18/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
TaxationWeb by Malcolm FinneyMalcolm Finney looks at the layout and method of computing an individual’s income tax liability.Pro-formaThe key to performing a personal income tax calculation for an individual lies in adopting the correct format.
The following format should be adopted;
Non-Savings Savings Dividend
Income Income Income
Income ... Continue Reading
18/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Savings and Investments, Pensions and Retirement
TaxationWeb by Bob Fraser MBE, MBA, MA, FPFS, TEPBob Fraser, MBE, MBA, MA, FPFS, TEP of Towry Law Financial Services Ltd provides an introduction to loan trusts and their potential inheritance tax implications.AimThis is another is a series of articles intended to introduce readers to potential solutions to inheritance tax planning. As always, individual circumstances will require individual solutions, and expert financial advice should always be sought.
BackgroundThe inheritance tax (IHT) ‘gift ... Continue Reading
18/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Property Tax Portal by Daniel FeingoldDaniel Feingold, International tax and law specialist, provides a further five tips to help investors make the right tax decisions when investing offshore.1. Find out if there is a withholding taxSome countries also operate a withholding tax. This is typically triggered when an asset i.e. property is sold. When you sell the property the purchaser is obliged to withhold, let’s say, 5% or 10% of the purchase price. This is handed directly over to the tax authorities ... Continue Reading
11/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
TaxationWeb by Malcolm FinneyMalcolm Finney takes a look at when and how the concept of the extended basic rate band applies for individuals.What is the extended basic rate band?The concept of the extended basic rate band refers to how income tax relief is obtained on certain payments made by an individual taxpayer.
It applies to:
• Gift Aid payments and
• Personal Pension contributions.
Gift Aid payments are payments to charities.
Personal Pension contributions are, generally ... Continue Reading
11/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Property Tax Portal by Daniel FeingoldDaniel Feingold, International tax and law specialist, provides five tips to help investors make the right tax decisions when investing offshore.1. Dealing with two tax authoritiesYou must remember that you will be dealing with two tax authorities. This means that you will need two sets of tax returns, one tax return in the country where the income is generated and the second tax return in the UK for that same income. This will of course cost you more in professional ... Continue Reading
11/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Capital Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author of Capital Tax Review, comments on the recent decision on Lloyds TSB Private Banking plc v HMRCContextA house which had been agreed to attract APR as being ‘of a character appropriate’ to the relevant agricultural land or pasture attracts APR only on its ‘agricultural value’ as defined in IHTA 1984 s115(3). This is the first decision of the Lands Tribunal on the ‘agricultural ... Continue Reading
04/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
TaxationWeb by Malcolm FinneyMalcolm Finney points out that tax law is complex, and that mistakes are possible even by examiners in tax exams.No-one is perfect and mistakes in life are inevitable.
Tax law changes on an ever frequent basis whether as a consequence of court decisions and/or changes in legislation and/or practice. Keeping up to date is by no means an easy task even for the most seasoned practitioner/academic.
However, there can be no excuses for the glaring mistake made in ACCA’s ... Continue Reading
04/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Property Tax Portal by Ian McTernanIan McTernan describes some of the techniques used by HM Revenue & Customs to select people for tax investigations.Ian McTernan describes some of the techniques used by HM Revenue & Customs to select people for tax investigations.
It seems like the 'good old days' when somebody could confidently boast in the local pub about never having paid taxes are long gone - especially as HM Revenue & Customs continue to tackle the tax evaders head on.
Regardless of whether ... Continue Reading
04/03/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Tolley's Practical Tax by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA (Oxon) CTA (Fellow) AIIT TEP looks at inheritance tax and the family home following the introduction of the pre-owned assets legislationThis article was originally published in Tolley’s Practical Tax, LexisNexis Butterworths leading information service for small to medium sized tax and accountancy practices. It provides the day-to-day information needed to deal with all tax compliance issues and general client ... Continue Reading
25/02/2006, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Business Tax
Busy Practitioner by Mark McLaughlin CTA (Fellow) ATT TEPMark McLaughlin CTA (Fellow) ATT TEP considers the meaning of ‘business’ when considering the count of associated companies, and some possible implications.When calculating corporation tax liabilities for client companies, it can sometimes be difficult for practitioners to accurately determine the number of associated companies for corporation tax purposes. For example, it may be necessary to consider whether a company was carrying on a ... Continue Reading
