Process now - and cheque later - is the powerful taxman's new motto

Article Abstract:

The UK Inland Revenue has a number of different procedures for dealing with tax returns. It feeds tax return forms into its computer when they are returned by the taxpayer, and this will show up and correct minor errors. There may in certain cases be a second checking stage, if the Inland Revenue has reason to believe that the taxpayer may be attempting to conceal income. The Inland Revenue has extensive powers to oblige taxpayers to provide documents or other details if it needs to check that the tax return is complete.

United Kingdom, Tax administration and procedure, Tax administration

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Capital games with capital gains inspired by the taxman and 'Antiques Roadshow.' (capital gains tax on the sale of chattels)(Column)

Article Abstract:

There are a number of circumstances in which capital gains tax (CGT) does not apply to the sale of chattels. The sale of any item regarded as a 'wasting' asset, such as a car, does not attract CGT, and CGT is also not payable on the sale of chattels for 6,000 pounds sterling or less. It may be possible to split up assets in order to bring their value to below 6,000 pounds sterling, but a tax inspector will need to be convinced that separate ownership existed well before any sale took place.

Column

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Capital plans to cut gains tax

Article Abstract:

Careful planning can ensure that liability to Capital Gains Tax (CGT) is kept to a minimum. A rough calculation of CGT can be made by deducting the cost price of any assets sold from the sale proceeds, deducting the costs of buying and selling the asset. The result of this calculation can then be reduced by an 'indexation allowance,' which is based on the retail price index and is deducted to balance out the impact of inflation for the period over which the asset was held.

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