Simmons Gainsford Chartered Accountants Going Non Resident

Going Non-Resident

Posted on 6th Jan 2011

Statutory Residence Test We consider the statutory residence test and outline rules and records required. If you live in the London area we, at Simmons Gainsford LLP, can provide advice on your individual circumstances. The concept of residence in the United Kingdom is fundamental to...[more]

Entrepreneurs' Relief

Posted on 6th Jan 2011

In this Memorandum we highlight one of the most important capital gains tax (‘CGT’) provisions, the so-called “entrepreneurs’ relief” applying to some – but by no means all - business transactions. What is Entrepreneurs Relief? Entrepreneurs’ relief is a tax provision which singles out for...[more]

Current Benefits of Ssas Pension Schemes

Posted on 6th Jan 2011

The purpose of this Memorandum is to explain the workings of SSASs - Small Self Administered Schemes. What is a SSAS? A SSAS is a money purchase company pension scheme. The usual pension scheme benefits of a tax free lump sum (generally 25% of the...[more]

Capital Tax Planning for Property Investment Companies

Posted on 6th Jan 2011

Property investment has traditionally in the United Kingdom been an attractive investment media in the combined context of endemic inflation and economic growth. Accordingly, for those who have sufficient funds, investment properties, whether let to commercial tenants or as private residences, will usually provide good...[more]

Capital Gains for Individuals

Posted on 6th Jan 2011

First introduced in the UK in 1962, Capital Gains Tax for individuals was originally a limited tax on short-term gains. However, it was widened considerably in 1965 to cover virtually all gains of a capital nature. There have been a number of changes announced in...[more]

Business Taxation: Allowances for Equipment Purchases and Research and Developments

Posted on 6th Jan 2011

The expenditure which any business incurs on buying new capital equipment, plant or machinery cannot normally be deducted from profits as a business expense in the same way that, for example, staff salaries or travel costs are deducted. Instead, expenditure on equipment and the like...[more]

An Update on Income Tax Relief For Pension Premiums

Posted on 6th Jan 2011

Changes to tax relief rules for contributions have been made or proposed at least 4 times in the last 2 years.  New rules, including a reduced Annual Allowance, started on 6th April 2011. Hopefully the latest rules will provide stability. Tax Relief Pension contributions made...[more]

UK Tax For Non-Domiciliaries

Posted on 6th Jan 2011

The UK remittance basis of taxation is almost unique and was until 2008 hugely advantageous to all those who are not domiciled in this country. Recent changes have to some extent resulted in it being available only to the very wealthy – a somewhat strange...[more]

Vat For Small Businesses

Posted on 6th Jan 2011

VAT inspections by HMRC are less frequent than was once the case and in fact many are now carried out purely by telephone. Nevertheless HMRC is adept at homing straight in on areas where mistakes commonly occur, and they will often magnify the fault several...[more]

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