Alwyns Chartered Accountants
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Structured investment products - what are they?
Many Financial Institutions are offering Structured Products to investors to tempt them to invest as normal cash deposit rates are so low. But what are they and what are the risks?
› Click Here Download FileAutumn Statement
› Click Here Download FileVAT - Supplies of services to non-business customers
January 2011 brought in changes for Business to Non-Business (B2C) transactions within the EC.
› Click Here Download FileVAT - Supplies of services overseas
January 2011 brought in changes for Business to Business (B2B) transactions between businesses based in different EC Countries.
› Click Here Download FileTax Efficient Charitable Giving
Over the years, the tax reliefs for charitable giving have been progressively relaxed to the extent that the formalities are now easily satisfied in most cases. From April 2013, charities that receive small donations of £10 or less will be able to apply for tax repayments in respect of those gifts without any need to obtain a gift aid declaration at all.
› Click Here Download FileLimited Liability Partnership
The purpose of this Memorandum is to give details of an alternative medium for carrying on business – the Limited Liability Partnership (“LLP”). This medium has been available since 6 April 2001, and it offers some interesting advantages, both for people who are already in business and for people who are about to set up in business.
› Click Here Download FileCapital Tax Planning for Property Investment Companies
Property investment has traditionally in the United Kingdom been an attractive investment media in the combined context of endemic inflation and economic growth. Accordingly, for those who have sufficient funds, investment properties, whether let to commercial tenants or as private residences, will usually provide good returns over the long term. A significant proportion of those who create substantial wealth in their own lifetimes do so by means of property acquisition and retention.
› Click Here Download FileBusiness Taxation: Allowances for Equipment Purchases and Research and Development
The expenditure which any business incurs on buying new capital equipment, plant or machinery cannot normally be deducted from profits as a business expense in the same way that, for example, staff salaries or travel costs are deducted.
› Click Here Download FileMaking Full Use of CGT Entrepreneurs' Relief
In this Memorandum we highlight one of the most important capital gains tax (‘CGT’) provisions, the so-called “entrepreneurs’ relief” applying to some – but by no means all - business transactions.
› Click Here Download FileProperty Letting and Development
With the appreciation in property values proving attractive, as well as increased media coverage of the attractions of property renovation activity, more people are undertaking property development as a hobby or as a secondary or primary source of income. Equally buy to let residential property investment has been very much in vogue in recent years, because, although property values may fluctuate, many people see bricks and mortar as the most solid investment they can make.
› Click Here Download FileTax efficient extraction of profits from your company
Those who operate their business through a private company will normally have had advice at the outset on structuring the company and on the minimisation of tax liabilities for withdrawal of profits. However, with tax rates and the applicable tax rules for private companies constantly changing, this update may be helpful to summarise the current possibilities for tax efficient management of net realised profits in the company.
› Click Here Download FileGoing non resident
HMRC is continuing to take an aggressive stance regarding residence issues, both for those who wish to lose their UK residence tax status and those who come to the UK to work temporarily.
› Click Here Download FileThe Enterprise Investment Scheme
Tax reliefs to encourage investment in fledgling trading companies have been available for many years, and the latest incarnation of these reliefs is the enterprise investment scheme. This scheme does not apply to investment by companies; it is directed primarily at investment by individual taxpayers, although some aspects of the scheme apply to trusts.
› Click Here Download FileUK Tax for Non-Domiciliaries
The UK remittance basis of taxation is almost unique and was until 2008 hugely advantageous to all those who are not domiciled in this country. Recent changes have to some extent resulted in it being available only to the very wealthy – a somewhat strange result which has made the reliefs even more controversial.
› Click Here Download FileCapital Gains Tax for Individuals
Capital gains tax for individuals was introduced in the UK in 1962. It was originally a limited tax on short-term gains. However, it was widened considerably in 1965 to cover virtually all gains of a capital nature. There have been a number of changes announced in recent budgets and this Memorandum covers the position for the current fiscal year.
› Click Here Download FileCurrent Benefits of SSAS Pension Schemes
The purpose of this Memorandum is to explain the workings of SSASs - Small Self Administered Schemes.
› Click Here Download FileHow to save with a SIPP from 6 April 2011
The purpose of this Memorandum is to explain the advantages and disadvantages of self-invested personal pension schemes (SIPPs).
› Click Here Download FileAn update on income tax relief for pension premiums
Changes to tax relief rules for contributions have been made or proposed at least 4 times in the last 2 years. New rules, including a reduced Annual Allowance, started on 6 April 2011. Hopefully the latest rules will provide stability.
› Click Here Download FileVAT for Small Businesses
VAT inspections by HMRC are less frequent than was once the case and in fact many are now carried out purely by telephone. Nevertheless HMRC is adept at homing straight in on areas where mistakes commonly occur, and they will often magnify the fault several times over by assuming that the same error will have been made in previous years. The end result can be a large and unexpected VAT bill plus interest and a penalty.
