-
Avoiding an IHT trap when borrowing money for a business
Personal TaxIf a business owner dies, the value of the business interest forms part of their estate for inheritance tax purposes. Business property relief can reduce the taxable value to nothing, but this may not be the case if the owner has borrowed money to fund the business. How can this trap be avoided?
-
Simplified motor deductions - use with caution
Business TaxUnincorporated businesses are allowed to use simplified tax deductions for motor expenses. As you would expect they come with conditions and drawbacks. When and how can you use them?
-
The tax pros and cons of benefits vs dividends
Business Tax, Personal TaxAs an owner manager of a company, taking income from it in the most tax and NI-efficient way is probably near the top of your list. The general view is that dividends are the best option, but when might benefits in kind trump them?
-
Can you claim input tax on a new pool car?
VATYour business buys cars for use by specific members of staff and correctly does not claim input tax. You’re thinking of buying a new pool car for general use by your staff. What are the conditions for claiming input tax?
-
Tax-efficient pension contributions for your partner
Personal Tax, Business lawA business associate says he gets a tax break by getting his company to pay a pension contribution for his spouse who’s currently not working. Is this something you should be considering?
-
Break in letting: has the business ceased?
Personal TaxYour long-standing tenant has moved out of your buy-to-let property and you haven’t yet found another. You’re still incurring costs on the property but as there’s no rent coming in can you continue to claim a tax deduction for them?