by Neil Da Costa | Aug 23, 2022 | Uncategorized
An area due to come up in the September 2022 Advanced Tax is incorporation relief. This defers the capital gain when a sole trader transfers the business to a limited company. Gains will only arise on chargeable assets such as land and buildings and goodwill. Assets...
by Neil Da Costa | Aug 22, 2022 | Uncategorized
A very popular area in the Advanced Tax exam which is due to be examined in September 2022 is CGT groups. For CGT groups, the direct shareholding must be at least 75% but the indirect only has to be 51%. Companies in the same group can transfer assets to group members...
by Neil Da Costa | Aug 20, 2022 | Uncategorized
The main asset which potentially creates an inheritance tax liability in an individual’s death estate is the main residence. If the main residence is left to a UK domiciled spouse in the death estate, it will be completely tax free and covered by the interspousal...
by Neil Da Costa | Aug 12, 2022 | Uncategorized
Usually, gifts of cash do not have any income tax implications if they are paid out of the donor’s income. However, as the following case law shows it is possible for gifts to be treated as disguised remuneration if an existing business relationship exists. With...
by Neil Da Costa | Aug 11, 2022 | Uncategorized
Many students might be discouraged as their exams did not go well. Circumstances and events seem be to conspiring against us and it feels easy to quit. The important thing is to keep going. Treat every day as a fresh start. Instead of looking at disappointments as a...
by Neil Da Costa | Aug 10, 2022 | Uncategorized
Professional ethics questions feature in all the accountancy qualifications, but many students do not pick up all these relatively easy marks. There are 2 main reasons for this. 1. Candidates do not understand the scenario and tend to write generic answers...
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