Mark McLaughlin Associates

In this edition of Practice Update: 1. Property businesses – repairs – a recent tax case offers guidance on the capital/revenue distinction. 2. Personal allowances and gift aid – take care when making gift aid carry back claims.  3. Extra-statutory concessions – watch out for disappearing ESCs. Is ESC C16 next? 4. Penalties: offshore income and gains – 200% [...]

In this edition of Practice Update: 1. Dividend oddities – Recent unusual cases involving dividend payments. 2. Record keeping – The new HMRC powers. Is formal documentation always necessary? 3. Transactions in securities – The updated anti-avoidance provisions. 4. IHT deliberate omissions – When refraining from taking action can have IHT consequences.   Download version (pdf): Download

In this edition of Practice Update: 1. Management charges – Tax problems with non-commercial charges between businesses. 2. Employment status – How the Employment Status Indicator Tool can help in a dispute. 3. Negligible value claims – Avoiding a common pitfall for asset owners. 4. Discovery assessments – What is an adequate level of disclosure to avoid a ‘discovery’ [...]

In this edition of Practice Update: 1. Reducing share capital – The tax effect of the Companies Act 2006 procedure. 2. Associated companies – The rules for small companies’ relief purposes are about to get easier. 3. Regulating tax advisers – HMRC’s consultation on working with tax agents. 4. Tax avoidance schemes – HMRC’s online warnings about certain tax [...]

In this edition of Practice Update: 1. Beating The 50% Tax Rate? – What are the planning possibilities for unincorporated businesses? 2. Partnership Profit Shares – Is there any scope for flexibility? 3. IHT: Transferable Nil Rate Band – When living together could beat getting married 4. Tax Relief For Pension Contributions – ‘In specie’ contributions of assets. Download version [...]

In this edition of Practice Update: 1. ‘Reasonable care’ – valuations – What steps are necessary to avoid a penalty? 2. Repairs and renewals: What is a ‘renewal’? 3. Asking HMRC – Some tips when seeking certainty from HMRC on tax matters. 4. New dividend rules – Dividends between companies are potentially exempt following FA 2009 changes    Download version (pdf): [...]

In this edition of Practice Update: 1. What is ‘Careless’? – A recent tax case considered an incorrect return submitted by a solicitor.  2. Wills and ‘Commorientes’ – How even a large estate can pass free of Inheritance Tax. 3. Equitable liability – The end of a helpful HMRC practice – or is it?  4. Normal expenditure out of [...]

In this issue of Practice Update: 1. Loans and capital losses – Converting loans into shares and claiming loss relief. 2. The goodwill trap – The valuation of goodwill in trade related property. 3. Termination payments – Improving the prospects of claiming the £30,000 exemption. 4. Furnished holiday lettings – Taking advantage of beneficial tax treatment – while you [...]

In this edition of Practice Update: 1. Rental income ‘businesses’ – When jointly owned property can constitute a business. 2. Interest relief for joint loans – How joint loans can affect the amount of interest relief available. 3. Concession C16: HMRC not keen? – Will ESC C16 look very different when it becomes law? 4. Let’s be ‘reasonable’! – [...]

In this edition of Practice Update: 1. Penalties for Director’s loans – Worrying guidance from HMRC. But is it correct? 2. What’s it all about? – The ‘service company question’ on tax returns. 3. ‘Settlements’ and dividends – Recent cases show how HMRC seek to apply the anti-avoidance rules. 4. No more Commissioners! – The replacement of the Commissioners with the new [...]