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Busy Practitioner by Mark McLaughlin ATII TEPDealing with the Inland Revenue is more flexible than ever before, in terms of communication channels. Mark McLaughlin ATII ATT TEP outlines one such medium - 'business by telephone'.Channels of communication with the Inland Revenue seem to be constantly expanding. Practitioners can now deal with many aspects of their clients’ affairs by telephone and can file tax returns and view statements of account over the internet. Compulsory ‘e-filing’ of ... Continue Reading

TaxationWeb by Daniel Feingold, Barrister (NP)The family home is often the main asset in a person's estate. Escalating property values are resulting in more and more people falling into the IHT net as a result. What can be done? Daniel Feingold outlines an arrangement which may have a short shelf life.When I first thought of writing this article there were three exciting tax-planning opportunities available to take the family home out of the inheritance tax net. The avenue thrown up by the Eversden ... Continue Reading

TaxationWeb by Simon SweetmanSimon Sweetman, vice-chair of the tax policy unit of the Federation of Small Businesses gives a brief note on the taxation of ecommerce for those new to trading on the net.This is an introduction to a more detailed article on E-Commerce Taxation, available to download from http://www.taxationweb.co.uk/businesstax/ECommerce_Taxation.pdf This article is about tax questions arising from electronic commerce : this is a complex area and professional advice should be taken ... Continue Reading

TaxationWeb by Peter Arrowsmith, FCAA useful NI 'tip' concerning non-cash vouchers, described by Peter Arrowsmith, FCAIt should be remembered that, from 6 April 1999, non-cash vouchers are subject to Class 1 National Insurance contributions (although not PAYE), i.e. they are to be accounted for through the payroll at the same time as cash payments. The definition, based on the tax legislation, is extremely wide and catches - for example: - Air/holiday tickets - Some car park/football, etc. ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPSome useful practice guidelines for tax advisers are reviewed by Mark McLaughlin ATII ATT TEPThe Chartered Institute of Taxation and The Association of Taxation Technicians have published very useful practice guidelines for member advisers entitled Standards for the Provision of Taxation Services. These are directed primarily towards self-assessment tax returns and apply to dealings with the UK tax authorities. Some helpful and important points are raised, ... Continue Reading

TaxationWeb by Jennifer AdamsHow can trusts be used to help children, grandchildren etc onto the property ladder? Jennifer Adams explains.According to the London’s Evening Standard newspaper it is almost impossible for anyone younger than say, 30 years, to be able to buy a house in the Capital and the situation is becoming increasingly the same in the Commuter Belt. Those who are able to get on the bottom rung of the ladder appear to be helped by their parents who are remortaging their houses to ... Continue Reading

TaxationWeb by Peter Arrowsmith, FCAA useful NIC tip for employees with personal pension plans, by Peter Arrowsmith, FCAThe current personal pension (and stakeholder personal pension) regimes allow contributions to be paid by either the employer or the employee. Normally, it is employee contributions that are paid. Where it is desired to make an employer contribution, it is important to establish that what is paid is indeed an employer contribution and not an employee’s contribution settled ... Continue Reading

TaxationWeb by Peter Arrowsmith, FCAA National Insurance tip for actors and their advisers, by Peter Arrowsmith, FCA, of National Insurance ConsultancySome actors should now be making NIC refund claims for the last five years. New regulations in respect of entertainers came into effect from 6th April 2003. The Inland Revenue’s intention in changing the regulations was to ensure that most entertainers fall within their requirements. Since the original regulations were introduced in 1998, it has ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPInheritance Tax is becoming an issue for an increasing number of taxpayers, particularly in view of spiralling property values. Some recent changes affecting IHT compliance are considered by Mark McLaughlin ATII ATT TEPThe continuing trend of upwardly spiraling property values in particular means that inheritance tax (IHT) is becoming an increasingly relevant issue for clients and their advisers, and this is notwithstanding the increase in the nil rate ... Continue Reading

TaxationWeb by Jennifer AdamsWhen a couple divorce tax problems may arise if not thought through carefully - the timing of transfers of assets could have large tax implications, as Jennifer Adams explainsIt is sad when a married couple separate - hopes and dreams that started maybe 10 or even 20 years ago are now dust. If the couple decide to place the separation on a formal footing with the intention of divorce then apart from the emotional upset there may be pressing concerns on the financial side ... Continue Reading