Sinclair Day

October 3, 2018

High penalties for offshore tax evasion

There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for offshore matters, has recently been updated to include details about
October 3, 2018

Ways to liquidate a limited company

There are a number of reasons why a limited company may be no longer required and can be shut down. This may be because the limited company structure: no longer suits the needs of its owners, the business is no longer active, or the company is
October 3, 2018

Eligibility to claim Entrepreneurs’ Relief

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. CGT on
October 3, 2018

Limitations of trivial benefit claims

Under HMRC’s rules, there is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply: the benefit is not cash or a cash-voucher; and costs £50 or less; and is not provided as part of a salary