Coronavirus Tax Planning

This special 200 page guide contains a large collection of tax planning ideas to help you save tax during the coronavirus crisis.It is essential reading for: Property investors and landlords Company owners Sole traders and other self-employed individuals Accountants and other professionals The guide covers both simple and more advanced tax planning strategies. Key points are explained with detailed examples. All of the major taxes are covered: income tax, national insurance, capital gains tax, corporation tax and inheritance tax. There’s something here for everyone. We are going through unprecedented times and even tax is affected by the coronavirus. We have launched this special guide to help you understand the impact the current crisis will have on your tax obligations: how normal, sensible, tax planning measures may be affected and what you can do to protect yourself, your family and your business financially. Subjects covered include: Details of Government support to help businesses cope with the shutdown. Future tax increases we expect to pay for the huge increase in Government spending. How company owners should pay themselves this year - to protect their companies' cash and reduce their own income tax bills. How to save tax by paying your children tax-free salaries now that schools and universities are closed. What you can claim if you are forced to work from home more than usual. Why you should consider postponing pension contributions to protect your cash and maximise your tax relief. The tax-saving benefits of transferring property to children or into trust if market values are reduced during the coronavirus crisis. How to make sure gifts to help family members are made tax-efficiently for inheritance tax purposes. Why tax bills on 31 January 2021 are likely to be extra high and how they can be legitimately reduced with sensible planning. Why this might be the time to transfer your business into a company, with income tax, CGT and stamp duty savings all potentially available. How a business suffering losses during the coronavirus crisis could gain £10,000s of extra tax repayments by transferring into a company. The cash basis for landlords and trading businesses: why joining the scheme now could save you thousands. How the cash basis can help landlords with voids or rent arrears. How to cut back business spending this year without increasing your tax bill. How to defer taxable profits from earlier periods to benefit from lower tax rates on reduced income during the coronavirus crisis. Why bringing forward future taxable profits into a low income period may lead to long-term savings. How to save thousands by changing your accounting date – in one example a business owner saves almost £10,000. Why this may be a great time to ‘cash in’ a latent tax relief, usually only available when you cease trading. Clear, plain-English explanation of how marginal tax rates can be used to make massive tax savings when your income falls. The pros and cons of deregistering for VAT if your income reduces: whether you're allowed to, and how to time it to your best advantage. How to keep your furnished holiday letting property’s special tax status while you’re unable to rent it out. Loss relief for all types of business explained: how it works, what’s available, and how to make the most of it. How to make sure relief for capital losses is not wasted. The tax consequences of turning a hobby into a ‘cottage industry’ during lockdown. 3