Enter Your E-mail

Capital Tax Review by Mark McLaughlin ATII TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP, author of Capital Tax Review, comments on the recent decision in Judge and another v HMRC.ContextThis is the first case heard on the application of the traditional HMRC argument based on SP 10/79 that a surviving spouse occupying the matrimonial home as a beneficiary under her late husband’s discretionary Will Trust has an interest in possession under that trust. Interestingly, in this case, the widow did ... Continue Reading

VAT Voice by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd, clarifies what the recovery of VAT on business expensesOver the years, we have had a number of clients contact us about the recovery of VAT on travelling and business expenses. A lot of the confusion centres on knowing which items actually have VAT on them. The basic position is that you can recover VAT on travel and subsistence expenses incurred for business purposes. However, the reclaiming of VAT on the costs of entertaining ... Continue Reading

UK Taxation for Students: A Simplified Approach by Malcolm FinneyMalcolm Finney, author of ‘UK Taxation for Students: A Simplified Approach’, looks at the capital gains tax position on the sale of shares and securities for individuals, and outlines an 8 step process for working out gains and losses.SecuritiesGovernment stocks and most commercial securities i.e. company debentures, loan stocks etc. are exempt from capital gains tax when they are held by individuals. For companies, capital gains ... Continue Reading

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 a popular inheritance tax planning arrangement.AimThe Aim of this article is to clarify readers’ understanding of discounted gift trusts, since interest in these is greatly increasing. BackgroundIt is normally the case that if an individual gifts an asset and subsequently continues to obtain a benefit from it, then this will be considered a gift with ... Continue Reading

VAT Voice by VAT Solutions (UK) LtdA summary of recent VAT case decisions, by VAT Solutions (UK) Ltd.High Court gives Charities an Opportunity to get refunds of VAT on fundraising costsA recent decision of the High Court in Church of England Children’s Society ('CECS') has opened the way for charities to claim VAT on fundraising costs. The court held that VAT on charges levied by face-to-face professional fundraising organisations (PFO's) can be claimed to the extent that they are attributable ... Continue Reading

Taxation of Unincorporated Businesses by Malcolm JamesMalcolm James, author of ‘Taxation of Unincorporated Businesses’ outlines the ‘connected persons’ rule for capital gains tax purposes, and explains some important valuation provisions.Disposal to Connected PartiesWhere an asset is disposed of to a connected party, the disposal consideration will be the market value of the asset rather than the actual sale proceeds (TCGA 1992 s.18(1), & (2)). Where an asset is sold to a connected person ... Continue Reading

Tax Essentials: Direct Taxes 2005-06 by Mark McLaughlin CTA (Fellow) ATT TEP and Sarah Laing CTAMark McLaughlin CTA (Fellow) ATT TEP and Sarah Laing CTA consider the question of liability to IHT and outline the normal payment dates.Due datesFor the normal due dates for payment of IHT, see below. The differing time limits for paying IHT and delivering accounts is such that the tax will often become payable before accounts are due to be delivered. In addition, the personal representatives of a deceased's ... Continue Reading

VAT Voice by VAT Solutions (UK) LtdVAT Solutions (UK) Ltd provide a reminder and summary of the VAT changes announced in the last year’s Pre-Budget Report.Small Business ChangesAnnual accounting schemeThe annual taxable turnover limit for joining the scheme is to increase from £660,000 to £1,350,000 with effect from April 2006. Cash accounting schemeThe government has written to the European Commission with a view to increasing the turnover limit for joining the cash accounting scheme from £660,000 ... Continue Reading

Monthly Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author and presenter of Monthly Tax Review, comments on a potential problem when claiming professional costs in successful cases against HMRC.ContextThe issue on this case was whether professional costs incurred by a successful appellant could be recovered from HMRC, not having been billed by a firm of solicitors. Agassi v Robinson: the factsThe appellant was a well-known professional tennis ... Continue Reading

Employee Reward Structures by Aidan Langley & Alison HaynesAidan Langley, author of 'Employee Reward Structures' and Alison Haynes consider the significance of employment status and contrast the advantages and disadvantages of both employed and self employed status.Employment StatusThe question of employment status is an absolutely critical one which must be determined correctly by any organisation using the skills of workers. Failure to categorise correctly the employment status of its workers can ... Continue Reading