Category Archives: UK Economy

Joan Collins speaks out over income tax

Famous actress and celebrity Joan Collins, whose most well known role was as Alexis Colby in Dynasty has spoken out over the Coalitions unfair and unjust tax policies. Joan spoke up for hard working families who are paying high amounts …

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Tax avoidance in the sun?

Over the years HMRC have targeted their efforts on particular trades and professions in an attempt to counter tax evasion. More recently however they have begun to target the wealthy. Following a very successful campaign on offshore banking, HMRC are now planning to counter tax evasion and under-declaration arising from the ownership of overseas property.

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Failed film partnership – causes tax avoidance grief – but not for the promoters!

Film Partnership schemes have been around for years, they are normally entered into with the hope of obtaining corporation tax relief or relief against income tax. In recent years they have come under increasing scrutiny, the Eclipse Film partnership 35 was set up to secure income tax relief for its investors. It entered into a complex set of transactions with the Disney Group of Companies to licence film rights and sub-license rights to distributor.

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Tax Avoidance – Want to save Tax – you could save up to 78%!

Seeds or (SEIS) is a new form of Enterprise Investment Scheme (SEIS): a new tax relief for start-ups introduced by the Finance Bill 2012.

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Loan Defaults at 1990’s level – Cash flow planning?

A previous prime minister was quoted as saying “if it’s not hurting, it’s not working!”. Judging from the alarming number of firms going into administration lenders are reporting the highest numbers of loan defaults for some time. It would appear therefore that the government strategy is hurting AND not working!

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How do you deal investment funds that are showing a loss on original purchase price?

www.freefoto.co.uk We are pleased to provide a guest blog from Rabix Wealth who understand the importance of psychological  differences with a variety of investors. Investments, particularly in equities are subject to capital fluctuation or variances (most investors regard this as …

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Electing for fixed protection

Given the reduction in the Lifetime Allowance, those with pension funds which are likely to exceed £1.5m at retirement should consider whether to apply for fixed protection so that the old limit of £1.8m continues to apply. As always, there …

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“Tax Evasion and aggressive tax avoidance – morally repugnant” – George Osborne

Ithica Publishing Services The recent budget announcement by the Chancellor included the “morally repugnant” comment above. In the same announcement he reduced the 50% tax rate because those rich enough to be eligible for it, have been avoiding it. Also …

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Director’s loan accounts can create various tax problems for both company and director

www.freefoto.com • If the overdrawn (debit balance) on a director’s loan exceeds £5,000 and the loan is made interest-free then this will be regarded as an employment-related loan. • A taxable benefit will arise if the employer does not charge …

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One more fling of the dice for high rate tax payers?

©Ithica Publishing Services The forthcoming budget is unlikely to bring much comfort to high rate tax payers. It seems very likely that changes will be made in tax legislation that will put a stop to some generous reliefs on pensions.  …

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Enterprise Investment Schemes – Why 20% income tax relief may be preferable to 30%

www.freefoto.com Rules permit Enterprise Investment Scheme (EIS) investors to take advantage of ‘carry back’ which enables the cost of shares to be treated as though they had been acquired in the previous tax year, enabling investors to benefit from income …

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Inheritance tax Relief for Furnished Holiday Letting?

©Ithica Publishing Services A recent Tribunal has decided that the activity of Furnished Holiday Letting, even when carried on in a modest scale, can amount to a business property for the purposes of Inheritance Tax Business Property Relief (BPR). The …

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An own goal or a result by HMRC ?

www.freefoto.com Rednapp not guilty: HMRC ‘no regrets’ Harry Redknapp has been cleared of charges of tax evasion, but HMRC has “no regrets” over bringing the case to trial. Redknapp was accused of receiving bonuses of $295,000 and hiding them in …

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Finance For Business

www.freefoto.com The current squeeze by banks on lending is having an impact on the economy. However it is not only small trading companies that are facing difficulties with their bankers but also larger well known companies and professional practices, such …

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Top civil servants in tax avoidance scam

www.freefoto.com It was revealed on BBC Newsnight last night that Ed Lester chief executive of the Student Loans Company has been receiving his civil service salary via a service company in order to avoid PAYE. We do not believe that …

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HAPPY NEW YEAR – the Year of the Dragon

www.freefoto.com The Chinese community will be busy celebrating their New Year today, January 23rd. Although the first day of 2012 Chinese Astrology Year is on February 4, 2012. Those people interested in astrology will be keen to discover if they …

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Failing to see the Wood for the Trees ?

Almost all business owners are aware of the need for proper financial planning and therefore are keen to examine in minor detail the various products that they have been sold over the years. In addition they are often concerned at …

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Late with your tax return?

© Ithica Publishing Services The deadline to file tax returns for the previous tax year that ended 5th April 2011 is 31 January 2012. These returns can only be made online now. It is of greater importance this year to …

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Protecting Personal Guarantees

© Ithica Publishing Services If you have negotiated lending from a bank, the chances are you may have had to provide a personal guarantee (normally secured against your house). There are a number of matters to consider if you have …

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Pension Roll Up – Roll Up – Roll Up

Ithica Publishing Services The 3 year carry forward rule means that it is possible if you have not contributed to your pension in the three previous years, that you can roll forward up to £50,000 worth of relief and therefore …

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