Category Archives: Business

Key Guides January 2019


Key Guides January 2019

KEY GUIDES JANUARY 2019

Updated Key Guides now available

We are delighted to make available to you our updated and freshly designed Key Guides.  There are eleven updated Key Guides publications, covering a wide range of topics that we hope you will find interesting.

Each guide offers you an essential introduction to a key topic of financial planning, covering the latest developments announced in the 2018 Budget, and coming in to effect in April with the new tax year.

With key headline announcements coming into effect in April, such as the personal allowance increasing ahead of schedule, it is just as important as ever to make sure you are getting the latest advice. With the new tax year bringing deadlines for key allowances, you should make sure you’re making the most of the opportunities available to you.

Our updated Key Guides include: –

  • The 2018 Budget: With changes announced to the personal allowance, income tax thresholds, capital gains tax, property transaction taxes and more, our full set of guides covers the latest tax situation.
  • Updated planning points: Our handy pop-out tips have been updated across the range, helping you to ask the right questions about your financial planning.

The Key Guides are designed to give an insight into each topic covered and highlight some of the more important issues.  If you need any further information on any of the topics covered, contact Paul Southward or your usual KSK contact.

The download to each of the updated Key Guides can be found here: –

INVESTING TAX EFFICIENTLY

Key Guide – Investing Tax Efficiently

MAKING TAX DIGITAL

Contact: Paul Southward direct for the latest news and updates on preparing your business for Making Tax Digital

PENSION TAX PLANNING FOR HIGH EARNERS

Key Guide – Pension Tax Planning

MAKING THE MOST OF FRINGE BENEFITS

Key Guide – Fringe Benefits

STARTING AND SELLING A BUSINESS

Key Guide – Starting and Selling a Business

STRATEGIES FOR A HIGH TAX ENVIRONMENT

Key Guide – Strategies for a High Tax Environment

TAX ALLOWANCES FOR BUSINESS INVESTMENT

Key Guide – Tax Allowances for Business Investment

COMPANIES – TAX EFFICIENT PROFIT EXTRACTION

Key Guide – Accessing your Company Profits

TAXATION OF PROPERTY

Key Guide – Taxation of Property

WORKING THROUGH PERSONAL SERVICE COMPANIES

Key Guide – Personal Service Companies

ESTATE PLANNING FOR YOU AND YOUR FAMILY

KEY Guide – Estate Planning

If you have any difficulties accessing the Key Guides or have any queries, contact Paul Southward.

Paul Southward

Paul Southward


Updated Key Guides published 23rd August 2018


Updated Key Guides published 23rd August 2018

UPDATED KEY GUIDES

Whilst most of us bask in the hottest summer for over half a century, the government is busy running consultations and trying to prepare for what Brexit will eventually mean. But that is no reason for us not to be busy, whilst we await the announcements of the Budget, and the result of the negotiations.

The latest update for our Key Guides series brings you fully revised guides giving you essential explanations of key topics across business, tax and retirement planning. We understand how confusing it can be to get a clear understanding of how complex rules and reliefs affect you, so our guides will give you everything you need to get started in one place.

Our current update includes new examples, tables, graphics and case studies throughout, to make each topic as accessible and easy to get to grips with as possible. The new range will give you real world examples of complex rules and calculations, including fresh advice on inheritance planning and gifts.

Investing tax-efficiently

  •  New example on timing of CGT gains and losses
  •  Added reference to the OTS review of savings and investment income tax

 Making Tax Digital

  • Updates on latest timetable announcements from HMRC
  • Updated section on MTD pilot schemes
  • Restructured to focus on VAT and preparing for MTD

Pensions tax planning for high earners

  • New clarification and example on tax on pension withdrawals
  • New example on SIPP borrowing for property investment
  • Clarification on income tax relief on contributions in Scotland

Starting and selling a business

  • New tables covering:
  • Business financing options
  • Advantages and disadvantages to limited company structure
  • Payment options on sale of a business
  • Loan notes
  • VAT treatment of going concerns

