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TaxationWeb by Jennifer AdamsMany die without leaving a will or make a will that is defective being out of date, incomplete, or inoperable...can anything be done to rectify this? asks Jennifer AdamsTax Planning is normally perceived to be the province of the rich (possibly because they are the only ones able to afford the specialist tax adviser’s fees!) Someone who is taxed solely under PAYE may feel that as tax is deducted from his pay packet automatically then tax planning is not for him. However, ... Continue Reading

TaxationWeb by Alon Kaplan and Jimmy ChotoveliIsrael has this year altered its basis of taxation for individuals introducing taxation of worldwide income and capital gains. Yet, as this article demonstrates Israel retains many helpful exemptions and with careful planning, Israel can still be a useful place for either permanent or temporary residence. In this context UK residents may consider it a location for avoiding income and capital gains from the sale of a business, or an exceptional income ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPSome important dates for employers and self-assessment taxpayers, as highlighted in 'Busy Practitioner' for June 2003 by Mark McLaughlin ATII ATT TEPThe summer holiday period includes some important dates for employers and Self- Assessment taxpayers, and these are outlined below. 19 July 2003 Employers may find this date significant for two reasons. • Payment of Class 1A National Insurance contributions on benefits returned on a 2002/03 employer’s ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPImportant deadlines and changes affecting employment income are discussed in this article from 'Busy Practitioner' (June 2003) by Mark McLaughlin ATII ATT TEP.The Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) came into force on 6 April 2003, replacing the old ‘Schedule E’ rules. Related pay as you earn (PAYE) deadlines and practical points on employment income are outlined below. 5 July 2003 Employers wishing to account to the Inland Revenue ... Continue Reading

TaxationWeb by Jennifer AdamsThis article explores ways of saving on CGT by the owner of the business emigrating and then selling.For some strange reason the taxman thinks that he is entitled to a share of the gains made on the sale of a business that he himself did not create! There are ways round this - usually via the use of family settlements but as Mark McLaughlin detailed in his "Arthur" case study, there is another route on offer: the owner of the business could emigrate and then sell. It ... Continue Reading

TaxationWeb by Jennifer AdamsThis article delves deeper into the Principal Private Residence exemption and shows that it is not as straightforward a claim as is first thought.We are so used to saying that the sale of a Principal Private residence is CGT-free that we are in danger of forgetting that two conditions have to be fulfilled in order for that to be so:- 1. the property must not have been purchased for the sole reason of making a profit and 2. that to be exempt the property (dwelling ... Continue Reading

TaxationWeb by Daniel FeingoldThis article discusses the role that a Tax Lawyer has to play in Tax Advisory work. I also set out the areas I'll be covering in forthcoming articles.I thought it might be helpful as an introduction to this section to explain something of the role of Tax Lawyer, especially as so many people tend to associate tax exclusively with Accountants. Tax advice particularly when it involves complex planning or perhaps defending a taxpayer against an Inland Revenue investigation ... Continue Reading

Busy by Mark McLaughlin ATII TEPThis month's 'Points of Practice' looks at important PAYE deadlines during the month of May 2003, and some practical issues involving end of year PAYE return forms.Pay As You Earn The month of May is particularly significant in terms of deadlines for pay as you earn (PAYE) end of year return forms. Employers, and agents involved with client payrolls, should ensure compliance with the following key dates. 19 May 2003 The 2002/03 end of year PAYE return forms P35 ... Continue Reading

TaxationWeb by VATEaseThis article summarises some of the main changes relevant to Value Added Tax, brought by the Chancellor in the 2003/04 Budget.Easing the burden VAT Registration and Deregistration Limits •Registration threshold raised to £56,000 •Deregistration threshold raised to £54,000 •With effect from 10 April 2003. Flat Rate Scheme •Maximum annual taxable turnover raised to £150,000 (VAT exclusive) •Total annual turnover (including exempt and other non-taxable income) ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some forthcoming key deadlines and practice points for accountants and tax practitioners.Tax Credits Practitioners will be aware that the Child Tax Credit and Working Tax Credit are effective from 6 April 2003. An estimated 90% of families are eligible for Tax Credits, and around four million self-assessment taxpayers have advisers. The following practice points should therefore be considered. • To enable an agent to deal with ... Continue Reading