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Taxpayers are required to notify HM Revenue and Customs (HMRC) of their liability to tax within certain time limits, such as where the taxpayer first becomes liable to pay tax, or conducts (or intends conducting) a business that needs to be registered with HMRC. 

Mark McLaughlin warns that allowing HMRC to estimate income can be costly for taxpayers.

The past few decades have seen a substantial increase in the number of property owners who let one or more houses to tenants, driven in part by relaxations in lending, rising property prices and some tax advantages. 

Richard Curtis provides an overview of the main taxes on let property.

Andrew Needham looks at the introduction of standard-rated VAT on private school fees.

Prior to the 2024 general election, the incoming Labour government had announced its intentions to introduce VAT on private education. An announcement to this effect was subsequently made to Parliament by the Chancellor on 29 July 2024 and the publication of Revenue and Customs Brief 8 (2024). 

It is a reality for payroll departments that, sometimes, they are not always advised of a new starter until after payroll cut-off. Operationally (and depending on the values involved), they will pay the amount due but not paid as backpay in the following pay period, together with the employee’s regular salary. 

Ian Holloway considers National Insurance contributions calculations when a new employee starting after payroll cut-off is paid backpay with the following period’s total salary.

A company purchase of own shares (POS) has always seemed to me a bit of an oddity for tax purposes. The consideration paid for the buy-back is a distribution for both company law and income tax purposes, like a dividend. However, if certain tests (at CTA 2010, ss 1033–1042) are met, we pretend that the payment is a capital distribution in respect of shares (within TCGA 1992 s 122).  

Ken Moody considers the all-important ‘trade benefit test’ when considering a company purchase of own shares.

Directors of owner-managed and family companies invariably have a director’s loan account (DLA) where transactions between the director and company are recorded. 

Jennifer Adams considers alternative methods for clearing an overdrawn director's loan account.

As part of succession planning and considering what happens to the family silver, minor children may often be the only successors. The problem is that under English law, minors cannot own property – they cannot own bank accounts, shares of land, property or companies. 

Chris Thorpe looks at circumstances where trusts can benefit children.

The employment-related securities legislation deals with arrangements involving shares and securities provided by reason of employment where the full value of the employment reward provided to the employee is not included in the salary package and is charged to tax.  

Jennifer Adams considers the tax implications of shares in a family company being awarded or gifted to family members of employees. 

A sole trader looking to expand their business might be weighing up the ‘pros’ and ‘cons’ of a partnership or a limited company. They are very different, with not only very different tax consequences, but functions as well. 

Chris Thorpe looks at partnerships and companies and considers which business model might be best.  

Under the loan relationships rules for companies, debits on loan arrangements are not deductible for corporation tax purposes in some circumstances.

Kevin Read highlights a recent case concerning the loan relationship rules for companies. 

When HM Revenue and Customs (HMRC) opens a tax return enquiry, the natural reaction of most taxpayers is to speculate about the reason why their tax return has been selected. In fact, HMRC does not need an excuse to open a tax return enquiry; a small proportion of tax returns are simply selected at random. . 

Mark McLaughlin looks at whether a taxpayer can find out if an HMRC enquiry has been opened as the result of an accusation made by a third party. 

When considering the tricky matter of remuneration planning, there are two things to consider; the amount of remuneration, and what form it takes. 

Chris Thorpe looks at what to watch out for with regard to paying employees and directors.

Despite the reduction in National Insurance contributions (NICs) in Spring Budget 2024, more employees are paying tax at higher rates on their earnings due to the freezing of tax thresholds. Some may find that any pay rise or bonus attracts additional tax and NICs such that the net pay increase is minimal.  

Jennifer Adams looks at some alternatives to rewarding an employee with a pay rise or a bonus. 

Mark McLaughlin looks at company purchases of own shares and warns not to become too focused on the more difficult rules for capital treatment. 

A company purchase of its own shares from a shareholder is a popular ‘exit’ strategy when an individual shareholder is retiring, or a dissenting shareholder is departing.