Parents sometimes wish to gift income-bearing assets (e.g. company shares) directly to their unmarried minor children, to take advantage of the child’s personal allowance (and
HM Revenue and Customs (HMRC) can open an enquiry into any self-assessment return within certain time limits. A tax return enquiry for one period could
Taxpayers sometimes have grievances about HM Revenue and Customs (HMRC), such as mistakes or unreasonable delays. What can be done? Some possible actions to consider
Individual partners in a partnership sometimes incur business expenses personally. It has been widely accepted that tax relief can be claimed for such expenses. This
Simply put, capital gains tax (“CGT”) is paid when an asset, other than your main residence, is sold at a profit. Currently there are four
Taxpayers such as buy-to-let landlords often seek advice from HM Revenue and Customs (HMRC). This is generally sensible, particularly if the taxpayer does not have
It is common for shares in a family company to be passed down the generations. However, anti-avoidance rules dealing with ‘gifts with reservation’ (GWR) are
A limited liability partnership (LLP) is treated like an ‘ordinary’ partnership in many respects. However, an important distinction arises where a business incorporates into a
A targeted anti-avoidance rule (TAAR) was introduced (from 6 April 2016) to prevent ‘phoenixism’. In broad terms, this practice involves company owners winding up their
Let us know more about what you need help with by filling out our form below. We’ll get back to you ASAP.
Tax Advisory & Consultancy Services Ltd
Suite 53, Pure Offices
Brooks Drive,
Cheadle Royal Business Park
Cheadle, SK8 3TD
Get our stories every month – sign up here