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Tax Tip of the Month
Property Tax
Budget Report
Talking Technical
Tax Tip of the Month
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Janurary 2006 "You may have seen the Downtown Christmas video message from "Santa Gordon Brown" about the only way to save most tax these days being to have a regularly updated personal and business tax strategy. Just one example is how the use of a Limited Liability Partnership from the start of a business can deliver a low tax rate on sale, while at the same time giving commercial protection". |
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November Many are aware of the huge tax benefits of maximising capital allowance claims, particularly on property related spend. But most still don't appreciate how wide the scope is for the newer tax relief for "land remediation". This gives a £150 tax deduction for every £100 spent; this can apply to many situations, from removing asbestos to stabilising land....as always the devil is in the detail of any successful claim. |
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October |
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August If you have workers with no fixed place of work (perhaps site workers or lorry drivers) then you can fund at least some of their next pay increase through the tax man. |
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July 40% Tax Shelter only available until 5 April 2006 - Inheritance tax is currently charged at 40% on assets over £275,000 - would you like a way to both allow you access to your cash when you need it and still provide an effective shelter from 40% inheritance tax? Action is needed now to maximise values in this tax shelter, which will become limited after April 2006. |
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June It is well known in the building industry that there is currently a massive push by the HM Revenue and Customs ("HMRC") to try to recategorise many more people who are "self employed" as "employed", with the additional national insurance employers cost which follows. What isn't so well known is that these additional costs can be partially offset by paying these types of employees in a tax efficient way, which is acceptable to HMRC. |
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May Most people have heard of REITs (Real Estate Investment Trusts) which are being proposed by the Treasury. As these new tax efficient entities are unlikely to be seen for a year or so, what alternatives are available now to allow developers and others to set up investment funds to buy their property stock? Depending on whether or not the properties in the fund are to be sold and new ones bought over the period of the fund, it may be appropriate to consider an offshore unit trust. This is a specialist area and specific advice should be taken. |
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April Opportunities still exist for property investors or developers to use offshore tax planning. This is not a one size fits all - it depends on weighing up many factors, eg. the type of transaction, whether you are a "non domiciled" property investor, or perhaps plan to emigrate. Appropriate planning can reduce the tax rate to less than 10%, or to zero. |
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March If you have workers with no fixed place of work (perhaps site workers or lorry drivers) then you can fund at least some of their next pay increase through the tax man. |
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February Any employee or director getting shares in a company they work for has only 14 days in which to consider how best to avoid an income tax charge and ensure future profits on their sale is at a 10% rate. |
