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TaxationWeb by Arthur Weller and Ian McTernanTax advisers Arthur Weller and Ian McTernan provide an insight into the common tax issues faced by buy-to-let investors.Property Tax Liabilities for buy-to-let Investors Arthur Weller, co author of '27 proven tax saving strategies', explains the common tax liabilities facing buy-to-let investors. Income Tax This tax is due on an annual basis. The tax liability is calculated by offsetting the property related expenses against the rental income. Tax ... Continue Reading

TaxationWeb by VAT Solutions (UK) LimitedAndrew Needham, Director of VAT Solutions (UK) Ltd, outlines a potential opportunity concerning early terminations of hire purchase agreements for the supply of motor cars following a VAT Tribunal decision.17990 - General Motors Acceptance Corporation (UK) PlcThis decision addresses various VAT consequences of early terminations of hire purchase agreements for the supply of motor cars. The decision is essential reading for anyone involved with the automotive ... Continue Reading

Tolley's Practical Tax by Michael WaterworthIn the second part of his article on the reformed taxation of trusts, Michael Waterworth, Barrister, looks at how the new provisions will affect special types of trusts and looks to the future.Trusts for the vulnerableUnder the current law, trusts for the vulnerable are given special recognition as disabled trusts i.e. trusts for persons who are incapable of administering their property or managing their affairs, extended for inheritance and capital gains ... Continue Reading

Tolley's Practical Tax by Michael WaterworthIn the first of two articles, Michael Waterworth, Barrister, takes a look at developments in the trust taxation field.On 10 December 2003, in his Pre-Budget Report, the Chancellor announced plans to modernise and to simplify the income tax and capital gains tax approach to private resident trusts, with the aim of introducing a new system with effect from 6 April 2005. The Chancellor’s announcement was followed on 17 December 2003 by the issue of a number ... Continue Reading

Taxation by Mark McLaughlin ATII TEPMark McLaughlin ATII, ATT, TEP tells the sequel to a well-known tale involving a famous miser not previously known for his charitable giving.Great Uncle Ebenezer seemed to be having a relapse. Having had a 'funny turn' last Christmas, his subsequent unprecedented generous behaviour was starting to show signs of deterioration, and he seemed to be reverting to his previous reputation as a miser. As the following year unfolded, he became increasingly dissatisfied ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPMark McLaughlin ATII ATT TEP outlines some important changes affecting Self-Assessment taxpayers, new trading companies and others.Much has been written about the tax measures announced in the Budget 2004. The so-called ‘dividends tax’ for small companies and raft of anti-avoidance measures have grabbed the headlines in particular. This article looks at some practical compliance issues affecting the busy practitioner. Short tax returns Around one-and-a-half ... Continue Reading

TaxationWeb by VAT Solutions (UK) LimitedVAT Solutions (UK) Ltd explain the implications and requirements for a business to obtain transfer of going concern status on a property transaction.Obtaining transfer of a going concern (TOGC) status on property transactions can provide a valuable cashflow saving for businesses purchasing business assets, but getting it wrong and charging VAT on a transaction that qualifies as a TOGC can lead to the purchaser having its input tax disallowed by HM Customs ... Continue Reading

Tolley's Practical VAT by Neil WarrenNeil Warren looks at Customs' approach to dealing with the artificial separation of business activities and the potential problems that tax advisers should consider.If you were asked to give a definition of the word ‘artificial’, then a suitable explanation may be to say: ‘something that is not real.’ In a nutshell, this is one of the key questions a VAT adviser should ask when discussing the separation of business activities with a client: ‘Is it a ... Continue Reading

TaxationWeb by Jennifer AdamsInheritance Tax exemptions and related planning possiblities are explored by Jennifer Adams, Capital Taxes Editor of TaxationWeb.Inheritance tax is well-known as being the tax that hits those who are not what could be called "well off". Those who are of millionaire status can afford to enlist the best tax advisers to enter into sophisticated tax planning to mitigate their tax bill and those whose estates are less than the exempt amount of £263,000 (the so-called "nil ... Continue Reading

TaxationWeb by Matthew HuttonThis article is the text of the Notes supporting a lecture given by Matthew Hutton at the STEP Conference "Capital Taxation After the Autumn Statement" in Central London on 24th February 2004. Reference should be made to Finance Bill 2004, which was published after Matthew's lecture.Capital Gains Tax And Private Residences - Blocking The Second Home "Scam" And Codifying Esc D5 This article is the text of the Notes supporting a lecture given by Matthew Hutton at ... Continue Reading