Articles and press releases include:
Tax planning in an uncertain economic climate
The significant turmoil in financial markets clearly will be having an impact across the board. Arguably, such turmoil and consequent asset depreciation is likely to be a feature for some time.
View the full Tax Planning in an uncertain economic climate article
Income Shifting - Where are we now?
When the House of Lords ruled in favour of Mr & Mrs Jones in the long-running and much-publicised income shifting case colloquially known as Arctic Systems, the Government reacted within 24 hours by announcing that it intended to introduce legislation to "put the law back to where everyone thought it was before this case"! This announcement was followed in December last year by the issue of draft legislation and a consultation paper, both of which were roundly criticised by the Professions, with many respected commentators and business owners branding them as unworkable.
View the full Income Shifting - Where are we now article
CIS Status : The Current State Of Play
Those businesses within the construction industry that retain workers, particularly labour-only, on a self employed basis have not had things easy of late. First the new Construction Industry Scheme (CIS), launched just over 12 months ago, brought the issue back into the spotlight, and the new monthly status declaration – together with its swingeing penalty regime – was for many the final straw that saw them convert at least some of those workers into fully paid-up employees under PAYE.
View the full CIS Status: The Current State of Play article
Qualifying Recognised Overseas Pension Schemes (QROPS) - pensions flexibility for non-UK residents
QROPS represent a valuable investment and tax planning opportunity for individuals with UK pensions rights who are not resident in the UK or who are considering leaving the UK.
View the full QROPS article
Research & Development (R&D) tax credits can either reduce a company’s tax bill, or in some cases provide a cash sum for those yet to make a taxable profit…
The Government first introduced the concept of tax credits for expenditure on R&D in April 2000. However, it would appear that many companies who could qualify are missing out on these valuable incentives; if this applies to you it’s never too late to appraise your circumstances. Here is a recap of the basic rules.
View the full Research & Development article
Green Incentives
The Government is increasingly using the imposition of environmental taxes to compensate for the impact of economic externalities, as they are often referred, but at the same time offering a number of green incentives to influence the behaviour of companies. These can be easily overlooked and care is often required to ensure that items purchased do meet the relevant criteria.
View the full Green Incentives article
Payments on the termination of employment – getting it right
The current economic downturn is hitting businesses hard and many are having to consider making cost savings through redundancies and severances. This is never easy and can be made even more difficult by a complex set of tax rules. Many people have heard of “the £30,000 limit” and assume that any and all payments up to this level are tax free. This is not the case and termination payments incorrectly paid gross are “rich pickings” for HM Revenue & Customs’ (HMRC) enquiry teams.
View the full Payments on the termination of employment – getting it right article
Capital Allowances - All Change
In the 2007 Budget, the Government announced an extensive number of changes to “modernise and simplify the Capital Allowances system” which provides tax relief for certain categories of capital expenditure.
View the full Capital Allowances - All Change article
HM Revenue & Customs' (HMRC) new approach to transfer pricing work
Large businesses have identified that a major concern for them is the impact of transfer pricing enquiries on their business. As a result, HMRC has recently formed a Transfer Pricing Group (TPG) which will be involved in every transfer pricing enquiry carried out by HMRC.
View the full HM Revenue & Customs' (HMRC) new approach to transfer pricing work article
New tax penalty regime
HM Revenue & Customs (HMRC) is introducing a new cross-tax penalty regime for inaccuracies in returns or other documents. Initially, the new penalties will apply to VAT, PAYE, National Insurance, Capital Gains Tax, Income Tax, Corporation Tax and the Construction Industry Scheme for tax periods starting on or after 1 April 2008 and documents that are due to be filed on or after 1 April 2009.
View the full new tax penalty regime article
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.
Top ten tips to surviving the credit crunch
Against a backdrop of rapidly falling levels of confidence, consumers are revising down their aspirations, and ultimately their expenditure, both over the long-term and the short-term. And without sales, the market shrinks. And in a shrinking market, lenders are less inclined to make loans; if they do, they will undoubtedly charge more to make up the shortfall in income because they are lending less. The whole thing turns into a vicious circle, if not a self-fulfilling prophecy!
View the full top the tips to surviving the credit crunch 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.