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Alwyns Newsletter Summer 2019

4th July 2019

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Inheritance tax – an introduction

31st May 2019

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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Stamp duty land tax (SDLT) – an introduction

31st May 2019

SDLT is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums.

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The family home

31st May 2019

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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Income tax – an introduction

31st May 2019

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 The tax was repealed a number of times in the early years but the foundations of income tax as we know it were laid by Pitt’s successor, Henry Addington.

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Income tax – self assessment tax returns

31st May 2019

Self-employed taxpayers, company directors and taxpayers with complex tax affairs are usually required to submit a self assessment tax return. If your affairs are straightforward you may be able to complete your own tax return. Otherwise you can ask an accountant to prepare your tax return – and they will tell you what information they need from you to do this. They will also ensure that the return is completed properly, all relevant offsets, expenses, allowances and tax reliefs are claimed, that you satisfy all of the key time limits and pay the correct amount of tax when it falls due.

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Personal service companies and IR35

31st May 2019

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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Non-domiciled individuals

31st May 2019

Until 5 April 2008 an individual who was resident in the UK but was either not domiciled (‘non-dom’) here or not ordinarily resident in the UK was taxed on the ‘remittance basis’ for income and capital gains arising outside the UK. These individuals were taxed only on income and capital gains that were 'remitted' or brought into the UK in the tax year.

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VAT – the basics

31st May 2019

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. The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for failing to comply with the rules.

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Introduction to the VAT annual accounting scheme

31st May 2019

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

31st May 2019

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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What is the construction industry scheme (CIS)?

31st May 2019

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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Your business structure

31st May 2019

The issue of whether to run your business as a company or a sole trader or partnership is an important decision. And you may change your mind over time. If you want to move your existing business into a company structure this is called ‘incorporation’.

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What is automatic enrolment for pension’s purposes?

31st May 2019

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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Capital gains tax

31st May 2019

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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Capital allowances

31st May 2019

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.

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Probate diversity summary 2019

30th April 2019

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Alwyns tax card 2019/20

29th April 2019

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Alwyns Newsletter – Spring 2019

29th April 2019

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Alwyns Newsletter Winter 2018

10th December 2018

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Alwyns Newsletter Autumn 2018

2nd October 2018

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Alwyns Newsletter Summer 2018

13th July 2018

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Corporation tax self assessment

26th April 2018

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Alwyns tax card 2018/19

3rd April 2018

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Alwyns Newsletter – Spring 2018

3rd April 2018

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Spring statement 2018

15th March 2018

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Alwyns Newsletter – Winter 2017

7th December 2017

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Probate diversity summary

16th October 2017

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Alwyns tax card 2017/2018

10th October 2017

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Alwyns Newsletter – Autumn 2017

10th October 2017

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Alwyns Newsletter – Summer 2017

10th October 2017

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Alwyns Newsletter – Spring 2017

10th October 2017

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Alwyns Newsletter – Winter 2016

10th October 2017

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Stamp duty land tax an introduction

22nd September 2017

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Budget Statement March 2016

7th June 2016

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Tax investigations

7th June 2016

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Associated companies

7th June 2016

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Enhanced Capital Allowances for Buildings

7th June 2016

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Practical Ways To Improve Personal Finances

7th June 2016

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Using a company to reduce personal taxation

7th June 2016

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Extracting the profits of a family company tax efficiently

7th June 2016

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Enterprise Investment Scheme Investment

7th June 2016

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Venture Capital Trusts

7th June 2016

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Going Non Resident

7th June 2016

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Income Tax for the over 65s

7th June 2016

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Small Self-Administered Pension Schemes

7th June 2016

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An update on Income Tax Relief for pension premiums

7th June 2016

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An update on tax planning for farmers

7th June 2016

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Limited Liability Partnerships

7th June 2016

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Capital Tax planning for property investment companies

7th June 2016

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Business Taxation : Allowances for equipment purchases and research and development

7th June 2016

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Furnished Holiday Lets

7th June 2016

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Making full use of CGT Entrepreneurs Relief

7th June 2016

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Seed Enterprise Investment Scheme (SEIS)

6th June 2016

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Structured investment products – what are they?

6th June 2016

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?

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VAT – Supplies of services to non-business customers

6th June 2016

January 2011 brought in changes for Business to Non-Business (B2C) transactions within the EC.

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VAT – Supplies of services overseas

6th June 2016

January 2011 brought in changes for Business to Business (B2B) transactions between businesses based in different EC Countries.

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Tax Efficient Charitable Giving

6th June 2016

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.

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Property Letting and Development

6th June 2016

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.

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Employee Shares in Private Companies

6th June 2016

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.

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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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Helping Infant Children Through The Tax Maze

6th June 2016

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.

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Will Trusts: Tax Planning Before and After Death

6th June 2016

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.

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