When you think of the term ‘business owner’ what’s the first thing that springs to mind? It probably isn’t an image of a farmer with his herd of sheep or cows, but for two of our more rural practices, this is the type of business owner they support on a daily basis.
Archives for October 2015
A team of golfers representing RfM Preston took to the fairways of Leyland Golf Club in September to raise money for the Baby Beat Appeal at Royal Preston Hospital.
Keeping things in the family to reduce tax liabilities
It has long been common practice for owner-managed companies to seek to minimise the tax position of shareholder-directors by involving other members of the family. By using the personal reliefs and lower rate tax bands of each family member, income is therefore diverted from the higher rate taxpayer. However, anti-avoidance rules need to be considered to determine whether a diversion is effective, particularly in spouse scenarios (typically husband and wife).
In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are to be taxed which will apply to all dividends received from 6 April 2016. Some individuals who extract profits from their company as dividends may need to consider increasing dividend payments ahead of this date.
By its very name, the new ‘flat-rate’ State Pension scheme suggests a straightforward, fair system where everyone will get the same amount; so will they?
Self Assessment tax returns still need to be in on time
Earlier this summer, a news story appeared in the media that implied it could be easy for tax payers who had missed the 31 January deadline for filing their Self Assessment tax return to get out of paying the automatic £100 minimum penalty.
The UK tax regime provides an important relief from the Capital Gains Tax charge (CGT) on the gains made by owner-occupiers on the sale of their private homes. This is known as Principal Private Residence relief (PPR).
In 2014, an ‘Early Conciliation’ process was introduced to help settle an employee’s dispute with an employer without going to an Employment Tribunal.