Do you agree these are the right primary objectives for rules governing the taxation of loans from close companies to their participators? Please explain your answer.
We do not consider that the majority of loans provided to participators to be a form of deliberate tax avoidance. Acting for predominantly Owner Managed Businesses (OMBs) you quite rightly state that many of these situations arise because such businesses used to be run as sole traders or partnerships, where the proprietor took drawings.
The acronym stands for Annual Tax on Enveloped Dwellings. The tax was introduced in April 2013 to discourage ownership of property in an “envelope” that could avoid payment of Stamp Duty Land Tax on a subsequent sale.
ATED is a tax on companies and so-called Non-Natural Persons (NNPs) who have an interest in a residential property in the UK that was valued at £2m or more on 1 April 2012, or with a purchase price over £2m if acquired on or after 1 April 2012.
Hotels in the Lake District have enjoyed a busy summer, in stark comparison to the previous year. The average room rate achieved by hotels in the Lake District for June 2013 was £101 which compares with £61 for June 2012. This is a huge increase, but we must remember that last summer the Olympics and terrible weather led to many hotels reducing their room rates in a bid to increase occupancy levels. This information comes from a survey that was run by Armstrong Watson during July 2013, specifically for hotels in the Lake District.
As most people will know the sale of a main residence is exempt from Capital Gains Tax (CGT) providing the property has been the only or main residence throughout the period of ownership or throughout that period except for any part of the last three years. In addition a former main residence which is let outside of the last three years of ownership can benefit from letting relief which can exempt gains of up to £40,000.
It’s been our screens for nearly 10 years now and Dragons Den continues to give viewers an engaging insight into businesses operating in many different sectors and at different stages of their lifecycle. Whilst much of the show is simply good entertainment there are valuable lessons to be learnt for existing business owners and those thinking of starting a business. Here I take a look at 10 things you can learn from Peter Jones and co.
Interest rates look set to remain at record lows for perhaps another three years following the new Bank of England Governor Mark Carney's announcement that they will be linked to the rate of employment.
In a major shift in monetary policy, the new governor said rates will not rise until the employment rate drops to 7%, which he does not expect to happen until 2016. This "forward guidance" strategy is aimed at giving households and businesses clarity on the future of interest rates, which will remain low to bolster economic recovery.
Richard Rose students Grace McLeod and Emma Watson are one step closer to raising the funds needed for their upcoming Nepal expedition after completing a week’s work experience at accountancy firm Armstrong Watson.
The two Richard Rose students spent a week at Armstrong Watson earlier this month gaining experience of the firm’s on-going data project. The work they carried out involved reviewing data to ensure it complied with certain quality criteria.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.