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Welcome to the Haines Watts Newswire
June 2009 |
Tax Tip
Arrange for your company to buy your shares to help solve your business succession problem. When you retire from your own company, you would probably like cash in return for your shares, but your younger colleagues may not have the resources to buy you out. One solution is for the company itself to buy your shares and then cancel them, leaving the remaining shareholders controlling the company. You would end up with cash on which the capital gain should be taxed at no more than 10% assuming that the disposal qualifies for 'entrepreneurs' relief' Click here for more tax tips and publications Standard Subsistence Rates Changes HMRC has removed the 'sampling' requirement previously required before a P11D Dispensation could be granted in respect of the payment of advisory standard subsistence rates, for employees working away from home or outside their normal office hours. All employers can now save themselves work by notifying HMRC on a Dispensation application form P11DX that the advisory rates are being used. Click here to find out more |
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