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🚀 Ready to Ace Advanced Tax? Here's Your Ultimate Guide! 📚 In the dynamic world of Advanced Tax, small businesses have two powerful allies: the cash 💰 and annual accounting 🗓️ VAT schemes! Let's dive into the exciting realm of tax management with these game-changing...

One of the most popular areas in the Advanced tax exam is the IHT and CGT implications of gifts to trusts. The examiners always comment that students struggle with this, and it is not too difficult to master.   A gift to a trust is called a chargeable lifetime...

When giving inheritance tax advice to clients, the most important exemption is business property relief which makes worldwide businesses tax free from inheritance tax. 100% relief is available on the following assets: Any unincorporated business (sole trader or...

One of the popular areas in the Advanced Tax exam is CGT (capital gains tax) groups. For CGT groups, the direct shareholding has to be 75% but the indirect shareholding only has to be 51%. Only UK resident companies can be included in the group, but the holding...

One of the areas frequently examined in the Advanced Tax exam is the substantial shareholding exemption. (SSE) . You can use the abbreviation in the exam. It is firstly important to note that this is only available to companies to encourage mergers and acquisitions....

What is the only CGT deferral relief which can be claimed by both individuals and companies?The answer ( of course) is the most important relief which features in all tax exams -rollover relief.However many students confuse rollover and holdover relief.What is the key...

The key difference between rollover relief and holdover relief lies in their application and duration of relief provided. Rollover relief primarily applies to businesses and allows them to defer paying tax on certain assets, such as buildings used in trade, by...

Inheritance tax questions are like puzzles waiting to be solved, often presenting scenarios involving lifetime gifts, death estates, and the intricate dance between IHT and CGT implications. One captivating area that could steal the spotlight in the upcoming Advanced...

One important area for Advanced Tax is where the company buys back the shares from the shareholder. The buyback is either treated as a dividend or a capital gain.   The important aspect to appreciate here is the taxpayer does not have the option of making an...

Personal Service Companies (PSCs) are set to be a focal point in the upcoming March 2024 Advanced Tax exams, presenting a crucial area for candidates to understand thoroughly. In today's gig economy, many freelancers opt to invoice their clients through their own...