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Tolley's Practical Tax by Sarah Deeks LLB FCAAn area of increasing relevance to every practitioner, examined by Sarah DeeksLiving to 80, 90 or beyond is now common but with the advancing years come challenges. Declining physical health may lead to major lifestyle changes such as moving into sheltered accommodation or a care home. Paying for this care is far from straightforward and will require the elderly person to make and understand complex financial transactions and their tax implications at ... Continue Reading

TaxationWeb by Mark McLaughlin CTA (Fellow) ATT TEPIt’s Valentines Day…a time for couples to show each other how much they care. And if it can be done in a tax-efficient manner, then so much the better! Here are ten top ‘tax tips for a twosome’.It’s Valentines Day…a time for couples to show each other how much they care. And if it can be done in a tax-efficient manner, then so much the better! Here are ten top ‘tax tips for a twosome’. 1. A romantic dinner for twoRemember that this ... Continue Reading

TaxationWeb by Bob Fraser MBA MA FSFABob Fraser, Associate Investment Director of Rensburg Investment Management Limited, outlines the potential tax incentives offered to Venture Capital Trust InvestorsFollowing the Finance Act 2004, individuals can invest up to £200,000 into VCTs and obtain 40% income tax relief even if not a higher rate tax payer. This income tax concession will only be available for the 2004/05 and 2005/06 tax years. Tax advantages…The tax advantages are: 1. 40% relief ... Continue Reading

VAT Voice by Steve AllenSo you are supplying services to the EU. Could you be in for a nasty shock and find that you should have registered for VAT elsewhere in the EU?ExampleWhite Limited organises conferences for companies and groups throughout the UK. They have been so successful that they have won a contract with a European wide business based in the UK. This year they have been asked to organise the annual sales conference for them in Amsterdam. The contract is with the customer’s UK headquarters, ... Continue Reading

TaxationWeb by Arthur WellerTax Specialist, Arthur Weller, explains three reliefs that can be exploited to your advantage if you are considering temporarily moving away from your main residence.How to claim an additional three years of PPRIf you live in a property and then vacate it but return to live in the property again, you can claim up to three years relief. This is known as the three years’ absence relief. It is not necessary for the property to have been rented out during the period that ... Continue Reading

VAT Voice by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd, explains how to claim back input tax after deregistering your business for VAT.Why deregister?There can be many reasons why you deregister a business; retirement, insolvency, selling the business, making a company dormant, ceasing to make taxable supplies, or falling below the VAT deregistration limit. Once you have deregistered for VAT, most people think that you can no longer reclaim any VAT. However, there are circumstances ... Continue Reading

TaxationWeb by Kelvin KingKelvin King, Founding Partner of Valuation Consulting, explains the role and significance of Intellectual Property Rights in business and outlines some important concepts of valuation.Taxationweb has formed a strategic partnership with Valuation Consulting to provide our readership with insight into this area and also that of general share and business valuations for tax purposes, including share incentive schemes which are a hot topic currently in view of the latest problems ... Continue Reading

VAT Voice by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd, answers an important question for small businesses.As businesses approach the VAT registration threshold they are often concerned that they should register on time to avoid late registration penalties, while at the same time making sure that they don’t register to soon it they deal with the public who can’t recover any VAT they are charged. So what actually counts towards your taxable turnover?Currently, the VAT registration ... Continue Reading

TaxationWeb by Jennifer AdamsThe reasons for and against abolishing IHTThis is supposedly Election year and the Tories have already fired the first bullet by proposing that Inheritance tax (IHT) be abolished. Whether IHT should be abolished entirely, be replaced by some form of annual tax based on the capital transfers that a person receives rather than a tax liability on the amount given or just be kept in its present form has been debated for a number of years. Revenue statistics show that ... Continue Reading

VAT Voice by Steve AllenYour business has just received a special one off order and you can only buy the goods to fulfil that order from another EU member state. Are there any VAT pitfalls? If so, how can you avoid them? Steve Allen, Director of VAT Solutions (UK) Ltd, provides some answersPlace of supplyClient’s situationComp Co Ltd sells computer equipment to wholesalers in the UK. It recently received a large order for specialist computer equipment from a regular customer in the UK. Comp Co ... Continue Reading