Salman Anwar

***NEW BLOG DAY*** Today we talk about CORPORATION TAX. Tax can be a complicated subject, so read our blog to find out everything you need to know about Corporation Tax. If you have any questions about your corporation tax then DM us with the word TAX. #hmrc #corporationtax #accountancy #smallbusinesses

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💡 If you're looking for more information about the changes to Inheritance Tax announced in the #AutumnBudget, take a look at this detailed overview from Kreston Reeves 👇 #Budget #IHT

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If a company has their R&D claim rejected by HMRC, they can take their case to a First Tier Tribunal (FTT) to obtain a ruling as to the validity of their claim. However, First-tier Tribunal rulings do not create case law which means the outcome does not create a binding precedent in relation to other taxpayers. This was echoed at the R&D Communication Forum (RDCF) in December 2021, when following their loss at a FTT (Quinn v HMRC UKFTT0437) HMRC informed members of the RDCF that; "HMRC will not appeal the decision. However.......FTT decisions are not binding and have no precedent value. They are made on the facts of the specific case." and "As is the case with the decision in the Hadee Engineering Limited decision, the Quinn London Limited decision is a decision of the First-tier Tribunal. As such it does not create a binding precedent in relation to other taxpayers." So, there is no doubt that both the law and HMRC agree that First Tier Tribunal rulings, do not create case law and do not create a binding precedent in relation to other taxpayers. Strange then, that I've just seen yet another example of this statement being made by the ISBC R&D Compliance Team: "Currently, the information you have provided lacks evidence to support the assertions you make. This is insufficient to meet the burden of proof which is placed on you by existing case law.....Hadee Engineering Co Ltd v Revenue & Customs (UKFTT 497 10 December 2020)" So, in this case not only do the R&D Tax Compliance Team incorrectly cite an FTT decision as being case law. But it's the exact same one HMRC mentioned at the RDCF, in 2021, to confirm an FTT decision "does not create a binding precedent in relation to other taxpayers." Sadly, this kind of thing is pretty typical in the normal day of an R&D advisor at present. Still needs calling out though, as one day someone might actually do something about it and HMRC will have to start working inside the law again.

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WoodWhite Accountants is one of few UK accountancy practices with a license to provide probate services. Our probate services are carried out by Xeinadin Probate Services Limited of which Emma Newnham, our CEO and Head of Legal Services, is a board director. We can offer a comprehensive, non-contentious, service without any need to involve a third party, simplifying the whole process for you as a result. What do we mean by "non-contentious"? A contentious probate means that there is a dispute about how a person's estate (money, property or other possessions) is passed on to other people after they die. This could happen if the person who died did not have a will in place or if someone is contesting a will. At the start of the process, a probate may be non-contentious. If contentious probate arises, that does not mean we cannot help you with the probate. We will bring in a solicitor to deal with the contentious issue and once resolved we can continue with the process. We do not know at the start if a probate will turn contentious but we do have a solution for if it does. #Accountant #Probate #Tax

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NEW IHT100 FORMS FOR INHERITANCE TAX Previously, for reportable transfers, an IHT100 form had to be submitted along with a separate 'event form' specific to the transfer in question. However, these forms and the associated IHT100WS worksheet have now been discontinued and replaced by standalone event forms tailored to the particular chargeable event being reported. Going forward, only the relevant IHT100 event form and any necessary supplementary schedules (e.g forms D31 to D40) will need to be submitted. Additionally, a new IHT100h form has been introduced to report assets leaving an 18-25 trust. The current list of IHT100 forms is as follows: IHT100a: Gift or other transfers of value in a trust. IHT100b: End of a QIIP. IHT100b: End of a QIIP due to death. IHT100c: Exit charge on assets in a trust. IHT100d: IHT on the 10-year anniversary of a trust. IHT100e: Charges on special trusts. IHT100f: Ending of a conditional exemption. IHT100h: Assets previously held in an '18 to 25' trust. These forms are definitely not DIY so reach out if you'd like my support. ASWATAX #inheritancetax #hmrc

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I’ll be speaking on how to run a better practice. Lots of ideas and aiming for you to take away 3-4 actions, big or small, to improve YOUR practice. Tick the CPD box and gain real value for your business #accountant #charteredaccountant #businessimprovement

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HMRC has published its policy paper with regards to the changing taxation environment for private schools. We will publish a full alert in due course once we have analysed this, and what it means, but in the meantime the headlines: The change is being communicated as taking place from 1 January 2025, with the benefit of early payment of fees ending today, 29 July 2024. - Private schools that are charities will no longer be eligible to claim charitable rates relief and will be required to pay their full business rates liability. - All education services and vocational training supplied by a private school, or a “closely connected person”, will be subject to VAT at the standard rate of 20%. Boarding and lodging closely related to such supplies will also be subject to 20% VAT. Given that many schools will now need to register for VAT - either from 1 January 2025, or voluntarily from 1 October 2024, there will be lots to consider. Stay tuned for Grant Thornton's full analysis. Karen Robb Paul Wilson Hazel Platt Margaret Corbally Jonathan Nash Grant Thornton UK LLP Michaela Patterson https://lnkd.in/esemwD7T

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HMRC have published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime. Find out what this will mean for landlords: https://lnkd.in/eDrTyCs5

