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Posts Tagged ‘taxation’

VAT Registration tips and hints

FORWARD LOOKING TEST The main VAT registration test for an unregistered trader is based on traders checking historic sales on a rolling twelve-month basis to ensure they have not exceeded £85,000. But there is also a second test to consider. You must register for VAT if your forecast taxable sales exceed £85,000 in the next…

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High Income Child Benefit charge

Anyone who is responsible for a child should claim Child Benefit at a rate of £20.70 per week for the first child, and £13.70 for each subsequent child.  What’s quoted are the 2018/19 rates and changes should be updated on the HMRC Child Benefit pages once they occur. If more than one person is looking…

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Limiting access to Altinn?

If you have received a letter this week from DIFI (who manage the electronic systems for Skatteetaten), you might think that your access to Altinn may be being limited significantly. You would be right. A copy of such a letter can be accessed here, by clicking this link. What is happening is that Skatteetaten will…

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Years of farming losses disallowed

Years of successive losses disqualified farmer from loss relief The First-tier Tax Tribunal has refused to allow trading tax relief on the losses of a farmer’s sheep-breeding business, because it had made a loss in several successive years and so had no ‘reasonable expectation of profit’ as required by s68 of the Income Tax Act…

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How to double your Annual Investment Allowance

At present the Annual Investment Allowance is £500,000, but it is due to be cut to £25,000 from 1 January 2016.  Is there a possible way to legally increase your claim? Changes to the AIA As you probably know, the annual investment allowance (AIA) is a tax break that means you can claim the full…

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Tax saving on company loans

A tax-saving tip for a company loan The personal tax cost of any company loan you receive is currently low. When the time comes to repay the loan there’s a simple trick you can use to reduce it further. What is this trick and how does it work? Taxable benefit out the taxable BiK. As…

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Benefits and expenses tax reform

Radical changes to the benefits and expenses rules have been announced. What are they and when will they come into effect? The current rules for taxing and declaring benefits and expenses have been criticised as over-complicated for years. In 2014 the Office of Tax Simplification took on the task of coming up with a better…

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Paperwork is vital with shareholdings

Do the paperwork when sharing your shares A tribunal was asked to rule on whether some of the shares apparently owned by a director were actually his wife’s. What did the tribunal rule and what useful tax planning tips can shareholders take from it? Asset Ownership Ownership of an asset isn’t just a case of…

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Company loan: a tax saving tip

A company loan?  A tax-saving tip The personal tax cost of borrowing from your company is now quite low. However, when the time comes to repay the loan there’s a neat trick you can use to cut it further. What is it and how does it work? First, the current rules Example: John borrows £100,000…

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