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:
- 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!
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
- 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)
- Tax on foreign property sale(August 2012)
- What situations could cause CGT to kick in with my mother's property?(August 2012)
- Can I claim only or main residence relief for my second absence period?(July 2012)
- Do I need to sign a PET form?(July 2012)
- Will there be a tax penalty on savings from sale of house?(June 2012)
- Would we be liable for CGT?(June 2012)
- Should I put my property into a new limited company?(May 2012)
- We would like to sell our house under its value to our son - would this cause any problems re tax etc?(May 2012)
- Should I put these properties into a trust?(April 2012)
- How Do Capital Allowances Work for Small Commercial Property Investors?(April 2012)
Would we be liable for CGT?
My wife and I are looking to move to the USA (she's a US citizen) from the UK (I'm a Brit!). We own a house, our only property, in the UK which has a small mortgage. If we were to move to the States and rent a house over there, as well as renting out our own UK property would we have to pay CGT on the property when we come to sell it? During this time, we will not own property in the US or any other property in any country. If we do have to pay tax, should I get the house valued at the point we rent it out, thus assuming we only pay CGT on the difference between the value at renting and the sale date?Arthur Weller Replies:
Firstly UK capital gains tax (CGT) is based on the difference between the acquisition cost of the property and the sale proceeds. The value of the house when you start to rent it out is irrelevant.
Secondly, it is not so likely you will be liable to UK CGT when you sell the house:
a) It sounds like it is your ‘principal private residence’ (PPR), so there is no UK CGT if you sell now or within three years of moving out of the house.
b) Since you are going to rent out the house when you move, you will have the ‘letting exemption’ available to you to reduce the capital gain if you don't sell within three years of moving out.
c) If you sell in a year when you are non UK resident, there is no UK CGT to pay then. If you return to become UK resident again you will become liable for the UK CGT you avoided by being non UK resident. However, this only applies if you have not been non UK resident for 5 complete consecutive tax years before you return to the UK. But if you have been, this 'avoided UK CGT' will not 'rejuvenate' when you return.
Case Study
- 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
- First issue free trial (so you have nothing to lose)
- No minimum tie-ins. You can cancel whenever you want