Strategies for a high-tax environment

  • New example highlighting differing CGT rates between residential property and other assets
  • New graphic on maximum tax-free income allowances
  • Updated OBR forecasts

Working through personal service companies

  • New table summarising tax deadlines for deemed salary under IR35 rules
  • Restructuring of ‘Tax planning and pitfalls’ section
  • Summaries of recent IR35 rulings
  • New section on consultation on IR35 rules in the private sector

Estate planning

  • New example on the application of lifetime gifts and gifts from normal income

The latest Key Guides can be downloaded here:-

Tax Planning for High Earners

Tax Planning for High Earners

Estate Planning

Estate Planning

Making the most of Fringe Benefits

Making the most of Fringe Benefits

Strategies for a High Tax Environment

Strategies for a High Tax Environment

Investing Tax Efficiently

Investing Tax Efficiently

Making Tax Digital

Making Tax Digital

Personal Service Companies

Personal Service Companies

Starting and Selling a Business

Starting and Selling a Business

For more information contact Paul Southward or your usual KSK contact.

Paul Southward


Tax News Bulletin Tuesday 8th May 2018


Tax News Bulletin Tuesday 8th May 2018

TAX NEWS BULLETIN

TAX NEWS

Brexit puts brakes on HMRC’s digital revolution

HMRC CEO Jon Thompson has told members of Parliament’s public accounts committee that 39 initiatives would be adversely affected by the Government’s focus on Brexit. Among the projects that will be halted or delayed are online services for tax credits for new claimants, new services for personal tax accounts, and Making Tax Digital for Individuals. Caroline Miskin, tax technical manager at ICAEW, said the delay to MTD for individuals would not affect businesses such as landlords, the self-employed and partnerships: “These groups of people will still need to file their records digitally and update their accounting records to HMRC every three months.” Andrew Hubbard, tax consultant at RSM, said experts were not surprised by the delays, describing the initial plans as “optimistic”.

The Times, Page: 61 Financial Times, Money, Page: 2

Hopes for IHT reform after review launched

Carol Lewis calls for reform of the IHT system in the Times, arguing that it is complex and unfair. The Office of Tax Simplification (OTS) launched a review of inheritance tax last week and George Bull, a senior tax partner at RSM UK, says the outcome may be “simpler administrative arrangements for low-value estates and a recommendation for a single nil-rate band on death at a level that excludes modest estates, without the complexities imposed by the residence nil-rate band and by the transferability of unused allowance.” Families paid £5.2bn in death duties in the 2017-18 tax year, the highest on record, even though only about 4% of estates are subject to inheritance tax.

The Times, Page: 63

Medical professionals lured into avoidance schemes

The Times reports on emails showing how recruitment consultants continue to offer workers on their books to be paid through “umbrella” companies that are being investigated by HMRC. The schemes take payment from employers then pay the worker back in loans that claim to circumvent tax laws. The paper says public-sector employees such as nurses and social workers are being targeted with a loan model operated by Smart Pay, which has led many to receive letters from the Revenue warning them they are using a tax avoidance scheme. Graham Webber, a director of tax at WTT Consulting, says: “HMRC has scored some very minor victories against such schemes,” but in terms of “striking them down in court, almost nothing has happened.”

The Times, Page: 67

Overseas territories question relationship with UK

Britain’s overseas territories are considering declaring independence following the vote in the UK to force the territories to make public the owners of its businesses. British Virgin Islands (BVI) premier Orlando Smith said the islands’ links with the UK were at risk, while the Cayman Islandspremier, Alden McLaughlin, said the legislation amounted to “constitutional overreach and are reminiscent of the worst injustices of a bygone era of colonial despotism.”

The Times, Page: 14

Rise in gaming duties to pay for FOBT crackdown

Whitehall sources have told the Mail that taxes on casinos will rise to pay for a cut to the maximum stake on fixed odds betting terminals (FOBTs) from £100 to £2.

Daily Mail, Page: 10

 Contact Paul Southward if you have any queries.

 Paul Southward