Money Matters, the summer 2012 newsletter from Hart Shaw is now available to download from our website, along with two new briefings. 
The cover article in Money matters looks at the intention to limit the amount of income tax relief individuals can claim. More details on this should be available as the summer progresses but planning for individuals likely to be affected will need to be considered during 2012/13.
It may not be good news for some when changes to Child Benefit and Capital Allowances on cars come into effect but awareness of the changes should better equip you to make decisions to minimise the damage so we have included a review of the latest position in both of these areas.
Business Property Relief is a very important relief for Inheritance Tax purposes but its availability in certain circumstances can be regularly challenged by HMRC. In a recent case the judge ruled against HMRC so does that leave the door open for more to benefit? Read ‘BPR battle’ to find out if you could benefit.
Staying with potentially good news, we have included articles on the new National Loan Guarantee Scheme to help small businesses and the tax advantage that may be available to spouses who have jointly owned assets such as land and buildings.
Using tax reliefs effectively is sometimes dependent on structuring transactions properly. We include an article on a recent case where tax relief was denied on business borrowing because of how it was structured. When undertaking significant business transactions, please do not hesitate to contact us so that we can help you best plan for any opportunities.
In addition to the newsletter you will find special briefings where we look in more detail at:
Tax tips and traps for the smaller company
This client briefing focuses on practical tax matters and tax saving tips for the smaller company. It highlights the issues which need to be considered to ensure that owners maximise the return on their investment of both time and money. It also offers guidance on the traps that should be avoided!
Issues covered include:
- Profit extraction – methods and their tax implications;
- Benefits and expenses – pitfalls and opportunities;
- Tax implications of finance by loan or shares and
- Capital allowances – where are we now?
Dividends and Loans – tax and other considerations for the OMB
There are many issues which are a regular occurrence for the owner managed business company. Our briefing considers the tax and other considerations of both dividends and loans for the owner managed business to help avoid pitfalls whilst extracting profits efficiently. Issues covered include tax implications of directors’ loans, both to and from the company and an overview of legal and tax aspects surrounding dividend payments.
Please also contact us if you would like us to review your tax position or have any questions regarding any of the articles we have included in our newsletter. Your views are always important to us and we would welcome any feedback you could give us.
Click here to download Money Matters and the latest briefings from Hart Shaw.
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