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Neil Top Tips

Neil Top Tips

A tricky area in the tax syllabus is liquidations. The easiest way to think of this is that up to the date of liquidation the company as a legal entity still exists. This means that a distribution to shareholders before liquidation is treated an income distribution so...

Neil Top Tips

Neil Top Tips

It is not easy dealing with constant criticism especially when you are preparing for professional tax exams. What makes it even worse is when the criticism comes from ourselves. Most of us are much kinder and compassionate with other people compared to ourselves and...

Neil Top Tips

Neil Top Tips

The heatwave is finally here. Hope all of you are doing some tax revision while firing up the barbeque!When a client sets up a business, the two simple choices available are either set up a limited company or a sole trader's unincorporated business.Let us assume the...

Neil Top Tips

Neil Top Tips

Capital allowances come up in every exam, yet many students lose these easy marks. Capital allowances are simply tax depreciation and there are 3 types of allowances -writing down allowance (WDA), annual investment allowance (AIA) and the first-year allowance (FYA) on...

Neil Top Tips

Neil Top Tips

One of the fundamental areas in corporation tax is 75% groups. Companies in a 75% loss group can give each other trading losses while companies in a 75% gains group can transfer capital gains or capital losses. Group 1 is a simple 75% group -all 3 companies can give...

Neil Top Tips

Neil Top Tips

A popular topic in the Advanced Tax and BPT exams is offering advice on the difference between setting up a sole trader and a company making profits of £50,000. A sole trader business is part of the same individual’s income. If you are a higher rate taxpayer, then the...

Neil Top Tips

Neil Top Tips

An area many tax students find confusing is domicile. To help you understand it, I will refer to the pop star, Rita Ora. Rita was born in Kosovo so has a domicile of origin in Kosovo that she acquired from her father at birth. Let us assume that she was 15 when she...

Neil Top Tips

Neil Top Tips

An important area in Advanced Tax is gifts of residential property. The mistake students make is looking at the donees instead of the donor. Charlie is a 85-year-old UK domiciled individual and has always lived in the UK. He owns a residential property portfolio that...

Neil Top Tips

Neil Top Tips

A popular area on groups which tax examiners love is the targeted anti-avoidance rules (TAAR) to prevent companies buying other companies to use up their pre-acquisition losses. Blue Plc buys Orange Plc. Orange has pre-acquisition losses. TAAR prevents Orange property...

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