Tax Insider is a new venture from TaxationWeb, the UK's leading independent tax portal.
Tax Insider
Tax Insider
Here is what our tax experts are sharing with you in this month's magazine:
Each month our tax experts reveal strategies to help minimise your taxes.
3 FREE ISSUES
The current issue and the previous two issues delivered to your doorstep.
Click here to see the tax strategies you'll receive.
Click here to see the tax strategies you'll receive.
Here is what our tax experts are sharing with you in this month's magazine:
- The Escape Route for Unexpected Tax Demands
ESC A19 provides an escape route for many taxpayers who are suddenly confronted with unexpected tax demands. It was much used during the dreadful PAYE backlog in 2010, when very many taxpayers, most of them pensioners, found themselves confronted with demands for large sums of tax unpaid because HMRC had failed to keep up to date with their tax affairs... - Planning for University Scholarships and Student Loans
Employers can currently make payments of up to £15,480 per academic year to employees for periods of attendance at a full-time education course at university or college (including sandwich courses). Providing certain conditions are fulfilled the payments will be treated as tax exempt in the hands of the employee (as falling within the scholarship income exemption of ITTOIA 2005, s 776). Qualifying payments will also be exempt for Class 1 National Insurance contributions purposes... - Late VAT Registration - Taxpayers Win in Penalty Cases
HMRC has been taking an aggressive stance with belated notification penalty (BNP) VAT late registration penalties recently, but has suffered two important setbacks. There are currently two penalty systems in force for late registrations. From 1 April 2010, a new penalty for late registration was introduced with four categories, namely... - More Obstacles for IHT Planning!
Until this year’s Finance Bill, one possible method of reducing potential inheritance tax (IHT) liabilities was to borrow against assets which are liable to IHT in order to invest the money in assets which qualify for IHT relief. For example, one could borrow against a main residence and invest the proceeds in a portfolio of trading companies listed on the Alternative Investment Market. These investments qualify for 100% business property relief after they have been held for 2 years... - How To Account For Loss Reliefs - Companies
HMRC has extensive rules on claiming loss reliefs and tax avoidance. The company may suffer a trading loss, a loss on the disposal of an asset, a loss on the sale of shares, losses on property income and terminal losses amongst others. Some loss reliefs are restricted; others are fully allowable... - Fancy a Holiday - On Your Business?
Business trips don’t always take you to places that you would ordinarily want to stay for a second longer than necessary; but if your business takes you to a place you’ve always wanted to visit and you have the time to spare, why not take advantage of that opportunity? And if you do, just what is tax deductible? - ‘Locking in’ a Tax Deduction - Key Person Insurances
The profitability or income-earning potential of a small business may depend on one person. Consequently, if that person suffers a serious illness or has an accident the profitability of the business may be seriously compromised... - Tax Insider: Tax Tips
- Tax Insider: Your Tax Questions Answered!
Try Tax Insider Today!
Customer Success Stories
My accountant and I need absolutely accurate and the most up-to-date advice that we can possibly get. Time and time again Tax Insider has come up with the goods!
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
Tax Insider will cover all aspects of UK taxation and will also provide invaluable tax advice for international investors and ex-pats.
Here are just a few of the typical strategies that you can expect to find covered in the various issues of the magazine. It will show you how to:
That’s not all!
Tax insider will also:
Here are just a few of the typical strategies that you can expect to find covered in the various issues of the magazine. It will show you how to:
- SLASH your capital gains tax bill
- PUT MORE MONEY in your loved ones’ pockets by following simple Inheritance Tax Planning Tips
- RETAIN your profits by triggering various tax saving reliefs
- WIPE-OUT large tax liabilities
- IMPLEMENT simple tax saving strategies yourself
- REDUCE the tax liabilities of your business and thus boost your profits
- AVOID paying too much in taxation and accountancy fees
- PLAN your own tax strategy which will save you £thousands
- RE-INVEST your income to save on taxes
- AVOID the trauma of a tax investigation and a hefty tax bill & fine
- DECIDE yourself if a tax saving strategy will work for you
- TAKE ADVANTAGE of overseas tax friendly loopholes
- INVEST in locations that will not take all your profits in tax
- PLAN for retirement in a tax efficient manner
- SLASH VAT bills
- BENEFIT from tax saving reliefs for children
- AVOID BURDENING your loved ones with unnecessary taxes
That’s not all!
