Articles and press releases include:
Capital Gains Tax Changes - An Update
The Finance Bill 2008, which we expect to be enacted in July, includes a number of changes to the Capital Gains Tax (CGT) regime, which applies from 6 April 2008. The key changes, which include the abolition of Business Asset Taper Relief (BATR) and indexation allowance and the introduction of a flat rate of CGT of 18%, mean that, from that date, the rate of CGT on the disposal of business assets will increase by up to 80% for many taxpayers and by very much more for those taxpayers making relatively small gains.
View the full Capital Gains Tax changes - An Update article
Offshore bank accounts - HMRC take action
Following the closure of last year's Offshore Disclosure Facility (ODF), HM Revenue and Customs (HMRC) has now begun "pursuing those [individuals] with offshore accounts and tax liabilities who did not notify their intention to disclose [under the ODF] … as well as those who notified but decided not to disclose."
View the full offshore bank accounts - HMRC take action article.
VAT Update
Invoicing procedures for VAT purposes
With effect from 1 October 2007 there are minor changes required to the format of invoices and a slight change to the rules for invoice numbering. Businesses most likely to be affected by the changes are those using the margin scheme for second-hand goods, antiques, works of art and collectors’ items, businesses involved in making travel related supplies that fall within the scope of the Tour Operators’ Margin Scheme, businesses that are involved in intra-EU supplies of goods and services, and businesses that make supplies where the customer accounts for VAT, i.e. the reverse charge.
View the full VAT update article.
Thinking of selling your business?
More than 60 local business owners learnt how to prime their business for sale at a recent seminar organised by St Albans-based accounting, tax and business advisory company Vantis.
Nigel Kimber of Vantis’ corporate finance division told attendees that if they want to sell, they need to get their business into shape. He explained, ‘‘There may well be certain ‘tricks of the trade’ when it comes to presenting a business for sale, but ultimately, if the business has not focused on improving itself, in every aspect, any potential premium value on sale could be severely diminished.”
View the full thinking of selling your business article.
Economic crisis - what economic crisis?
Andrew Scott of Vantis in St Albans looks at what local businesses should be doing to survive an economic downturn
A whole new vocabulary seems to be emerging to express the economic crisis that much of the media is predicting: terms such as 'sub-prime lending' and 'credit crunch' were hardly common currency a year ago, yet we hear of little else in the press nowadays. But the effects of these, plus consumers failing to buy at the same levels as in previous years, falling house prices, and rising inflation, are having a real effect and forcing everyone to consider their next actions carefully.
View the full economic crisis - what economic crisis article.
Post 2008 Budget Inheritance Tax Planning Seminar
Good News – gifts to political parties are still Inheritance Tax free!
“Donations to political parties continue to be Inheritance Tax (IHT) free” was one message from Peter Legg of accounting, tax and business advisory group, Vantis, at a tax planning seminar held recently at the Old Albanian’s Rugby Club in St Albans. He pointed out that the absence of any proposed reform comes contrary to expectations for the government to reduce the scope for IHT planning, since the current government wants to increase its Inheritance Tax take from £3.5b to £10b over the next few years.
View the full post budget 2008 Inheritance Tax Planning seminar article.
Capital Gains Tax changes to go ahead
The Chancellor has confirmed that the changes to the Capital Gains Tax (CGT) regime, announced in the Pre-Budget Report 2007, will go ahead from 6 April 2008. The key changes which include the abolition of Business Asset Taper Relief (BATR) and indexation relief, and the introduction of a flat rate of CGT of 18%, mean that, from that date, the rate of CGT on business assets will increase by up to 80% for many taxpayers and by very much more for those taxpayers making relatively small gains.
View the full Capital Gains Tax changes to go ahead article.
Domicile and Residence - Changes to the Tax Rules - Act Now
This note summarises the draft legislation relating to the changes to the domicile and residence tax rules, announced in the Pre-Budget Report 2007 and amended in the 2008 Budget. These changes affect all non-UK domiciled, UK resident individuals, with effect from 6 April 2008.
View the full Domicile and Residence - Changes to the Tax Rules - Act Now article.
Income shifting - an added burden for family businesses
Immediately following its defeat in the House of Lords in the Arctic Systems case, HM Revenue & Customs (HMRC) announced its intention to publish draft legislation to address the situation where income is diverted (shifted) from one individual to another (usually a spouse or civil partner) who is subject to a lower rate of tax.
View the full income shifting - an added burden for family businesses article.
The removal of taper relief for Capital Gains Tax - what does this mean for you?
Following the changes to the Capital Gains Tax (CGT) regime announced in the Pre-Budget Report, much opposition to the proposed abolition of taper relief has been voiced by industry bodies such as the Confederation of British Industry, the Institute of Directors and the Federation of Small Businesses.
View the full removal of taper relief for Capital Gains Tax - what does it mean for you article.
It ain't what you do...
Author: Andrew Scott
When it comes to building a business, like many of the things that matter in life, simply getting there, and getting there fast, isn't necessarily enough. It is the way you achieve your goals that determines whether they are sustainable.
View the full It ain't what you do.. article.
Better business, by design
Author: Andrew Scott
Listening to architects and designers talk about form and structure, it makes perfect sense that if an object is to be fit for purpose, it has to be made from appropriate materials, based upon a structure that supports its use. The same rules apply to running a successful business. Far too many businesses fail in the early years, which is why acquiring and developing skills that enable your business to deliver within a structure that facilitates consistent decision-making, are the basic needs of every business.
View the full Better business, by design article.
Applying the Pareto principle to increase profitability
How often in our busy working lives do we hear colleagues, clients or business contacts refer to the “80/20 Rule”, also known as the Pareto principle?
View the full applying the Pareto Principle to increase profitability article.
Arctic systems - victory to the taxpayer!
At last outright victory for the taxpayer against Her Majesty's Revenue and Customs (HMRC) in the now famous Arctic Systems case.
View the full arctic systems - victory to the taxpayer article
Pay less capital gains tax when you sell your second home
Most people know that they do not pay Capital Gains Tax (“CGT”) when they sell their home. This is because of something known as Principal Private Residence (“PPR”) relief. But what if you have more than one home?
View the full pay less capital gains tax when you sell your second home article.
Tax amnesty - act now
HM Revenue & Customs (HMRC) has recently announced the launch of its ‘Offshore Disclosure Facility’ (ODF). This follows its recent success in obtaining offshore bank account details for UK taxpayers held at Barclays, HBOS, HSBC, Lloyds TSB and RBS.
View the full tax amnesty - act now article.
Companies act 2006 - initial implementation
The Companies Act 2006 received royal assent on 8 November 2006. It repeals and restates, in plain English, almost all of the current Companies Acts, which it will largely replace.
View the full Companies act 2006 - initial implementation article.
Construction industry scheme
As you may be aware changes to the Construction Industry Scheme (CIS) were due to take effect from 6 April 2006. However, due to serious concerns that businesses would have insufficient time to amend their systems and procedures and to train staff on the operation of the new scheme, the date was deferred until 6 April 2007.
View the full construction industry scheme article.