Avoiding the OpRA trap with pay increases
In 2017 HMRC clamped down on the use of salary sacrifice (optional remuneration) arrangements which offer perks instead of salary as a way of reducing tax and NI. Is it still possible to obtain tax and NI savings using similar arrangements?
Were cars provided to partners a taxable benefit?
An individual owns connected businesses that run through a partnership and a limited company. The partnership provides each partner with a car that they also use for company business. Will this result in a taxable benefit in kind?
Is tax payable on compensation for damaged property?
Last year a trader’s premises suffered extensive structural damage. The insurer compensated him before the repairs were made. If he doesn’t use all the money will he have to pay tax on it?
HMRC moves to modernise customer tax accounts
HMRC is developing a single customer account which will receive data from third parties as well as the taxpayer. What’s likely to change?
New scheme for selling services to EU consumers
A business sells services to consumers in the EU. The place of supply rules mean that they are subject to VAT in the customers’ countries. Does the business need to register for VAT in each one or is there a simpler option?
How much tax relief for losses can a trader claim?
The pandemic resulted in a hefty loss for a trader's business last financial year. The loss can be used to reduce tax on their other income, but relief is capped. What does this mean and what can they do to increase the amount of relief?