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Avoiding the OpRA trap with pay increases
Business Tax, Personal TaxIn 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?
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Capital allowances - optimum tax efficiency
Business TaxTax relief for buying equipment used in a business is given as capital allowances. Directors or their company can claim the capital allowances depending on who buys and owns the equipment. But which is the most tax efficient option?
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Were cars provided to partners a taxable benefit?
Personal TaxAn 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?
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Is tax payable on compensation for damaged property?
Personal TaxLast 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?
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HMRC moves to modernise customer tax accounts
Personal TaxHMRC is developing a single customer account which will receive data from third parties as well as the taxpayer. What’s likely to change?
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Do multiple businesses have to share the annual investment allowance?
Business TaxThe general rule is that every business is entitled to a capital allowances annual investment allowance (AIA). Does this mean that if there are two or more businesses the owner can claim an AIA for each?