Enter Your E-mail

TaxationWeb by Jennifer AdamsThere is more than one potential 'exit route' for business owners selling the family company, explains Jennifer Adams, Capital Taxes Editor of TaxationWebIn the ideal world the sale of any business should be planned well in advance not least to ensure the maximum tax benefits available – but as we all know the business world in particular is not "ideal". There are a number of questions to be answered before a company goes down the selling route – in particular ... Continue Reading

Tax Adviser by Shiv Mahalingham BSc(Econ) ACA CTAShiv Mahalingham BSc(Econ) ACA CTA outlines the tax treament of income and expenses for medical professionals.This article was published in Tax Adviser February 2004. Key Points 1. Medical professionals are likely to have a variety of income engagements and it may not be immediately obvious under which Schedule such income should be assessed. 2. The Schedule will be important in scertaining the overall tax liability of the medical professional. 3. ... Continue Reading

TaxationWeb by Jennifer AdamsAn article detailing the valuable IHT exemptions available for everyone and when they can be usedInheritance 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 rate" band - as announced in Budget ... Continue Reading

TaxationWeb by Mark McLaughlin ATII TEPWell, how was it for you? Here are some key points from Budget 2004, compiled by Mark McLaughlin ATII ATT TEPINCOME TAX Tax Rates - the 10% starting rate income tax band is increased from £1,960 to £2,020 for 2004/05, with an increase in the basic rate from £30,500 to £31,400; Simpler Tax Returns - a shorter four page self-assessment tax return will be introduced nationally from 6 April 2005, for taxpayers with ‘simple’ tax affairs, such as: - ‘straightforward’ ... Continue Reading

TaxationWeb by Daniel FeingoldFollowing the Budget Yesterday. Daniel Feingold explains why the Inland Revenue's Pre-Owned Assets Income Tax is despite some very minor concessions still a retropsective measure in breach of Human Rights Law and needs to be challenged.The Budget and the new Pre-Owned Assets Income Tax. 1: Introduction Well, the Inland Revenue have pressed ahead with the Pre-Owned Assets Income Tax and with the headlines grabbed by other issues in the Budget, the impact of serious ... Continue Reading

TaxationWeb by Ian McTernan, CTAThe benefits of using Limited Companies for property investment is probably one of the most frequently discussed topics in any tax discussion forum. Ian McTernan, (CTA) and author of the e-Book - 'How to use companies to cut your property tax bills', explains some of the benefits of using a Limited Company.This article has been adapted from Ian McTernan's "How to use companies to cut your property tax bill" e-book. Go to www.taxationweb.co.uk/propertytax/ltd for ... Continue Reading

TaxationWeb by Daniel Feingold, Barrister (NP)Inheritance Tax planning arrangements such as the 'Double Trust' scheme were seemingly the target of the 'Pre-Owned Assets' income tax charge announced in the Pre-Budget Report on 10th December 2003. Daniel Feingold, Barrister (NP) offers his personal on the new tax.THE PROBLEM Since I wrote about the Double Trust Scheme for avoiding inheritance tax on valuable homes in October; the Revenue have attacked such schemes in the December 10th 2003 Pre-Budget ... Continue Reading

TaxationWeb by Daniel FeingoldFor anyone who has carried out any inheritance tax planning, the law could be about to change dramatically. You could face an annual income tax charge as a penalty for carrying out such planning. This is particularly so for those who have used the Double Trust Scheme to save inheritance tax on their family home. I outline the proposed new Pre-Owned Assets law , how it has arisen and why it is against Human Rights Law and must be prevented from coming into being.Double ... Continue Reading

TaxationWeb by VAT Solutions (UK) LimitedVAT Solutions (UK) Ltd explain how the Money Laundering laws and powers of HM Customs and Excise can affect legitimate businesses, including relatively small cash businesses.The new Proceeds of Crime Act has brought in tough new laws on money laundering. Most people think it only effects drugs dealers, terrorists and major fraudsters, however, relatively small cash businesses can fall foul of the laws with little recourse. I have worked on a number of such ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPTaxpayers with outstanding Tax Returns for 2003 and earlier years could find themselves being actively pursued by the Inland Revenue from February 2004. 1 March 2004 also sees the introduction of The Money Laundering Regulations, explains Mark McLaughlin ATII ATT TEP.Late filing of returns Practitioners with clients who have not filed their 2003 tax returns could find the Inland Revenue actively pursuing the submission of those outstanding returns by telephone, ... Continue Reading