Tax planning tips to minimise the high income child benefit charge

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child...

How to extract profit from the family company

The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers’ national insurance contribution (NIC) liability...

Land and Buildings Transactions Tax

Land and Buildings Transactions Tax is the Scottish equivalent of Stamp Duty Land Tax. For residential properties, the rates and bands for land and buildings transactions tax (“LBTT”) will be unchanged for 2019/20, although the additional dwelling supplement will be...

Disguised remuneration loan charge starts April 2019

This new charge will apply to certain loans to directors and employees that are still outstanding at 5 April 2019 and new arrangements put in place after that date. The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar...

Personal service company changes from April 2020

In the Autumn Budget, the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government has now issued a consultation paper that sets out proposed tax...

3 simple ways small businesses can save tax in 2019

Happy New Tax Year! It’s a shame this kind of new year doesn’t come with fireworks and champagne at midnight, because it probably feels more deserved now than ever. We sincerely hope you ended the last financial year on a high. But like many businesses, the Easter...