 Welcome to the first issue of Tax Saving News, a Rickard Keen newswire which brings you updates and practical advice on minimising your tax liabilities.
Following the first few months of the Conservative-Liberal Democrat coalition government, we take a look at the tax saving opportunities and pitfalls created by their policies and proposals. This includes a tightening of the rules for furnished holiday lettings, the tax benefits of incorporation for medical professionals, measures to simplify the tax system and possible tax breaks for couples.
We also examine the possibility of employees claiming tax relief for necessary expenses, as well as how to prepare for the forthcoming VAT increase.
We hope you enjoy reading Tax Saving News and that you find it useful. We’d welcome your feedback on the content, or ideas for topics that you’d like to see featured in future issues, so if you would like to comment, please email admin@rickardkeen.co.uk or call 01702 347771.
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Making the most of Entrepreneurs’ Relief
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Following the striking increase in the lifetime limit for Entrepreneur’s Relief (ER) to £5 million, we take a look at how individuals can make the most of their allowance.
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Achieving non resident status
Leaving the UK either for work or retirement may seem like an attractive option, but achieving ‘non residence’ status requires a complete break from the UK and a number of major lifestyle changes, making it not suitable for everyone.
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Furnished holiday lettings rules to tighten
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The coalition government’s decision to retain the advantageous tax regime for furnished holiday lettings in the European Economic Area meant such businesses have enjoyed a balmy summer.
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Incorporations for doctors and dentists
As a result of the numerous tax issues facing high earners in the medical industry, many are already considering their options and may have chosen to defer income and make the most of tax-efficient investments.
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Pension annual allowance plunges to £50,000
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Since the coalition announced the scrapping of measures which would have seen those earning at least £150,000 lose some or all of their higher rate tax relief, we have been waiting with baited breath to find out what the alternative would be.
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Office established to simplify the tax system
The coalition government has established the Office of Tax Simplification (OTS), which it is hoped will fulfill their pledge to simplify the tax system for both businesses and individuals.
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Tax relief on employment expenses
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The tax deductibility of employee expenses has always been a bit of a grey area, with tax relief denied for costs that would have been eligible if they had been paid for by the employer.
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HMRC access to private bank accounts
Anyone who has been subject to an HM Revenue & Customs (HMRC) business tax enquiry may well have been asked for access to their private bank account statements as well as their business ones.
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Preparing for the VAT increase
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In his emergency Budget, the Chancellor announced that the standard rate of VAT would rise from 17.5 to 20 percent on 4th January 2011. There will be no change to the reduced or zero VAT rates.
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Government considers tax breaks for couples
Following the outcry over the axing of child benefit for households with at least one higher rate taxpayer, the government is considering introducing tax breaks for married couples and civil partners by 2015.
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Certain Inheritance Tax trust arrangements face HMRC scrutiny
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While trusts generally remain an important means of minimising Inheritance Tax (IHT) liabilities, recent governments have viewed the handing down of assets to future generations by means of an artificial trust arrangement as outright tax avoidance.
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