Latest blogs for Specialisms

IR35: Could proposed changes actually result in lower taxes for HMRC? As previously reported, the government are consulting into reforming IR35 for public sector workers. They wish to make public sector engagers responsible for determining the IR35 status of the their contractors. Research by ContractorCalculator has predicted these proposals will result in a £115m tax loss…

Whitings’ 5th Annual  Agri-Seminar: “No” to Brexit We have just held our 5th annual Prospects for UK Agriculture seminar. Once again our guest speakers from Andersons expertly presented the current topics impacting on UK farming businesses. It was great to also have as many guests join us to listen to what the speakers had to…

Transferring Second Property into Joint Names: Beware SDLT trap! We commonly advise married clients who are considering a transfer of rental property from one spouse into joint names. Where the owner spouse is a higher rate taxpayer, there is often a potential to make use of the other spouse’s basic rate tax band. The potential income…

Business Credit Rating: Poor rating hurting your business? If there is one positive that has come out of the UK’s double-dip recession, then it is reminding businesses of how important their credit rating is. In many sectors, both suppliers and customers have now re-engineered their processes to routinely look at a company’s credit ratings. Within the UK,…

Self-Employed Lorry Drivers: Beware HMRC crackdown. HMRC have written to the RHA about the tax status of lorry drivers. The letter outlines the key points of HMRC rules in this area and suggests that a lorry driver is unlikely to be self-employed unless he is an owner driver. HMRC is particularly concerned about some ‘avoidance…

HMRC: Roll-over on farm cottages. Are farm cottages owned by a farming company and occupied by farm workers business property for capital gains tax roll-over relief purposes? It was held in the case of Anderton v Lamb that property occupied by partners in a farming partnership were not. In order to qualify for relief, farm…

Road Hauliers: Fuel optimisation ideas. A further freeze on fuel duty along with the rates of HGV VED and Road user Levies in the March 2016 Budget were welcome news for Road Hauliers. The government followed on by saying that over the last 6 years operators have on average saved a total of £14,400 on…

Office of Tax Simplification: Suggest look-through companies, to deal with IR35. The OTS have been reviewing the taxation of Personal Service Company’s, with the aim of dealing with the “issue of IR35”. They are recommending the shareholders of PSC’s pay income tax on the company profits directly, instead of via corporation tax. This “look-through” taxation…

Community Business Fund Grants: Apply now. If you operate a community business or a trading not for profits organisation then there are grants being awarded between £50k – £300k to support and develop these activities.  Applications for grant funding opens on 26h April 2016 and you can register your interest from 5th April 2016. See the…

Budget 2016: New CGT planning opportunities. George Osborne’s latest Budget heralded an unexpected reduction in CGT, lopping 8% off both the 18% and 28% rates. But not for residential property- George continued his attack on residential landlords. However, it may well be that sales of other assets are now best deferred until post 5 April…