Updated KEY GUIDES now published – November 2019

Updated KEY GUIDES now published – November 2019



All the Guides have been reviewed for relevant developments and some stylistic improvements. The following Guides have specific changes as detailed. If a title is not listed, then no additional substantive changes have been made for this release. The disclaimer date on the guides has been updated to reflect the date of the review.

You can access the whole series of KEY GUIDES through the downloads in the Recent News section of our website here: –

The amended KEY Guides are: –

Investing tax efficiently

  • The three important changes for capital gains tax on residential property which take effect from 2020/21 are now included.

Making the most of fringe benefits

  • A new introduction now includes statistics on most popular benefits and how the company car, traditionally a popular benefit, has become less tax efficient.
  • The guide explains one way to improve efficiency is for employees to contribute up to £5,000 for a new company car which may allow them to afford a car with much lower emissions.
  • Additional information on other new fringe benefit options designed to improve wellbeing such as wearable tech, counselling and flexible working hours.

Pensions tax planning for higH earners

  • Additional material on tax charges issued for breaches of the lifetime allowances to doctors, NHS staff and other professionals.

Starting and selling a business

  • Revised introduction focuses on challenges regarding business costs and those of suppliers or potential suppliers or customers.
  • For freelancers the freedom of working when and where you desire must be balanced against the discipline required and lack of sickness and holiday benefits.
  • A new section explaining the low costs associated with operating online via a website also highlights the necessity of an online presence for all businesses so customers can find offline products and services.
  • The latest information on the expansion of the IR35 rules to the private sector including recent tribunal cases.
  • The current attractive rates of CGT are highlighted, which could change following an election, so those thinking of selling their business might be wise to do so sooner rather than later.

Strategies for a high tax environment

  • Information added on the shortening of tax payment timings for residential buy-to-let sales which will affect any sales made after 5 April 2020, when tax will be due within 30 days of completion.
  • The latest figures on accelerated payments collected by the government for those involved in tax avoidance schemes are published.
  • We mention the proposals by the Office of Tax Simplification to adjust tax allowance for inflation, although other benefits would be withdrawn.

Tax allowances for business investment

  • A new section highlights the pitfalls in claiming expenditure for building owners, whether on commercial or residential properties.

Taxation of property

  • Significant reworking and revision moving the focus to upcoming changes to CGT and finance costs.
  • Updated examples on finance cost restrictions and tax charge on company dividends.
  • Additional material on furnished holiday lettings.

Working through personal service companies

  • Further examination of the complicated IR35 rules includes the reform of its application to public sector engagements and the forthcoming expansion to the private sector.
  • Advice on the CEST tool, and how to remain independent of your client, and avoid being subject to IR35.

You and yours – estate planning

  • An additional section on the July 2019 Office of Tax Simplification.

If you have any queries or need further information on topics covered by our KEY GUIDES or any other matter, contact Paul Southward.

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