The government is to introduce reforms which will correct one of the great tax injustices. The change in the law will reduce the pressure on separating couples to settle ownership of their asset quickly or face a capital gains tax (CGT) bill. What’s the full story? Married couples and civil partners are in a privileged...

The cost of seasonal gifts for your business can soon add up. However, tax reliefs can reduce this considerably. When is your business entitled to claim a tax deduction for the gifts? Partner Brona MacDougall advises. While Christmas might be the time of year you most often think about business gifts, the tax system makes...

Life insurance policies generally pay out a premium in the event of the policyholder’s death. However, recently published figures from HMRC suggest that many of them are falling into an easily-avoided tax trap. The idea behind a life insurance policy is simple – the individual agrees to pay premiums for a fixed period of time....

An employee who is being made redundant has asked his employer to write off their outstanding training costs loan as part of their redundancy termination package. But what are the tax implications here?  Tax Expert Brona MacDougall explains. Where a loan to an employee is written off by the employer for any reason, HMRC treats...

The First-tier Tribunal recently ruled on whether profit made from the sale of land bought as part of a residential property was taxable as trading income or capital gains. What was the outcome and why?  Brona MacDougall looks at this in more detail. The dispute The case of Heather Whyte v HMRC followed a long...

Boris Johnson unveiled plans on 7 September for tax increases that aim to specifically address underfunding in the NHS and social care systems. The new Health and Social Care Levy Bill is currently at committee stage in the House of Commons and is set to be fast tracked to ensure that the relevant changes are...

The Super-Deduction and the Increase in the Main Rate of Corporation Tax Rishi Sunak’s plan for replenishing the public purse consists of encouraging businesses to invest heavily now to strengthen the economy, so that by 2023 they will be resilient enough to start paying tax at much higher rates. The government anticipates a £10bn loss...

Many companies pay dividends to spouses, but what are the tax traps to avoid and how can spouses benefit from splitting company shares? Brona MacDougall advises. It is very common for one-person companies to utilise their directors’ tax-free allowance by paying themselves a small salary. With proper planning, the director incurs no income tax or...

There are not many areas of tax planning where one can say that something is a ‘no-brainer’, but utilising pensions planning wherever possible is one.  Tax and Succession Planning expert Brona MacDougall advises. Income tax savings The saving that most people obtain from contributing to a pension is income tax relief. A basic rate taxpayer...

Whilst the Finance Bill 2021 was fairly low key, one announcement might mean a year has been slashed from a crucial Making Tax Digital (MTD) deadline for many unincorporated businesses. What’s the full story? Kenny Logan takes a look. A major aim of MTD is to bring the payment date for all taxes closer to...