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Taxation by Mark McLaughlin ATII TEPThe direct tax treatment of business compensation receipts is considered by Mark McLaughlin ATII ATT TEP.Business relationships are sometimes compared with marriages. Without wishing the reader to infer too much into the writer’s private life, if this is an accurate analogy I fear for the future welfare of businesses generally! Like marriages, business relationships experience ‘ups’ and ‘downs’, and sometimes a parting of the ways. This article considers ... Continue Reading

TaxationWeb by Mark McLaughlin ATII TEPValentines 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’ by Mark McLaughlin ATII 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’. 1. A romantic dinner for two Remember ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPTopical information on capital allowances plus some key tax dates are outlined by Mark McLaughlin ATII ATT TEPCapital allowances The recent Pre-Budget Report outlined increases in the thresholds for 'small or medium-sized' enterprises (as defined in Companies Act 1985, s 249). The higher thresholds apply for accounting periods ending on or after the date regulations enter into force giving effect to the increases. Under the new rules, the criteria for ... Continue Reading

TaxationWeb by VAT Solutions (UK) LimitedVAT Solutions (UK) Ltd outline the possible implications of recent EU legislation on invoicing procedures for your businessWhat impact will the EU invoicing directive have on your business? There has been a lot of talk in the press recently about the EU invoicing Directive and its effects on UK businesses. The simple answer, we are glad to tell you, is very little. The idea of the EU invoicing Directive is to bring all EU member states into line so that ... Continue Reading

Taxation by Mark McLaughlin ATII TEPThe tax implications of damages for personal injury are described by Mark McLaughlin ATII ATT TEP.WE LIVE IN interesting times. We also live in an increasingly litigious world. This may be good news or bad news, depending on whether you are a litigation lawyer or forensic accountant on the one hand or, for example, a sole practitioner struggling to come to terms with an increasing annual professional indemnity insurance premium on the other. It therefore seems ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPVoluntary and mandatory e-filing and e-payments by employers, together with key tax dates, are outlined by Mark McLaughlin ATII ATT TEPPractitioners offering payroll services or advising clients on computerised accounting packages could help them obtain taxfree payments from the Inland Revenue. Recent guidance from the Revenue for employers on filing end of year pay as you earn returns electronically (‘Do it Online: online filing’) was supported by ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPThe new Stamp Duty Land Tax regime includes compliance requirements similar to the self-assessment system for individuals and companies. The new rules are outlined by Mark McLaughlin ATII ATT TEPStamp Duty Land Tax (SDLT) is introduced on 1 December 2003, replacing the Stamp Duty regime on UK land and buildings (see FA 2003, ss 42-124, Schs 3-19). From a compliance perspective, the SDLT regime imposes a system of self-assessment in respect of ‘land ... Continue Reading

TaxationWeb by Jonathan MillerA guide for anyone who is, or has bought property in Spain. It is helpful also for those thinking of, or who have become, resident in Spain. There is also guidance on the new strategy of Buying Off Plan, that is being promoted heavily here in the UK.THE PURCHASE BackgroundBuying a property in Spain, either as a holiday home or to retire, has been a pretty popular thing to do during the last few decades. And although prices have gone up recently, the same could have ... Continue Reading

TaxationWeb by Peter Arrowsmith, FCANew regulations introduced with effect from 6 April 2003 prevent a double NIC charge for postmasters. Peter Arrowsmith FCA explains this change. The Social Security (Contributions) (Amendment No. 7) Regulations 2003 (SI 2003/2958) purport to change the 2001 Contributions Regs by eliminating from 6 April 2003 the double NIC charge for sub-postmasters. The difficulty for sub-postmasters has been that their Post Office salary is paid after deduction of Class ... Continue Reading

TaxationWeb by Shiv Mahalingham BSc (Econ), ACA, CTAA look at the present and future for non-UK domiciliaries, and some practical points and opportunities arising from the remittance basis of charge to income and capital gains tax, as explained by Shiv Mahalingham BSc (Econ), ACA, CTAThe publication of the United Kingdom residence and domicile background paper by the Treasury and the Inland Revenue in April 2003 (Reviewing the residence and domicile rules as they affect the taxation of individuals: ... Continue Reading