Swimming Against the Tide

There are times when conventional wisdom seems so obvious, but is actually the complete reverse of true wisdom. Maybe the best example of this in the tax planning sphere is the idea that you should pass businesses down to the younger generations. What we’re talking about here is trading businesses, and the same basic principles apply whether you’re looking at a partnership, LLP, or limited company structure…

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VAT – Business Splitting

It can be fiddly and time consuming, and HMRC don’t like it. But the device known as “business splitting” is still a very popular method of legally escaping VAT. George Osborne has even, we’re sure inadvertently, made things easier in the March 2011 Budget by increasing the VAT registration threshold from £70,000 to £73,000. So how does business splitting work (or, in some cases, not work)?…

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The Great Escape – Tax Havens for Fun and Profit

Offshore tax havens are the glamorous side of tax planning, or avoidance if you prefer to use that word. Places like the Cayman Islands, Bermuda, and even the Channel Islands, when mentioned, call to mind images of wealthy tax exiles lounging on palm fringed beaches (well, perhaps not the Channel Islands.) It’s almost unnecessary to say that a lot of this glamour is unwarranted in practice, however not all of it is..

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June 2013 News

Osborne lodges Tobin tax protest, high net worth individuals pay up and Vat seizures double, in this month’s tax news.

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Year End Tax Planning for Businesses

What you do before the accounting year end of your business can make a huge difference to how much tax you pay. Of course, there are all kinds of things you can do after the year end has actually passed, but what I am going to concentrate on, here, is actions you physically should take before that day passes. If you leave them out, it’s mostly too late to do anything about it afterwards. So, for those that read this in November and have a December year end say, there’s probably time to get your act together, and put the taxman on a strict diet, in terms of the slice of the profits “cake” that he takes from your company…

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