Lending money to your company If you lend money to your company, the tax effects are as follows: · Your company will not pay corporation tax on the money you lend it. · If your company pays you interest on the loan, it will need to deduct income tax at 20% from the interest it pays you, and remit the tax deducted on...
HMRCs consultations
It is not difficult to gauge the focus of our tax collectors. Since the Brexit vote, 23 June 2016, and the change in government leadership, HMRC have published a number of consultation documents, all issued during August 2016. Prior to the Brexit vote, there were a smattering of consultations, but none issued after 23 May 2016. The focus of the August...
Muras Matters: New Private Client Tax Consultant
New Private Client Tax Consultant We are pleased to announce the addition of a new tax specialist to our team. Tracey Macintosh joined the firm at the beginning of the month as Tax Consultant. Tracey, who hails from Wolverhampton, was previously a Tax Partner in one of the ‘Big 5’ accountancy firms and has particular expertise in personal tax, inheritance tax and...
Directors responsibilities, legal, signs and stationery
Legal responsibilities We are often asked to clarify the responsibilities that directors take on when they agree to become directors of limited companies. A summary of directors’ duties published on the GOV.UK website are reproduced below. As a director of a limited company, you must: try to make the company a success, using your skills, experience and judgment follow the company’s rules, shown in...
Landlords – George Osbornes legacy
George Osborne’s summer budget 2015, and the subsequent Finance (No2) Act 2015, introduced far ranging changes to the income tax relief that can be claimed by individual landlords for finance costs. George believed that property landlords were adding too much inflationary pressure to the UK’s housing stock. To remedy this, he set out to reduce the income tax relief available to...
Autumn statement 23 November 2016
Philip Hammond has announced the date for the Autumn Statement: 23 November 2016. In the past, Chancellors have used the occasion to set the scene for the following years’ budgets. This year, Philip Hammond will be disclosing the fiscal direction of the new Conservative government. Are we to have evermore “austerity”, cuts in government expenditure, or will the Treasury abandon its...
Taxman safeguards billions of tax payments
The Financial Secretary to the Treasury, Jane Ellison MP, announced last week that HMRC has collected £3 billion up-front from tax avoiders. The move continues the government clampdown on tax avoidance following last month’s announcement that enablers of tax avoidance will face tough new sanctions. The 60,000 accelerated payment notices (APNs) issued since the new rules were introduced in 2014, have...
Muras Matters: New HMRC Disclosure Opportunity
New HMRC Disclosure Opportunity Background HM Revenue & Customs (“HMRC”) launched a new initiative on 5 September 2016, called the ‘Worldwide Disclosure Facility’ (“the Facility”), aimed at tax payers who have UK tax liabilities arising in connection with an ‘offshore issue’. This opportunity is timed before the common reporting standard (“CRS”) fully comes into effect in 2018. Under the CRS, the UK will begin...
Letting out part of your home
There are a number of considerations that home owners will need to consider if they are letting out part of their home. The following points cover some of the more obscure situations that can arise: I’m a tenant. Can I sublet part of the property or take in lodgers? If you are a secure council tenant, you have the right to take...
Muras Matters: Company Cars – Changes to Advisory Fuel Rates
Company Cars Changes to Advisory Fuel Rates This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) are changing their advisory fuel rates for company cars with effect from 1 September 2016. The rates are intended to give guidance to employers about what is an acceptable fuel...