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Should SBRPs be more flexible?   One of the quirks of #SBRs is that once a SBR Plan has been proposed it cannot be varied by the company, the practitioner or the creditors. Only the Court can vary the Plan (s548B(2)).   On the one hand, this is sensible as the process is designed to be quick and cheap, companies should make their best proposal, not engage in horse trading or a process of attrition. On the other hand, where a genuine mistake or oversight occurs, at least one opportunity to correct the course still seems reasonable. The cost of a Court application may be prohibitive. In the only reported case to date, the SBR invited creditors to change their vote before approaching the Court anyway.   The ATO has avoided this lacuna by requiring SBRs to consult before proposing the Plan, but most creditors do not get this opportunity.   #ARITA’s short term reforms include an option for plan variations proposed by the company, with an additional fixed fee, explained by the SBR and sent to creditors to vote. Personally, I think allowing a single variation of the Plan is a sensible compromise balancing the #restructuring object, cost and creditors’ interests.   #lawreform #insolvency

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New article alert 🔔 Non-Dom Reforms: Changes to Inheritance Tax 📆 The latest Budget introduces significant changes that will reshape inheritance tax (IHT) rules for non-doms starting April 6, 2025. In Part 2 of our series, we break down the details and implications of these changes for individuals and trusts. Key highlights include: A new residency-based test will apply to determine the scope of IHT on most non-UK assets, with new rules being implemented for lifetime transfers, spouse exemptions and gifts with reservation of benefit, amongst others. The scope of IHT on offshore settlements will now depend on the residence status of the settlor and will only be permanently fixed once the settlor has died. The new rules will provide certainty for UK domiciled individuals who have been living outside of the UK long term but could also bring some unexpected tax charges for any trusts which they have created in the past. These changes are complex and far-reaching, affecting both non-domiciled individuals and UK domiciled individuals living abroad. Transitional arrangements offer some exceptions to the rules but the clock is ticking to take advice before the changes are implemented. Check out my article for the full details 👇 https://lnkd.in/eEjrTWJ9 #InheritanceTax #Budget2024 #NonDomChanges

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The first major change to #tax affecting individuals has now been confirmed with the announcement that #VAT will be applied to private school fees from 1st January 2025. There are anti-avoidance measures in place for those who want to pay in advance, so careful planning is needed. But will this be an automatic 20% increase to current fees, or will schools have the ability (and appetite) to reduce their base fees if they can reclaim VAT on expenditure when they become VAT registered? This will definitely be an area of personal #financialplanning which will need careful consideration, especially with many parents committing to a payment period of 13 years per child in many cases. Understanding how this increase in costs will impact you both now, and over the longer term is vital to ensure you remain on track with your wider plans. Now would be a good time to review your cashflow forecasts with your financial planner. #personalfinance #wealthmanagement Juliet Bailey Stephanie Jackson Adam Green APFS, CFP™ https://lnkd.in/eR7ywG3d

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The Insolvency Service have informed ICAS - The Professional Body of CAs and the other RPBs that the new case management system INSSight will now not be introduced until April 2025. The new templates for IVA registrations, Bulk transfer of cases and CAU Forms 101, 103, 104, 105 & 109 issued in July 2024 should not be used until this time. #insolvency #govIT

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Are you still trying to make sense of the Government's budget announcements from 30th October? Our free Budget Summary Guide is still available to download from our website. The PDF document also includes tax rates for TY24/25 and how they compare with planned TY rates for 25/26. https://bit.ly/3AA6pxj #GovernmentBudget #TaxRates #BudgetGuide #FinancialPlanning #TaxComparison #Budget2024 #Budget2025 #DownloadNow #StayInformed 💷 📊

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The vehicle benefit charges for 2024-25 were announced at Autumn Budget 2024. The government will introduce legislation by statutory instrument in December 2024 to ensure the changes are reflected in tax codes for tax year 2025-26. #FuelBenefit2025 #TaxChangesUK #CompanyVehicles

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Who Our Tax Planning Tips Are For (and Who They’re Not For) Are you a small owner-managed business in the UK looking to optimise your tax planning? Our latest blog post is tailored specifically for YOU! **Who This Is For:** ✅ Small business owners managing their own finances ✅ Entrepreneurs operating from home ✅ Business owners seeking to maximise tax deductions and reduce liabilities ✅ Those who want to better understand mileage claims, capital allowances, and more **Who This Is NOT For:** ❌ Large corporations with dedicated finance departments ❌ Businesses with complex international tax structures ❌ Owners who do not manage their day-to-day finances Our comprehensive blog covers everything from home office deductions to capital allowances, ensuring you’re making the most of your tax benefits. Don’t miss out on valuable tips to keep more of your hard-earned money! 👉 Read more:https://lnkd.in/ekWCaCF6 #TaxPlanning #SmallBusiness #MicroBusiness #UKBusiness #FinancialTips"

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OWNER-MANAGED BUSINESSES & BUDGET 2024 How does the Autumn Budget 2024 impact owner-managed businesses? ✨Employers' NICs & Employment Allowance ✨National Living Wage ✨Company directors' NICs & interest on unpaid tax ✨Business rates ✨CGT & IHT ✨Corporation Tax Check out our latest article on OMBs and the Budget 👇 https://lnkd.in/eherSV3W #AutumnBudget2024 #UKBudget #uktax #uktaxes #taxes #businesstax #ownermanagedbusiness #sme #smallbusiness

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