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Alwyns Newsletter Autumn 2022

23rd September 2022

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Capital allowances

12th July 2022

Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for ‘capital’ expenditure. ‘Capital allowances’ is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most ‘capital’ items, such as computer equipment, vehicles, machinery etc last for more than a year or so. The tax rules do not allow you to automatically deduct the full cost of such items in one go and different rules apply to different types of capital expenditure. In some cases, no tax relief is available at all even though you may have spent the money solely for business purposes.

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Capital gains tax

12th July 2022

CGT was first introduced in 1965. Until then capital gains were not subject to tax. This had led many people to avoid income tax by converting (taxable) income into (tax free) capital gains. A capital gain is the profit you make when you sell an asset for more than you paid for it and the law sometimes taxes you on capital gains that you are deemed to have made when you give certain assets away or otherwise dispose of them without selling them.

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Corporation tax self assessment

12th July 2022

Corporation tax is a tax levied on company profits. The tax was first introduced in 1965 and corporation tax self assessment (CTSA) was introduced in 1999 following the successful introduction of income tax self assessment.

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Income tax – an introduction

12th July 2022

Income tax has a long history. It was first announced in 1798 and introduced in 1799 by the then Prime Minister, William Pitt the Younger, to help pay for the war against France under Napoleon. The tax raised almost £6 million in its first year. The tax was repealed a number of times in the early years but the foundations of income tax as we know it were laid by Pitt’s successor, Henry Addington, who brought in the Addington Act which introduced two major innovations...

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Inheritance tax – an introduction

12th July 2022

The introduction of a tax on estates in England and Wales in 1796 was the precursor of the Inheritance Tax system we have today. The current system of inheritance tax was first introduced in 1986. Inheritance tax counts for less than 1% of government income.

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Introduction to the VAT annual accounting scheme

12th July 2022

The purpose of this official VAT scheme is to simplify your VAT accounting procedures and so reduce the cost to you of complying with your VAT obligations.

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Introduction to the VAT flat rate scheme

12th July 2022

The purpose of this official VAT scheme is to simplify your VAT accounting and so reduce the cost of complying with your VAT obligations. In theory some businesses win, and some lose when adopting this scheme. In practice you will only join it if you expect to benefit from so doing.

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Non-domiciled individuals

12th July 2022

The UK tax rules which concerns individuals who are non UK domiciled changed considerably in April 2008.

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Personal services companies and IR35

12th July 2022

The ‘IR35’ rules are intended to prevent the avoidance of tax and national insurance contributions (NICs) using personal service companies (PSC) and partnerships.

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Stamp duty land tax (SDLT) – an introduction

12th July 2022

Stamp duty land tax (SDLT) was introduced on 1 December 2003 and replaced stamp duty in respect of land transactions.

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Starting in business

12th July 2022

This guide is for whether you have already decided to start a new business, or you are simply considering your first move into self-employment. What do you need to think about before taking the plunge?

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The family home

12th July 2022

One of the most often used and valuable of the capital gains tax (CGT) exemptions is the private residence relief when you sell the family home.

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VAT – the basics

12th July 2022

VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the value added tax (VAT) they collect.

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Your business structure

12th July 2022

Many people assume that everyone who has their own ‘business’ runs a ‘company’. However, the two words do not mean the same thing. There are actually four common forms of business structure.

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What is the construction industry scheme (CIS)

12th July 2022

The CIS is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’.

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What is auto enrolment for pension’s purposes?

12th July 2022

Automatic enrolment as a general term usually defines a governmental objective to establish pension schemes in which targeted individuals are automatically enrolled. Using this as a basis for setting up such schemes typically results in far higher participation rates than when individuals are left to opt-in to schemes voluntarily. The introduction of automatic enrolment for workplace pensions is intended to ensure that many more employees begin to make proper provision for having a work-based pension.

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Alwyns Newsletter Summer 2022

23rd June 2022

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Alwyns tax card 2022/23

4th April 2022

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Alwyns Newsletter Spring 2022

10th March 2022

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Alwyns Newsletter Winter 2021

3rd December 2021

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Covid-19 support measures

13th October 2021

The Coronavirus (COVID-19) outbreak has impacted almost every aspect of life in the UK since early 2020 and has prompted Government to impose various restrictions in an attempt to control the rate of infection. The effects on the UK economy have been enormously disruptive and far-reaching.

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Alwyns Newsletter Autumn 2021

27th September 2021

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Alwyns Newsletter Summer 2021

16th July 2021

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Alwyns Newsletter Spring 2021

15th April 2021

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Alwyns Newsletter Winter 2020

15th April 2021

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Alwyns tax card 2021/22

29th March 2021

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Alwyns tax card 2020/21

17th July 2020

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Alwyns tax card 2019/20

29th April 2019

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Alwyns tax card 2018/19

3rd April 2018

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Alwyns tax card 2017/2018

10th October 2017

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Small Self-Administered Pension Schemes

7th June 2016

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Limited Liability Partnerships

7th June 2016

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Furnished Holiday Lets

7th June 2016

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The Bribery Act 2010 For Businesses – Update

6th June 2016

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.

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The Bribery Act 2010 for Businesses

6th June 2016

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.

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