10/10/2010, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
In the fifth of a series of extracts adapted from his eBook 'Hutton on Estate Planning' (3rd Edition), Matthew Hutton looks at Inheritance Tax (IHT) Business Property Relief (BPR) and Agricultural Property Relief (APR). Outline DescriptionThese reliefs are given in most cases at 100%, and are generous indeed. It has been a major surprise that successive Labour Governments did not between 1997 and 2010 seek to reverse the rate increases introduced by a Conservative Government in 1992. The rules for ... Continue Reading
10/10/2010, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA highlights a selection of NIC matters, and outlines how potential Class 1A NIC savings may be made by family companies. Class 2 NIC - Changes to Payment DatesYou may recall an announcement in the 2008 Pre Budget Report about changes in Class 2 payment dates to match Self Assessment tax due dates. I am now led to believe that for 2011/12 and future years, the statutory payment dates for Class 2 National Insurance will be changed to 31 January and 31 July.I'm currently expecting ... Continue Reading
10/10/2010, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen of VAT Advisers Ltd provides some useful tips on reclaiming input VAT. IntroductionYou can generally reclaim VAT on goods bought up to 4 years before your Effective Date of Registration (‘EDR’), and services bought up to 6 months before your EDR. Remember, you may be able to backdate your VAT registration by up to 4 years, making up to 8 years in total, although once your EDR has been agreed with HMRC, it cannot normally be changed.VAT on GoodsYou can reclaim VAT on goods bought or ... Continue Reading
10/10/2010, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Business Tax
A review of a book by By Richard Bramwell QC, John Lindsay, Alun James, Julian Hickey, Michael Collins Published by Sweet & MaxwellIntroductionTimes change, and so does tax law and practice. The regularity and sheer volume of tax changes these days can seem overwhelming. Tax publications must therefore move with the times. A useful tax publication is one that translates voluminous and often complex tax legislation and provides clear, concise commentary, supported by numerous practical illustrations. ... Continue Reading
07/10/2010, by Lee Sharpe, Tax news - HMRC Administration, Practice and Methods
Paper tax returns must be filed by the end of October or face a penalty, says HM Revenue & Customs Many taxpayers now file their annual Self Assessment tax returns online over the Internet, and for them the filing deadline is 31 January. But many people still file paper returns and for the last few years - and as part of a policy that encourages online filing - HM Revenue & Customs has required paper returns to be submitted by the end of October, i.e., 3 months earlier.
There is a standard £100 ... Continue Reading
05/10/2010, by Lee Sharpe, Tax news - Income Tax
The Conservatives have announced plans to abolish Child Benefit for people who pay Higher Rate Tax - but have already modified their position in light of the public responseYesterday, the Chancellor Mr. George Osborne announced that any family where even just one of the parents pays "Higher Rate Tax" will lose Child Benefit from 2013.So basically, if one parent earns more than £43,875, (using 2009/10 figures), then the family stands to lose tax-free income of at least £1,055. Which means that ... Continue Reading
04/10/2010, by Lee Sharpe, Tax news - Business Tax
HMRC has announced a 6-month extension to the new filing deadline to allow other Member States to catch up.Before 2010, businesses were only able to reclaim VAT incurred in other Member States by writing directly to that other Member State, which could be very time-consuming. Since the beginning of this year - as part of a number of changes to VAT in 2010 - a business can now approach its own domestic tax authority for a refund of overseas VAT. This was a significant change applied across the EC ... Continue Reading
04/10/2010, by Low Incomes Tax Reform Group, Tax article - Income Tax
Paper Self-Assessment tax returns for 2009-10 have to reach HMRC by 31 October 2010 otherwise you risk being charged a late-filing penalty. Here is a recap of the rules. IntroductionMany of those who complete a tax return have now switched to filing online which still allows you to file by 31 January 2011 for the 2009/10 tax year. However for many taxpayers this is either not possible or practical or they still prefer to complete and submit a paper return – in which case they have to do so by the ... Continue Reading
02/10/2010, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
In the fourth of a series of extracts adapted from his eBook 'Hutton on Estate Planning' (3rd Edition), Matthew Hutton looks at the problem with Inheritance Tax (IHT) planning involving the family home, and some possible solutions. The ProblemThe relentless rise in house prices over the last 20 years or so, albeit more recently suffering something of a reversal, is a problem not just for the first-time buyer but also for the next generation on the deaths of the older property-owning generation. This ... Continue Reading
02/10/2010, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin looks at two Income Tax anti-avoidance rules potentially affecting receipts of capital. IntroductionThe introduction of a higher Capital Gains Tax rate of 28% in respect of gains accruing from 23 June 2010 has gone some way to bridging the gap between Capital Gains Tax rates and the 50% top rate of Income Tax for individuals.However, this 10% increase in Capital Gains Tax for higher rate taxpayers fell some way short of many commentators’ predictions, and means that there is still ... Continue Reading
