Tax Insider
Tax Insider
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:
- 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!
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