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Avoiding problems with dividend types
The director shareholders control a company’s dividend payments but the rules that determine when they are taxable vary depending on the type of dividend. How can companies ensure they are taxed at the right time for maximum efficiency?
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Was multiple dwellings relief due?
The First-tier Tribunal was asked to decide if the purchase of a property qualified for multiple dwellings relief (MDR). It was a close call but the judgment went HMRC’s way. What can be learned from this case that might help make a successful claim?
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HMRC confirms 20% rate to charge electric cars
If a business owns electric vehicles it might have previously been charged 5% VAT when they were charged at public places. HMRC has now issued a Brief advising that all supplies are subject to 20% VAT. What does this mean for claiming input tax?
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Tax deductions for a buy-to-let property
In between tenants a landlord is doing some work on a rental property. How they categorise this - repairs or improvements - determines whether or not they’re entitled to an income tax deduction. What factors should they take into account?
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Closing a business - tax on post-cessation sales
Poor trading over the last year was the final straw for a self-employed builder and he decided to stop trading. He’s looking for buyers for the business premises and other assets. What tax will he have to pay on the proceeds?
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Protecting the value of a home from IHT
The residence nil rate band (RNRB) can increase the amount of an estate that will escape inheritance tax. When can the RNRB apply and what steps can be taken to ensure that the beneficiaries benefit from the tax savings?