Providing valuable support for all UK accountants in practice
Mark McLaughlin points out that inheritance tax business property relief can easily be lost due to the timing of certain transactions Business property relief (BPR) is a potentially generous form of inheritance tax (IHT) relief, which can reduce transfers of…
Mark McLaughlin points out that while penalties can be charged for tax return errors involving losses, a useful let-out may apply in certain circumstances The penalty rules for errors in tax returns, etc. potentially apply if a tax return contains…
What is share buyback? Simply put, a share buyback is where a company buys some of its own shares from existing shareholders. Henry Catchpole explains all. There are three different types of share buyback: purchase of own shares; share redemption;…
Tax query: PRR and delayed occupation Private Residence Relief (PRR) is a subject that often causes confusion among accountants in practice, so here is a quick Q&A QUESTION: Relief under s 222 TCGA 1992 will be available in full to…
Don’t take a wild guess! Mark McLaughlin highlights the dangers of using estimated figures in tax returns The use of an estimated figure may sometimes be necessary when preparing a tax return. For example, records of a particular source of…
Mark McLaughlin highlights a useful exemption which can, among other things, allow funds to be transferred into trust without triggering an inheritance tax charge. The inheritance tax (IHT) exemption for normal expenditure out of income is very generous. There is…
In part two of his series of regular articles for Accounting Practice, Darren Powell explains why the Making Tax Digital pilot scheme is making slow progress In my last article I was able to report on my experiences of the…
Ben Chaplin explains how the newly introduced trading and property allowances will work. During his Budget speech in March 2016, then Chancellor George Osborne announced plans to introduce two new allowances intended to “help the new world of micro-entrepreneurs who…
Here are some more sample questions submitted by accountants to the ICPA/Qdos telephone helpline Q: I have clients who are husband and wife and own a rental property that qualifies as a Furnished Holiday Let (FHL). The rental income…
Henry Catchpole explains how dividend waivers work, and the steps to take to avoid having them challenged by the taxman. Your business has had a successful year and you want to reward your shareholders by giving a dividend. But what’s…