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VAT Voice by Andrew NeedhamAndrew Needham, Director of VAT Solutions (UK) Ltd, considers VAT aspects on the topical subject of property lettings.The ‘buy to let’ sector has grown quickly over the last few years, particularly the refurbishment of existing older properties, but what VAT reliefs are available? The initial position for people entering this sector does not look good from a VAT perspective. The renting of residential property is exempt from VAT, but the renovation or conversion ... Continue Reading

UK Taxation for Students: A Simplified Approach by Malcolm FinneyMalcolm Finney, author of ‘UK Taxation for Students: A Simplified Approach’, sets out an eight step process to help students when preparing a tax computation for an individual.The following is a set of rules to follow for individual tax computations: Step 1Work out the various amounts of income which are taxable. Step 2Categorise the individual incomes into one of three categories: • Non-Savings income (i.e. property ... Continue Reading

Tolley's Practical Tax by Keith Gordon ACA, CTA, barristerKeith Gordon considers the meaning of ‘reasonable excuse’ in the context of late self assessment returns.This 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 problems. For more information or to order this title ... Continue Reading

Tax Insider by Daniel FeingoldDaniel Feingold points out two potential pension planning opportunities for which time is fast running out.Many taxpayers have been left in shock and out of pocket by Gordon Brown’s U-turn on Self Invested Personal Pensions (SIPPs) in the 5 December 2005 Pre-Budget report. Now individuals will not be able to hold residential property (UK or Overseas) inside a pension. At the same time antiques, fine art and other so-called ‘exotic investments’ were also removed ... Continue Reading

TaxationWeb by Burges Salmon LLPBurges Salmon LLP outline recent legislative changes regarding employment related securities, and highlight a potential quirk in the rules.Employment Related Securities – Finance (No 2) Act 2005 changesThe rules relating to employee share acquisitions were completely rewritten in Schedule 22 to the Finance Act 2003 in an attempt to put a stop to the use of arrangements involving shares and securities as a way of avoiding income tax and NIC on what were, in commercial ... Continue Reading

The UK Tax System: An Introduction by Malcolm JamesMalcolm James, author of ‘The UK Tax System: An Introduction’ outlines the concept of domicile, including deemed domicile for inheritance tax purposes.Domicile is a term of general law and an individual’s place of domicile will be in the country which he considers to be his permanent home. This implies a much greater degree of permanence than being ordinarily resident and it is quite possible for a taxpayer born in, say, Australia to be a long‐term ... 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, highlights recent IHT double charges relief regulations and procedural points on form IHT 205.The Pre-Owned Assets Regime: Further Double Charges Regulations MadeContextDawn Primarolo announced on 21 July 2005 that further double charges relief would be given where a double trust scheme (only) had been made and was unscrambled pursuant to the terms ... Continue Reading

Tolley's Practical Tax by Sarah Deeks LLB FCASarah Deeks takes a fresh look at a subject close to clients' hearts.This 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 problems. For more information or to order this title please visit: http://www.lexisnexis.co.uk/campaigns/taxation/index.html Motoring ... Continue Reading

Busy Practitioner by Mark McLaughlin CTA (Fellow) ATT TEPMark McLaughlin CTA (Fellow) ATT TEP outlines some practical issues for employees wishing to claim tax relief for the additional household expenses of working from home.Tax relief claims for the additional household expenses of employees who work from home are often a cause of some uncertainty for clients and practitioners alike. HM Revenue & Customs (HMRC) introduced some guidance on the subject in Tax Bulletin 79 (October 2005). Part of the ... 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, reports on a potential problem area involving non-resident companies and offshore trusts.ContextTCGA 1992 s 13 ensures that chargeable gains accruing to a company which is not UK resident but which would be a close company if it were UK resident do not necessarily escape UK tax. The gain is apportioned among the participators in the company, so that ... Continue Reading