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Where Taxpayers and Advisers Meet
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Budget Highlights 2003
01/04/2003, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

TaxationWeb by Mark McLaughlin ATII TEPThis article summarises some of the main changes brought by the Chancellor in the 2003/04 Budget.BUDGET HIGHLIGHTS - Budgets these days are arguably not the major event that they used to be. This may be because, in addition to the Budget, there is also a Pre-Budget report towards the end of the year for the following year. In addition, the Government can (and does) make changes to the tax system during the year. Many changes for 2003/04 and subsequent years ... Continue Reading

Points of Practice
01/03/2003, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.The imminent end of another tax year turns the practitioner’s attention to pre-year end tax planning. Some points that are relevant to forthcoming dates are highlighted below. 31 March 2003 Small businesses that are considering whether to take advantage of 100% first year capital allowances on information and communications technology have until 31 March ... Continue Reading

Arthur's Grand Finale
04/02/2003, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Business Tax

Taxation by Mark McLaughlin ATII TEP & Michael Dawson MA FCA ATIIThis third case study on capital gains tax rollover relief outlines a planning opportunity involving furnished holiday lettings, non-residence and rollover relief.Arthur was homesick. Having left the United Kingdom to acquire a used car sales business in Canada, he increasingly found himself pining for warm British beer, greasy cooked breakfasts and authentic chicken tikka curry. His solution to this dilemma was to buy a flat for furnished ... Continue Reading

Points of Practice
01/02/2003, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.The 31 January 2003 filing deadline for most 2002 tax returns of individuals, trustees and personal representatives is quickly followed by another key date in the Self Assessment calendar in the vast majority of cases, i.e. 28 February 2003. Any balance of income tax, capital gains tax and Class 4 National Insurance contributions based on 2002 tax returns ... Continue Reading

Points of Practice
01/01/2003, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.Most practitioners will be at their busiest during this time of year, as the normal deadline of 31 January 2003 for filing 2002 Self Assessment returns of individuals (and trustees) becomes increasingly imminent. This deadline seems, invariably, to result in many clients submitting their tax return information to their accountant or tax adviser at the last ... Continue Reading

Case Study Arthur's Lucky 'Escape'
04/12/2002, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Business Tax

Taxation by Mark McLaughlin and Michael DawsonA planning point on the interaction between non-residence and capital gains tax roll over relief is outlined in this case study by Mark McLaughlin ATII ATT TEP and Michael Dawson MA FCA ATII.In the second of three case studies on capital gains tax rollover relief, Mark McLaughlin ATII ATT TEP, Consultant, and Michael Dawson MA FCA ATII, Principal, of Forbes Dawson explain a planning point involving the interaction between non-residence and rollover ... Continue Reading

Points of Practice
01/12/2002, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.With the 31 January 2003 tax return deadline fast approaching, practitioners may be facing the dilemma of whether to include estimated or provisional figures on some clients’ tax returns. N.B. An ‘estimated’ figure is broadly one that the taxpayer does not intend amending later. A ‘provisional’ figure is one that will be replaced by the correct ... Continue Reading

Points of Practice
01/11/2002, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.Self-Assessment From this year, there are now two additional self-assessment deadlines to remember, these are 29 December and 30 December respectively. They relate to the automatic collection of tax underpayments of less than £2,000 by restriction of an employee’s PAYE code for a later tax year, and apply to the electronic submission of self-assessment ... Continue Reading

In Good Company
01/10/2002, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Forbes Dawson by Mark McLaughlin ATII TEPMark McLaughlin, consultant to Forbes Dawson, Chartered Tax Advisers in Manchester, considers the tax advantages and disadvantages of incorporating sole trader or partnership businesses and operating as a limited company.Why incorporate?Recent changes to the tax system have led to many self-employed individuals and partnerships incorporating their businesses. There has even been talk of a ‘hidden agenda’ by the Government of pushing businesses towards ... Continue Reading

Points of Practice
01/10/2002, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.Self Assessment Taxpayers (or their agents) who informed the Inland Revenue of the requirement to file a Self Assessment return for 2001/02 towards the statutory notification deadline of 5 October 2002 may well receive a return issued on or after 1 November 2002. In this case, the filing deadline is extended to three months from the issue date, as opposed ... Continue Reading