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Are you busy incorporating your clients' small businesses? If so, the Revenue may have a shock in store, warns MALCOLM GUNN FTII, TEP.
MALCOLM GUNN FTII, TEP discusses a Tax Bulletin item relating to work carried out on let residential property.
HAVE YOU EVER tried one of those quizzes in which an everyday object is depicted at some unrecognisable angle and blown up out of all proportion? After much head-scratching you learn that what looks like an elephant's foot is actually a saucepan lid; and what must surely be an alien spacecraft turns out to be a potato peeler.
MALCOLM GUNN FTII, TEP examines the rules relating to relevant discounted securities and excluded indexed securities.
MALCOLM GUNN FTII, TEP offers a refresher course on securities and corporate bonds. ARE YOU ONE of the country's greatest experts on deep gain securities, qualifying indexed securities, deep discount securities and qualifying convertible securities? If you are, jolly bad luck because all these terms are now as relevant to modern life as Egyptian mummies. They were filed under WPB when the Finance Act 1996 introduced the loan relationships régime with a whole raft of new terms. That régime had some tinkering in 1999 and some more in 2002.
Correction
In my article in Taxation, 21 November 2002 at page 180 there was a comment concerning the conduct of the appeal in the case of Dextra Accessories Ltd (SpC 331) to the effect that the Inspector, Mr R Macdonald, chose not to advise counsel for the Revenue of relevant material from the Revenue manuals. I am advised by the Revenue that this is not correct and counsel was fully made aware of the material. I therefore apologise to Mr Macdonald for the erroneous remarks and withdraw the comments made about that appeal hearing.
MALCOLM GUNN FTII, TEP and RALPH RAY FTII, TEP, BSc (Econ), solicitor report more highlights from this year's Key Haven Oxford Conference.
MALCOLM GUNN FTII, TEP and RALPH RAY FTII, TEP, BSc (Econ), solicitor report some planning points from this year's Key Haven Oxford Residential Conference; further highlights will be published in next week's issue.
Not quite, says MALCOLM GUNN FTII, TEP, reviewing the final outcome of the Grimm v Newman negligence case.
I HAVE IT ON good authority that an Irish jury once reported back to the judge to say that 'we are unanimously of the view that we cannot agree in this case'. Perhaps this was a brief lesson to show that there is always a positive way of putting bad news!
MALCOLM GUNN FTII, TEP provides a summary of a key issue for all tax advisers.
FOR SOME PEOPLE, Gordon Brown's biggest achievement has been to introduce low rates of tax, or some might prefer that to read the appearance of low tax rates. For others, his main achievement has been so much constant change that your head spins faster than on a ride at Alton Towers. As this magazine is strictly non-political, I offer no further comment, except to say that with taper relief you do not have to choose which camp to subscribe to, because both are accurate!
MALCOLM GUNN FTII, TEP examines the new VAT flat rate scheme for small businesses with turnover of £100,000 or less.
IN CASE YOU missed it, a wonderful new piece of tax simplification emerged like a butterfly from a chrysalis on 24 April 2002. We all complain about complexity in tax matters and the impossibility of the average man in the street understanding even what the basic rate is (10 per cent? 20 per cent? 22 per cent?), so this genuine attempt at making tax totally straightforward is to be applauded.
