Member Since: 3rd Feb 2012
11th Oct 2016
Accountant30 - if one is staying within Finance I'd have thought ADIT would be more than enough tax on its own but a bit 'lighter' than CTA. I was more suggesting that if this was a stepping stone to a career change into tax then ADIT would probably get you a Tax job and if you later wanted a bit more you could then complete the CTA. Both are with the same institute.
6th Oct 2016
CIOT also do the ADIT course which might be a good 'dip the toe' / stepping stone towards CTA. The first paper is international tax principles which might be useful even if you decide to stay within Finance in terms of understanding global business tax issues. Paper 3 you can do a VAT thematic paper and many Finance jobs have significant elements of VAT. The second paper you can choose many different jurisdictions, I think they are primarily direct/corporate tax papers, if you do the UK paper 2 it exempts you from the CTA corporation tax paper I believe so you could then build from there if you want to move more into tax as a career choice. If you are staying within Finance a full blown CTA might be a little wasted, but that is just a personal opinion.
22nd Oct 2015
Don't forget when calculating the cost per head you are not dividing the costs by total employees in the business, but by the total number of people who attend the event (including non-emloyees).
Often people get the attendance figure for employees only and don't remember to keep the non-employees in the denominator, if you are in that happy circumstance that will immediately bring the cost per head you've calculated. If you have already done that and are still tight on the limits and expecting to go slightly over you could introduce a small charge to either spouses or team members.
This could be dressed up you contribute to the annual party cost £5 per head and the company will make a donation to XYZ foundation/charity of at least double this (I don't think you'd want to make too direct a connection with the amount of the donation and the amount received). The cost of doing this to the company would be less than making up the tax through a PSA on a £70 where that £70 had brought you upto £155 in total (in all but the most obscure circumstances).
Of course no doubt the tabloids will splash you on the front page for outrageous tax avoidance lol.
1st Jun 2015
Is the alteration an Annex?
Separately, if it is a listed building then the government made some funds available to churches in compensation of the removal of zero rating in 2012 of alterations to listed buildings.
I researched annex relief a few years ago when we were doing an extension at my church. There are provisions for a reduced rate of VAT, I believe 0%, for an Annex to a charitable building. HMRC's view is that this might share one wall and have its own entrance to the outside capable of being used on its own, with an ancillary connection through to the existing church. Having read the law and the case law I didn't see why this couldn't apply where there was more than one wall shared with the existing building provided it had its own entrance, was capable of being used separately.
I was hopeful we might have been able to obtain this for most of our extension but not the new connecting lobby area. This would probably have involved 2 phases the main extension area kept separate with its own entrance and then a second phase adding a connecting lobby as main entrance / knocking through into other parts of the building as a second phase if you were worried about how ancillary the connection to the other church was and then of course the second phase would be fully subject to VAT.
In the end we downsized the extension so that it was really just a lobby for the church but meant the relief was clearly not applicable. Have a look at the relief and then think about whether your project might have parts that could qualify, e.g. a new hall extension would be a good item, but refurbishment of the main church hall would not.
25th Mar 2015
Once it is in place the only way is up. I don't think to 15% in a few years but I think it will get above 10% fairly quickly. As any employers contribution is effectively a pay rise they ought to do it slowly. Maybe 1% every couple of years so that can get built into the pay rise decision making process (or pay cut decision making process as the case may be).
9th Feb 2015
WHT gets deducted from invoices all the time they would only usually pay you more if you have written a gross up clause into their contract with the party in Kenya. Otherwise you can issue extra fees but they will tell you to whistle for it. So gross up clause if you invoice 1,000 the Kenyan part (if the WHT rate is 15%) would have to treat this as if they'd received an invoice for 1,176 and account for 176 to their local tax authorities and 1000 to you. The law the contract is written under is relevant as some territories declare gross up clauses illegal or deny treaty relief etc. Lots of things to consider, for example, did the activity of the UK company constitute a PE in Kenya and if so is there any local Kenya filing obligation, if so the WHT is likely creditable against Kenyan tax, then the UK status depends on lots of things branch election or not etc. Assuming no PE in Kenya then normally you need to work out the costs associated with providing whatever was invoiced for then the profit of this multiplied by UK tax rate applicable is the limit of the amount you can take a credit for... as you've alluded to there are other options to explore and c/f / tracing can get complicated to track etc.
4th Feb 2015
The same institute does the Advanced Diploma in International Taxation. One of the 3 papers is a UK tax paper (don't think it covers trusts etc from memory), the others you can chose another tax jurisdiction (where are you planning on retiring) and the other is more of a general principles of international taxation. If you are just looking to refresh your UK knowledge then maybe sit just the UK paper? Doing the whole ADIT gives you an exemption from the Corporate Tax paper of the CTA should you later chose to do that.
10th Oct 2014
Tax related way
If you are defintely set on working in tax then I believe there is an ATT followed by CTA route. I know PwC used to offer that. Many people in tax do the ACA first and then do a CTA afterwards but the ATT/CTA route may be a bit quicker but is harder to transfer out of tax if you choose to do that later.
No not too old you've a similar history to me at your age. If you've a 2.1 you've a reasonable chance of getting onto one of the Big4/large multi-office firms graduate training programme. That way they will pay for the training and time out of the office. Hope it goes well.
19th Sep 2014
Flat rate expenses
The £60 is really just where you only have laundry costs. Unfortunately sportsman/woman is not listed but surely more akin to the £120/140 trades listed than just a store assistant might be worth a letter in that vein. Since you are flogging this, you could ask them for the rates they have agreed with local unions and whether they have agreed any rates for sports associations, e.g. rugby league/union.Even if you get that then for a 45/50% tax payer that is still only worth say £60 x 4 years equals £240 so you'll probably be doing this more to prove a point than any monetary reward!
17th Sep 2014
I'd be surprised if an argument could really fly that the interest that would have been earned or paid is a deemed gift for IHT. Between individuals there is not generally a concept of transfer pricing. He could equally chose to have put this in his current account at 0% interest for 15 years. Have you any legislative references for the provisions that would require this and how this would be determined given the huge variety of rates one could chose?
I'm no IHT expert so again you would need to take advice just to be sure just curious as to how that sort of 'transfer pricing' approach would work.
0% loans between family members are allowed, though HMRC don't like them, so do get them properly drawn up and of course, signed & witnessed else it will be treated as a gift. Generally lawyers like a legal charge to help demostrate that this is all very formal and above board. Of course in this case this also gives the legal security that the borrower needs so you would do this in any case. Also make sure you put in provisions as to what happens if you sell the property or move before the 15 years have elapsed or replace the loan with a mortgage (i.e. give the right to the owner to discharge early). You want to be able to do those things even if you fall out with the respective family member!