Annual Tax on Enveloped Dwellings (ATED)
ATED – tax returns due by 1 October 2013
The deadline is fast approaching for submission of your tax return if you own a property worth more than £2m.
The Annual Tax on Enveloped Dwellings or ATED (previously called the Annual Residential Property Tax) is a tax payable by any company that owns a high value residential property (a 'dwelling'). It was introduced earlier this year and came into effect from 1 April 2013 and will be payable each year. The tax deadline for submission of your ATED return is 1 October 2013.
To follow is a brief summary of what ATED is and what to do if you are affected by it.
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TaxAgility launch New Accounting App
A great new App free from TaxAgility accountants in London
TaxAgility is one of the first accountancy firms in London to launch a free mobile Accounting App. As a business we are always looking for ways to improve the service we offer our clients and we are delighted to announce the launch of our new TaxAgility Accounting App.
It’s completely free of charge to download and it is available for iPhone, iPads and Android phones.
It has some really useful Tax Tables, Calculators and a reminder of important deadline dates. You can access all of this for free, anywhere you have internet connection on your device.
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A summary of GAAR and how it may impact you
There has been much written about the new GAAR legislation since it came into force in July 2013 and the majority of articles are extremely technical and very lengthy. I thought it would be helpful to provide a summary of GAAR and how this may impact you.
The General Anti-Abuse Rule (GAAR), has been introduced in the UK as part of the governments endeavours to combat tax avoidance and evasion. Essentially the GAAR legislation defines what would be considered an ‘abusive tax arrangement’ and aims to counter tax avoidance. GAAR will apply to any arrangements entered into on or after 17 July 2013 and will have important impacts on tax planning arrangements going forward.
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