Category Archives: Uncategorized

Employee Benefit Trusts & Contracting Schemes (an update)

Employee Benefit Trusts & Contracting Schemes (an update) Murray Holdings Group (Rangers Football Club). This case is now due at the Supreme Court and will be heard in the first three months of 2017 and the findings should be published …

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Employee Benefit Trusts – Final Demand

Employee Benefit Trusts – Final Demand – Since 2014 we have been advising that members of Employee Benefit Trust Schemes to do something with their outstanding loans or assets held by their Employee Benefit Trusts. Our blogs have constantly highlighted the …

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Reminder Changes to Dividends

Reminder Changes to Dividends – From April 2016, the notional 10% dividend tax credit will be replaced by a £5,000 tax-free dividend allowance. Dividend income above this allowance will be taxed at: 7.5% basic rate 32.5% higher rate 38.1% additional rate …

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The Autumn Statement: A put down for aspiring landlords?

The Autumn Statement: A put down for aspiring landlords? – Chancellor George Osborne has delivered his Autumn Statement – and as intended, he sprang a number of surprises :- Pensions No big surprises here – Osborne confirmed the introduction of a …

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Shareholders Agreements

Shareholders Agreements – Business owners often spend a great of time getting their business venture off the ground, then when success arrives , they bring in advisers to grow the business further. With increasing success and profits they need to …

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Employee Benefits Trust – latest

Employee Benefits Trust – latest ruling – HMRC seeking to use the latest ruling on Rangers Football Club Employee Benefit Trust to ride roughshod over all members of EBT and EFRBS that have not made settlement with them. Regardless of …

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Aim for excellence

Aim for excellence – How do you judge success? Is it the amount of money you have or how much you earn ? We all have differing attributes and character and each of us has taken our own path in …

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Overdrawn Director’s Loans Accounts ….

Overdrawn Director’s Loans Accounts, there appears to be some confusion over Director Loan accounts. Some directors are taking regular withdrawals out of their  company  creating a negative balance on their director loan account. Let’s say they take £5,000 per month, they …

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Employee Benefit Trust Settlement Avoided

Employee Benefit Trust Settlement Avoided – We were pleased to receive a letter from HMRC confirming that no further action was being taken with regard to one of our EBT clients. To be frank, it is unusual for HMRC to …

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Employee Benefit Trusts – Taking Action

If you have an Employee Benefit Trust then you really do need to take action now. You may have received an unwelcome letter from HMRC concerning the possible Benefit HMRC say you have enjoyed? Maybe you are even being asked …

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Year End Approaches

The end of the tax year can prove stressful for some, but this annual deadline focuses the mind on financial matters and forces us to get things in order. The end of year accounts provide valuable information on the health …

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Taking Action on your Finances

Most of us work incredibly hard to earn an income and although Britain is seeing a stronger economic recovery than many other European countries, finances still feel a bit tight. For the majority of people, there are opportunities to make …

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Employee Benefit Trusts

Until recently, Employee Benefit Trusts (EBT) were used by a wide range of companies as a way to provide financially based rewards for their employees. They were promoted as tax efficient discretionary trusts in which to hold assets for employees. …

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Employee Benefit Trusts – Settlement Opportunity and Accelerated Payment Notices

The settlement opportunity for EBT’s was to remain open until 9 January this year but we understand that this has now been extended to the end of March. The HMRC view is that it will allow eligible individuals to pay …

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Annual allowance cut ‘will punish’ catch-up pension savers

A cut to the annual allowance in the Autumn Statement would hit middle-class savers who increase contributions to their pension pot later in life. Yet this is what the Financial Times has reported as a distinct possibility as we understand …

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Employee Benefit Trusts – formerly a Blessing, now a Curse!

We have heard that many clients with EBT’s are sitting tight and taking no action, but is this really sensible? Stop procrastinating – it is widely rumoured that HMRC are intending to go after existing EBT’s and seek settlement for …

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“Skyfall” financial future for you (2) ?

Many people fail to accumulate sufficient funds during their lifetime and will never be financially free, consider the following chart demonstrating just how many people will still need to work later on in life, ask yourself this question NOW – …

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If you personally own your trading premises and your trading company is paying you full market rent – Entrepreneurs Relief may be affected !

On 1 April 2011 you leave the partnership of which you have been a member for several years and transfer your 1/3 interest in the partnership’s assets to the remaining two partners. You make gains of £2,250,000 on your share …

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Government swoops on latest tax avoidance scheme

© Ithica Publishing Services The Government has come down hard on the latest tax avoidance scheme, with an immediate change in legislation. This blocks a tax avoidance scheme involving post-cessation trade relief, an avoidance scheme that seeks to generate post-cessation …

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Late with your tax return?

© Ithica Publishing Services The deadline to file tax returns for the previous tax year that ended 5th April 2011 is 31 January 2012. These returns can only be made online now. It is of greater importance this year to …

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