Many victims of miss-sold Payment Protection Insurance are unaware that they need to declare any interest they received as part of their settlement on their tax return. HMRC have commented: "The interest may or may not have had tax already deducted depending on the type of company making the payment of the interest. "If banks and building societies are paying Continue Reading
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Cash rich company shareholders may lose out on IHT and CGT relief
There has been significant press coverage recently suggesting that companies are hoarding cash. It would seem that this is one of the contributory factors affecting low levels of business investment. Directors are loath to part with their hard won cash reserves. For private company shareholders and shareholders with a significant stake in Plcs this may have a detrimental effect on Continue Reading
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Law Society warning on LLP tax reform
The Law Society is concerned that if the present changes to LLP taxation are enshrined in the forthcoming Finance Act 2014, decisions will have to be made for tax, rather than commercial reasons. For example members may be required to introduce capital purely to comply with changes in tax law. There are also fears that the tax changes will make Continue Reading
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CBI champions use of equity finance
According to a recent CBI report UK companies rely too heavily on debt finance. It said that 50% of small and medium sized businesses used bank loans and more than one-third used overdrafts. Of the remainder only 3% use equity finance: the European average is 7%. Smaller UK businesses seem to associate equity funding with loss of control. Kaja Hall, Continue Reading
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