essential Employer Update 2015

Year End Tax Planning Guide – Spring 2015

Posted on: February 23rd, 2015 by RRL-admin

Year End Tax Planning Guide – Spring 2015

New UK GAAP – Spring 2015

Posted on: February 23rd, 2015 by RRL-admin

New UK GAAP – Spring 2015

Tax Exemption for Trivial Benefits

Posted on: February 9th, 2015 by Eventy

Several years ago, HMRC were made to look particularly ridiculous for their attitude to a bowl of 10p coins. They have had to soften their attitude to “trivial” employee benefits over the years, and from 5 April this year, there will be a statutory exemption for such benefits.

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SDLT on residential property – reform at last.

Posted on: February 9th, 2015 by Eventy

There was a very welcome announcement on 4 December last year, removing an anomaly in the way Stamp Duty Land Tax (SDLT) is charged on residential property.

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CGT and “Negligible Value” Claims

Posted on: February 9th, 2015 by Eventy

In some cases, it is possible to realise a loss on an asset for CGT purposes without actually disposing of the asset concerned. This occurs when the asset is lost, destroyed, or becomes “of negligible value”.

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The above information should not be used to make decisions in isolation without consulting a professional adviser.