Tax insider will also:
- Notify you of any tax law that will improve or worsen your tax position!
- Provoke your mind to start thinking of how to continue to bring your tax liabilities down
- Reveal tax planning secrets which, until today, were only accessible to the wealthy because only the highly paid advisors in the country knew about them!
- Reveal strategies that are not permissible to use to avoid paying taxes
- Would Your Claims For Business Travel Withstand HMRC’s Scrutiny?(June 2013)
- Business Expenses - Professional Fees and Subscriptions: What is Allowable?(May 2013)
- Don’t Forget to Account for VAT on Sundry Income(May 2013)
- Sharing the Family Home: an IHT Saving(May 2013)
- Why Companies Need Key Person Cover - and Why They Don't Do It! (April 2013)
- IR35 – Things Are About to Get Worse!(April 2013)
- Business Expenses – Staff Costs(April 2013)
- Proposed Changes to Tax Relief on Pension Contributions(March 2013)
- How Good are Your Business Records? HMRC May Be About to Ask!(March 2013)
- How to Reduce VAT Penalties (February 2013)
- How Do Capital Allowances Work for Small Commercial Property Investors?(April 2012)
- Residential Property Tax liability(March 2012)
- Tax on rental income(March 2012)
- When does it become a requirement to inform HMRC that my property has become unfurnished?(February 2012)
- Can my parents give me a lump sum (around £50,000) towards buying a property without either of us being taxed on this 'gift'?(February 2012)
- Is a service charge still out of the scope of VAT?(January 2012)
- What steps can I take with my accountant and the taxman?(January 2012)
- Am I liable for tax on my share of the house?(December 2011)
- Could I claim back PAYE I have paid?(December 2011)
- What are the tax implications?(November 2011)
When does it become a requirement to inform HMRC that my property has become unfurnished?
I have managed property for 15 years, mostly furnished but sometimes not and sometimes part. HMRC did not want me to keep changing from one to the other, so I maintained them all as furnished to get the 10% off rental income offset against tax. When does the property become unfurnished and require me to inform HMRC differently so that I do not get the 10% offset for all properties?
Arthur Weller Replies:
If you look at
you can see that it is only possible to claim the 10% wear and tear allowance for fully furnished accommodation. If it doesn’t meet this criteria, it is not claimable. So I cannot understand how you could have claimed the 10% allowance in past years for those properties that were not fully furnished. In this matter each property is looked at individually.
HMRC say: “But the deduction is only due if furnished accommodation is genuinely provided. A furnished property is one that is capable of normal occupation without the tenant having to provide their own beds, chairs, tables, sofas and other furnishings, cooker etc. The provision of nominal furnishings will not meet this requirement. If the accommodation isn’t furnished, or only partly furnished, the 10% wear and tear allowance isn’t due.”
- Revenue v Capital Expenditure(June 2013)
- Small Earnings Exception For Class 2 NIC(May 2013)
- Losses And Capital Allowances(May 2013)
- Potentially Exempt Transfers(May 2013)
- Use Basic PAYE Tools (May 2013)
- Deduction for Business Gifts(April 2013)
- Utilise Rent-A-Room Relief(April 2013)
- Making The Most Of A Low Income Year(April 2013)
- Keeping Entitlement To Statutory Sick Pay(March 2013)
- Buy a Green Car And Claim FYAs(March 2013)
Reasons to buy
- Very easy to read - written in plain english
- Written by UK leading and practising tax experts with over 200 years of combined tax expertise
- Guaranteed to minimise or avoid your tax liabilities
- Keeps you up-to-date with changes in tax legislation
- First issue free trial (so you have nothing to lose)
- No minimum tie-ins. You can cancel whenever you want
