This blog post provides an overview of how individuals can legally enjoy the trading profits from their UK commercial or residential development projects without suffering any UK tax costs.
Planning Overview
The planning (broadly) operates as follows:
UK Tax Benefits
Summary
This tax planning allows property developers of both UK commercial and residential property to legally enjoy their development profits without suffering any UK tax charge.
If you would like to schedule a free 30 minute telephone consultation to see if you qualify for this form of tax planning, please contact Simon Newsham at Newshams Tax Advisers on 020 3151 0650 or email him at simonnewsham@newshams.com
Newshams Tax Advisers
To the average person whose only concern is whether they have correctly rounded up their building society interest on their tax return the tax machinations of multi-national corporations must seem not just a world away but more like on another planet. Just within the last few days Microsoft has been reported to have avoided paying £100 million a year in tax thanks to an agreement which it reached with HMRC; whilst on the other side of the equation research has revealed that HMRC’s tax evasion workload rose by 8% in the year to April 2016.
It’s easy to say that tax avoidance is optimising benefit through legitimate use of tax legislation but with evasion increasingly being seen as a matter not just of legislation but of conscience the lines between right and wrong are increasingly becoming blurred. Where does that leave the ordinary taxpayer, the small partnership or the SME; how do they react when filling in their tax returns or taking advantage of government introduced initiatives such as ISAs, venture capital or enterprise investment schemes?
The fact is that schemes such as these have been introduced by successive governments not simply as a way of individuals avoiding tax but more as a method of boosting investment in the economy and driving long-term growth. So when we talk about efficient tax planning we should remember that it can be a two-way street, benefiting the country as well as the individual.
If you would like to speak to a tax adviser about efficient tax planning, please contact Newshams Tax Advisers on 0800 211 8657 or email us at enquiries@newshams.com.
www.newshams.com
It may have rained on Her Majesty The Queen’s birthday party, but that didn’t dampen the celebration of the long history of volunteering and charity work in this country. The Queen is patron of more than 600 charities and organisations, the majority of which have benefited from her wisdom and guidance since she acceded to the throne in 1952.
The Patron’s Lunch was not only a fitting finale to a weekend of celebration, it also marked the end of national volunteer’s week which celebrated the role which volunteers play in our society. According to the BBC studies have shown that volunteering equates to an input of some £50 billion a year, showing what a huge impact voluntary sector has on the life of the UK.
But volunteering is a two-way street and other studies have shown that those who volunteer benefit personally in a range of ways, not the least of which are improved self-esteem and health. During the recession, charities and other voluntary organisations faced some tough times as donations fell and the call on their services increased. This has in turn forced charities to become smarter with their finances, maximising their income through gift aid and taking advantage of free services such as the Google AdWords grant.
If you would like to speak to a tax adviser about charity finances and Google AdWords for charities, please contact Newshams Tax Advisers on 0800 211 8657 or email us at enquiries@newshams.com.
www.newshams.com
Enjoy your next payslip. We’ve passed the milestone in the year that marks tax freedom day and from now on what you earn belongs to you.
Of course it doesn’t quite work like that because (for those on PAYE at least) a proportion of tax is taken from your salary evenly throughout the year. But tax freedom day marks the time at which, if we had to pay all our taxes up front, we would stop working in order to pay the government and start earning money for ourselves.
Is the fact that for the first time in fifteen years this milestone has crept into June a good thing? Some would say that a four-day jump to 3rd June is indicative of high levels of taxation whilst others would comment that in order to pay more taxes we have to be earning more and therefore on average we are better off. Let’s hope it isn’t, partially at least, down to some individuals paying more tax than they should simply because they don’t understand what allowances they are entitled to.
If you would like to speak to a tax adviser about personal taxation, please contact Newshams Tax Advisers on 0800 211 8657 or email us at enquiries@newshams.com.
www.newshams.com