Investors’ Relief was introduced in 2016 but due to the requirement for qualifying shares to be held for 3 years, the relief can only be claimed on disposals from the current tax year onwards. For those who have already utilised their Entrepreneurs’ Relief lifetime allowance or for whatever reason do not qualify for Entrepreneurs’ Relief, Investors’ Relief gives an opportunity to qualify again for a 10% rate of Capital Gains Tax on up to £10million of gains on shares.
Important VAT Changes – Construction Reverse Charge
On 1 April, HMRC opened a new consultation on the upcoming changes to the taxation of property disposals made by individuals. Please see our recent blog, “UK Property – Important taxation changes on the way”, for the background of the changes.
An Appendix 4 Short Term Business Visitor (STBV) arrangement provides an opportunity for employers to relax the strict PAYE requirements for individuals employed by a related overseas company who come to work in the UK for the UK company or the UK branch of the overseas company.
Whats the issue?
Research and Development (“R&D”) tax relief is a government initiative to try and support businesses investing in innovative activities. The relief is an attempt to support the government’s aim of increasing UK expenditure on R&D to 2.4% of GDP by 2027.
As we are nearing the end of another tax year, employers need to start turning their attention to the various ‘end of year’ returns that need to be submitted to HMRC.
During the mid to late 2000s, when the top rate of income tax was as high as 50%, operating as a limited company was viewed as the ‘gold standard’ in terms of tax-efficiency and shareholder protection. In the 10 years or so that have passed, there has been a gradual move away from this with more and more individuals, whether that be sole traders or partners in a partnership, deciding to operate as self-employed.
In November 2018, my article “When companies go bust, who gets what?” went live on the AAB website. As with all these things, it had been drafted shortly before publication date, and most crucially before the Chancellor’s budget on 29 October – when he dropped a bit of a bombshell that no-one in the insolvency industry saw coming.