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Taxation by Mark McLaughlin and Michael DawsonMARK McLAUGHLIN ATII, ATT, TEP and MICHAEL DAWSON MA, FCA, ATII of Forbes Dawson explain how allocating gains between new assets can work to the taxpayer’s advantage for capital gains tax rollover relief purposes.UNCLE ARTHUR AND his nephew Terry are in partnership together, having operated a successful car wash business for a number of years. Profits are divided 60:40. They sell the business in August 2003, realising gains (before taper relief and ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPThis article outlines some key deadlines and practice points for accountants and tax practitioners.30 September 2002 Tax returns for 2001/02 must be received no later than this date for taxpayers who wish the Inland Revenue to calculate their tax and, if applicable, Class 4 National Insurance liabilities. However, the deadline for a Revenue tax calculation is extended to two months from the issue of the notice requiring the return, if later. If the ... Continue Reading

Charterhouse Consultants by Les MarstonIn the latest guest article for Taxationweb, Les Marston of Charterhouse Consultants sets out a survival plan and some words of advice for taxpayers who are the subject of an Inland Revenue investigation.INTRODUCTIONKnow your rights. Have your affairs in order. Being up to date and orderly is ESSENTIAL. Learn the rules of Engagement – as they can be used to your advantage. Get professional help. Don’t be overawed or intimidated. Don’t always assume the ... Continue Reading

TaxationWeb by John Ward BA FCA FITIIrish and UK Tax Specialist John Ward BA FCA FITI explains the Irish tax treatment of individuals moving between the UK and Ireland and draws attention to some significant tax planning possibilities.IntroductionThe purpose of this article is to outline the Irish tax rules for determining the residence status of individuals and to describe the territorial scope of the Irish Income Tax and Capital Gains Tax regimes. The opportunity is then taken to point ... Continue Reading

TaxationWeb by Laura Hutchinson ATII ATTA valuable form of relief from Inheritance Tax is potentially available to farmers and landowners. Tax Specialist Laura Hutchinson ATII ATT of Forbes Dawson explains the opportunities and complexities of Agricultural Property Relief.IntroductionAgricultural land and property (‘agricultural property’) will probably make up the greatest part of a farmer’s estate upon death. Fortunately, a relief against inheritance tax on these assets is available ... Continue Reading

Tolley's Practical Tax by Mark McLaughlin ATII TEPIs the government deliberately pushing businesses towards incorporating? Has there been a better time to convert sole trader or partnership businesses to limited companies? Tax specialist Mark McLaughlin ATII ATT TEP of Tax Advisers Forbes Dawson considers the proposed legislative changes and some tax planning possibilities.Does anyone sense a subliminal message from the legislation introduced in the Budget, which flashes 'incorporation' at them? ... Continue Reading

TaxationWeb by Kate Stephens ACA, ATIIATTENTION STUDENTS! There are easy planning steps that can be taken by you and your parents to take advantage of tax reliefs and exemptions available and to increase the amount of cash in your hands. Tax specialist Kate Stephens ACA ATII of tax advisors Forbes Dawson outlines some tax planning ideas.This article outlines easy planning steps that can be taken by you and your parents to take advantage of tax reliefs and exemptions available and to increase the ... Continue Reading

TaxationWeb by Kate Stephens ACA, ATIISTUDENTS! What tax planning possibilities are available to you and your parents in respect of owning property while you are a student? Tax specialist Kate Stephens ACA ATII of tax advisers Forbes Dawson outlines some tax saving ideas.Given the state of the UK housing market investing in a house for you to live in while studying could be an attractive proposition. You can also earn a certain amount of income tax-free from renting rooms in your home.This article ... Continue Reading

TaxationWeb by Laura Hutchinson ATII ATTThe government are considering amending the rules applicable to individuals who are not domiciled in the UK. Tax specialist Laura Hutchinson ATII ATT of Tax Advisers Forbes Dawson explains the basics behind the current income tax regime for non-UK domiciliaries who are resident in the UK.The government are considering amending the rules applicable to non-UKdomiciled individuals. The following article attempts to explain thebasics behind the current income tax ... Continue Reading

TaxationWeb by Les HowardAs a VAT Practitioner, the 2002 Budget seems to be unique in its complexity as far as VAT is concerned. The problem, of course, is finding out if and how, the various changes apply to businesses. Further, existing accountancy support must be appraised of any changes to, for example, accounting procedures.As a VAT Practitioner, the 2002 Budget seems to be unique in its complexity as far as VAT is concerned. The problem, of course, is finding out if and how, the various changes ... Continue Reading