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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.
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Here is what our tax experts are sharing with you in this month's magazine:
- A Very Odd Result! CGT Exemption for a Valuable Asset
A recent decision of the Upper Tribunal produced a curious result for tax purposes, and one which just might apply in some other cases... - Tax Breaks for Employer-Provided Childcare: Recent Changes
These days many employers incentivise employees by helping them with childcare costs. Under the general tax rules, such costs would be treated as a benefit-in-kind and therefore subject to income tax and NICs. However, three types of employer-supported childcare can be partly or wholly exempt from these charges, provided certain conditions are satisfied... - How to Delay Paying VAT on the Supply of Services
The basic tax point for VAT purposes is the date the goods or services are supplied or ‘made available’ to the customer. This is overridden by the actual tax point, or time of supply, which is the earliest of the following dates... - Shares in the Home: What are the Issues?
The home for most people is perhaps their most valuable asset. Initially, this may not be the case, due to any attaching mortgage debt but over the years this debt reduces (assuming a capital repayment mortgage) whilst (hopefully!) the asset itself appreciates in value. So, later in life, the home is invariably without doubt the most valuable asset owned. There are certain tax and non-tax issues that need to be considered... - How to Account for Loss Reliefs – Individuals
Losses can be incurred on asset disposals and if allowable, can reduce taxable income or capital gains. The type of the asset (such as shares or property), the manner of disposal and to whom the asset is disposed will have different rules and conditions applying, and their tax treatment is different... - Sleeping Partners - Review your NIC Liabilities!
As you’ll know only too well if you look after your own tax affairs, it’s a struggle keeping up to date with changes in tax law. It can be even worse trying to keep abreast of things when HM Revenue & Customs (HMRC) suddenly decide to change their interpretation of existing law... - Tax Relief for Business Expenses - Premises Maintenance and Repairs
When you run a business you can deduct expenses incurred wholly and exclusively for the purposes of that business when computing the profits of the trade. This general rule applies to all categories of expenses.... - Tax Insider: Tax Tips
- Tax Insider: Your Tax Questions Answered!
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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
- 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)
- Redundancy Pay and ‘PILONs’ – What is Taxable?(February 2013)
- 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)
- Can We Merge Our Portfolio and Split the Income?(November 2011)
Residential Property Tax liability
I've a property jointly owned with my wife. Since 2006, we had made rental losses that were carried forward. During 2010-11, we made an individual rental profit of £449 on which we are asked to pay 20% tax. Why do we still have this tax liability if there is still rental loss?
Arthur Weller Replies:
I assume that you registered your rental losses with HMRC by entering them on the UK property pages of your self assessment tax return each year since 2006. If so you should have no problem in using the brought forward losses to cancel out the gain of £449 in 2010-11. The remaining brought forward losses not used in 2010-11 can be carried forward to 2011-12 and future years. See box 37 on the 2010-11 UK property supplementary pages of the self assessment return.
- 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)
- Interest Relief On Borrowings To Fund Businesses(March 2013)
- Business Premises Renovation Allowance(February 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
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