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IN THIS ISSUE - PLANNING WITH CAPITAL REDUCTIONS

Tax planning with capital reductions

The Companies Act 2006 made reductions of share capital more accessible for private companies, requiring only a special resolution. What circumstances might make these especially attractive to your clients, and what procedures need to be followed to avoid problems?

ENTERTAINMENT

Bouncy castle - safety advice

The HSE has issued advice which relates to the safety of bouncy castles. It’s aimed at both consumers and suppliers. If you’re thinking of buying or hiring one, how might this be useful?

GROWTH SHARES

A handy alternative to share option plans

Your client wants to retain and incentivise a key member of staff. You have discussed the enterprise management incentive, but the company’s trade is excluded under the legislation. What alternative can offer the same benefits?

PRIVATE RESIDENCE RELIEF

Use a tax return to reduce a private residence relief risk

A client has recently sold her main residence and believes the gain should be exempt due to private residence relief. Why can things get complicated, and might disclosing the full details on a return be a good idea?

DIRECTORS’ REMUNERATION

New company: can the directors be paid before trading?

You have a new company as a client. It hasn’t started to trade yet, but the directors want to start taking a salary to ensure tax efficiency for the year. Is this permissible and tax deductible for the company?

CAPITAL ALLOWANCES

Capital equipment: should it be bought personally?

Your client is the sole director and shareholder of a trading company. The company needs some new equipment to increase its output. The director thinks she should buy this personally as the capital allowances will then be relieved at 40%. Is she right?

CORPORATION TAX

Is a gift made to a company taxable?

A client has a customer who is particularly impressed with the service they received. They have made a gift of several cases of expensive champagne. This was sent to the company but intended for the directors and staff. What’s the tax position?

SHARED PARENTAL LEAVE

Shared parental leave - getting to grips with the paperwork

It’s fair to say that the shared parental leave and pay scheme is complex, and it requires rather a lot of paperwork to be completed. To comply with legislative requirements, what documents must be submitted by employees and by when?

DISABILITY DISCRIMINATION

What is not a disability?

Although you’re probably relatively familiar with the statutory definition of a disability, what you might not know is that there are some specific exclusions to that definition. When does the law say that a condition does not constitute a disability?

TRIBUNALS

The dangers of disclosing legal advice

An employer who cherry picked a selection of documents for disclosure to an employee was held to have waived legal advice privilege in all the documents. Why was this?

MINIMUM WAGE

National living wage to apply to 21 year olds

The government has set out its intention to lower the age threshold for the national living wage (NLW) to age 21. When is this likely to happen?

RETIREMENT

Dismissing older workers

Since the abolition of the statutory default retirement age, employees can, theoretically, continue to work indefinitely and you can’t dismiss them just because they’ve reached 65. What are your options for terminating the employment of older employees?