CAR FUEL BENEFIT CHARGE

Employees and directors who are provided with a company car and who also receive some or all of their private fuel from their employers are subject to the fuel benefit charge – on an all or nothing basis

SOCIAL INVESTMENT TAX RELIEF

As previously announced, a new tax relief for equity and certain debt investments in social enterprises will be available from April 2014. Organisations which are charities, community interest companies or community benefit societies will be eligible.

MEMBERS OF LIMITED LIABILITY PARTNERSHIPS (LLPs)

LLPs have become increasingly popular as a vehicle for carrying on a wide variety of businesses, although running a business as a limited company may well be the norm once corporation tax rates go down to 20% whatever the level of taxable profits.

CLOSE COMPANY LOANS TO PARTICIPATORS

There were important anti-avoidance changes to the tax regime earlier in 2013, whereby the company can face a tax charge of 25% on the loans, and there was the threat of more changes on the way