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Family Investment Companies

Companies are increasingly being used as a vehicle for family investments due to a low rate of tax (Corporation Tax is currently payable at just 19%) and the ability to use shares and directorship roles to keep control with certain family members, while allowing the whole family to benefit from income and capital growth.

Coronavirus Job Retention Scheme [Updated]

Further details have been announced about the new Coronavirus Job Retention Scheme, but the online service through which claims will be made is not yet available.

April 19 Loan Charge Repayment

The April 2019 loan charge was introduced to tackle tax avoidance using employer-funded third parties, but following an independent review, this measure has been significantly rolled back.

Changes To Off Payroll Working Rules Suspended

The introduction of changes to the UK off-payroll working rules for the private sector, which was set to take place on 6 April 2020, have been suspended for a year due to COVID-19, and will now be introduced from 6 April 2021.

Job Retention Scheme – Directors Update

The Government has clarified that company directors and office holders are eligible for furloughing under the COVID-19 Job Retention Scheme, but many small business owners are still receiving minimal assistance.

UK Tax Residence – COVID-19 Activity

The Chancellor of the Exchequer, Rishi Sunak, has written to the chair of the Treasury Select Committee to outline temporary changes to the Statutory Residence Test (SRT) for those coming to the country to work on COVID-19 related activity.

Directors and the Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme allows employers to claim a grant to cover wages of furloughed employees, including directors, but dividend payments will not be covered.  

UK Tax Residence – Impact Of Coronavirus

People are being prevented from travelling from the UK to other countries at present due to the Coronavirus epidemic. This could affect their UK tax residence status and therefore; their UK tax liabilities.

COVID-19 Summary of Available Assistance

COVID-19 is changing the way all of us live and work – Tax Innovations is changing its working practices too, but our services will not be interrupted. This article sets out the government’s current assistance package and an update on how to keep in contact with us.

Inheritance Tax Planning

The new government has published its first post-Brexit budget and Inheritance Tax was not on the agenda. Given the current economic uncertainties, it seems that Inheritance Tax, rarely much of a priority for governments given that it invokes passionate feelings while in reality representing a small part of the total tax take, is unlikely to change for the foreseeable future.