› Click Here Download FileEmployee Shares in Private Companies
One of the best incentives which can be offered to key staff in a private company is a shareholding in the company. This is the ideal method to give them a stake in the business and a share in the results of it. It also links the employee to the employer on a long term basis and offers opportunities for rewarding them in a tax-efficient manner so that, with time, much of the profit from the shares will escape the ravages of income tax otherwise payable on earnings. The drawback is of course that if he or she leaves the employment, it may no longer be appropriate for an ex-staff member to continue with a shareholding. Hence it may be advisable to deal with this point at the outset by including pre-emption rights in the company’s Articles of Association, by which other shareholders may have the right to buy out the shares for fair value.
› Click Here Download FileInheritance Tax and Capital Gains Tax Planning for Farmers
Because farmland enjoys generous reliefs from inheritance tax, HMRC examines all such claims very carefully. As a result there has been a succession of appeals to the tax tribunals concerning agricultural property relief in recent years, although there have been notable successes by both taxpayers and HMRC. One of the lessons to be learnt from these appeals is that even working farmers need to take advice about their inheritance tax position, as it is easy to lose the benefit of some of the reliefs.
› Click Here Download FileInheritance Tax Mitigation Techniques
Following an announcement in the Budget this year, it is now known that there are no plans alter the inheritance tax nil rate band (currently £325,000) in the life of the current Government. This is a far cry from the erstwhile pre-2010 General Election policy statement of the Conservative party, who claimed that they would increase the nil band to £1,000,000 if elected. IHT planning therefore remains firmly on the agenda for the foreseeable future. This memorandum summarises the main IHT mitigation techniques which are currently used by specialists in this field for those who are UK resident and domiciled.
› Click Here Download FileThe Bribery Act 2010 For Businesses - Update
This briefing note should be read in conjunction with our initial review of The Bribery Act 2010 posted to this website previously. The long-awaited guidance has now been published, both by the Government and by the Director of Public Prosecutions and Serious Fraud Office.
› Click Here Download FileRecent Changes to Company Vehicle Drivers
On 5th April 2010, the CO2 emission rates that control the tax benefit in kind rates were reduced so that virtually all company car drivers are now paying tax on an extra 1% of the vehicle cost. Emission limits are steadily being reduced and whilst the Government has indicated what might happen in the years to come, this can always be changed.
› Click Here Download FileBudget Report
› Click Here Download FileThe Plumbers Tax Safe Plan (PTSP)
Apparently HM Revenue & Customs have highlighted the plumbing and heating industry for their next campaign to attract disclosures from taxpayers in a particular industry group. It is called The Plumbers Tax Safe Plan (PTSP).
› Click Here Download FileThe Bribery Act 2010 for Businesses
The Bribery Act 2010 received Royal Assent on 8th April 2010 and is expected to come into force some time during 2011. Despite recent articles in the press it is expected that The Bribery Act 2010 will remain unchanged but guidance as to how the Act will be interpreted will be issued three months prior to implementation.
› Click Here Download FileVAT Alert - ECJ Decision in German "Takeaway Food" Cases
A recent ECJ decision in the case of Manfred Bog and others raises the possibility of zero-rating certain hot takeaway food in the UK. The Court considered the VAT treatment of takeaway foods and beverages from mobile snack bars, snacks stalls and in cinemas. One of the applicants was a butcher providing catering services.
› Click Here Download FileRecord Keeping
HM Revenue & Customs are planning to make at least 50,000 checks on the record keeping of businesses and this could especially affect small businesses. This really is the first time that HM Revenue & Customs are looking closely at record keeping and ties in with their new penalty procedures.
› Click Here Download FileYear End Tax Planning
We await with interest George Osborne’s 2011 Budget, due to take place on 23rd March 2011 but, given the state of the economy, it is likely that the current high rates of tax will stay with us, aggravated by a 1% increase in National Insurance for both employees and employers.
› Click Here Download FilePractical Ways To Improve Personal Finances
› Click Here Download FileAutumn Statement
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December Tax Update
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Helping Infant Children Through The Tax Maze
Over the past few years, there has been a sustained attack by the Government on the use of family trusts for general tax planning purposes.
› Click Here Download FileWill Trusts: Tax Planning Before and After Death
Making a will is often treated as a project for some future time but it is essential that everyone should give it some priority if only because, in the absence of a will, the arbitrary rules of intestacy will apply.
› Click Here Download FileIncome Tax Relief on Pension Contributions
Changes to rules for contributions have been made or proposed at least 4 times in the last 2 years.
› Click Here Download FileCurrent Tax Planning Opportunities For Higher Rate Taxpayers
Any hopes that the new coalition Government might focus on spending cuts rather than increasing tax rates are clearly not going to be realised.
› Click Here Download FileCapital Gains Tax for Individuals from 23 June 2010
As was widely discussed in the press before the recent Budget, the anticipated increase in the rate of capital gains tax did materialise, although the details of the change were somewhat different from that which was expected.
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