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Tolley's Practical Tax by Nick Waterhouse-BrownNick Waterhouse-Brown continues his look at why it is important to make a Will and the potential problemsThis article continues from Part 1, which showed, in a number of examples, what happens to those people who die without wills (ie dies intestate). It can often result in assets being given to brothers and sisters of the deceased, leaving insufficient finances and legal problems for the surviving spouse. So if we don’t want to fall within the intestacy ... Continue Reading

Taxation by Matthew Hutton MA (Oxon) FTII AIIT TEPMatthew Hutton considers what the pre-owned asset régime means in practice.The following article, by Matthew Hutton, was first published in Taxation on 7 October 2004 and is reproduced with kind permission of the Editor Mike Truman and of LexisNexis the publishers. As readers will see, it was written as something of a follow-up to the excellent two-part summary of the regime by Barry McCutcheon which appeared in Taxation on 16 and 30 September. WHAT ... Continue Reading

Tolley's Practical Tax by Nick Waterhouse-BrownNick Waterhouse-Brown, Tax Manager for Ansons LLP Solicitors, explains the consequences arising from not having a will (in England and Wales) in Part 1 of a 2 Part articleFor most of us, one of the last things we want to do is to think about dying. Whilst we're here on earth, we try to think of nice things in life, such as being with our children and families. Unfortunately, we can't always expect to live to a ripe old age - life just isn't like that! In ... Continue Reading

TaxationWeb by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd, discusses VAT recovery on pre-registration costs and a rather strange case that has clarified the position regarding the VAT recovery on service received pre-registration.Businesses registering for VAT are entitled to reclaim some of the VAT on goods and services they incur prior to registering for VAT. I have always considered the rules to be relatively simple and easy to understand, but have recently been proved wrong by ... Continue Reading

TaxationWeb by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd answers some of the most commonly asked questions about the option to tax land and property.Land and property is one of the most difficult areas of VAT and causes a lot of confusion among advisers and businesses alike. The issue of an ‘option to tax’ on property causes more confusion than most other areas. In our experience, there are three questions that we get asked the most. 1. QUESTION - Once an option to tax has ... Continue Reading

TaxationWeb by Andrew NeedhamAndrew Needham of VAT Solutions (UK) Ltd considers an important VAT issue for those working from home.ExampleThe Managing Director of a company, Mr Jones, works from home a lot and is considering having his loft converted into an office to give him more room. The new office will contain the usual computers, desks etc and be decorated and furnished in line with the proposed use. The full cost of the building work, decorations and equipment will come to £20,000 plus VAT ... Continue Reading

VAT Voice by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd, highlights a particular area of interest for HM Customs and ExciseWe are informed that the VATman is currently taking a close look at aged creditor lists and payment received from creditors in liquidation. As you may remember changes in the 2002 Budget relating to the procedures for claiming bad debt relief (BDR) came into force on 1 January 2003. These changes can be summarised as follows: SalesThe requirement to send a ... Continue Reading

Tolley's Practical Tax by Nichola Ross MartinNichola Ross Martin director of Ross Martin Tax Consultancy Ltd takes an in-depth look at what are associated companies and the effect of the relationshipAssociated companies affect the tax payable when companies are falling into the starting rate and lower rate bands. They can create complexities in tax computations, and tax planning when advising on optimal business structures and minimising corporation tax. This article looks at the main tax planning ... Continue Reading

Tolley's Practical Tax by Roger Jones BSc FTII TEPRoger Jones BSc FTII TEP examines the effect of recent changes in the taxation of small companies.In "A Painless Extraction" (TPT 29 March 2002), I explored the various ways of extracting profits from a company with especial reference to the owner manager of a family company. Most readers will be aware of the Chancellor's comments in the pre-Budget report of 10 December 2003 and the new legislation which has followed. The question is - does this really ... Continue Reading

Taxation by Mark McLaughlin ATII TEPMark McLaughlin ATII, ATT, TEP, outlines some key considerations relating to the liquidation or winding up of family companies.‘All good things must come to an end’ so the saying goes. Family companies (good or otherwise) also reach the end of their useful lives on occasion, for various reasons. Here are ten important points to bear in mind when that time arrives (all references are to the Income and Corporation Taxes Act 1988 unless otherwise stated). 1. ... Continue Reading