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Inheritance tax: another day, another government U-turn

Inheritance tax: another day, another government U-turn

Inheritance tax: another day, another government U-turn

IHT treatment of specialty debts

The government has back-pedalled on a controversial decision on inheritance tax after widespread criticism. HMRC came under fire when it decided that a type of debt which had historically been exempt from inheritance tax would now be subject to it – going against centuries of legal precedent.

After discussions with professional bodies, it has now changed its position again – though things still aren’t back to how they were before. Let’s take a look at what’s going on.

What’s the history?

The controversy relates to a type of debt called a ‘specialty debt’, which is one owed to someone who is not domiciled in the UK. It’s a kind of debt created by a deed or a seal, not just a normal contract.

Historically, such debts, when owed to a non-dom, have been exempt from UK inheritance tax if the document recording the debt is held outside the UK. In 2013, however, HMRC decided that specialty debts should usually fall under the country where the debtor lived instead – so if the debtor lived in the UK, the debt would now fall under UK tax law.

Yeah, so what?

Under the Inheritance Tax Act, property outside the UK is not subject to inheritance tax if the person inheriting it is not domiciled in the UK. And although ordinary debts come under the country where the debtor lives for tax purposes, specialty debts are considered to be a special kind of debt, and it is a long-established UK legal principle that their legal location is that of the document recording the debt.

The principle goes back to the Elizabethan ecclesiastical courts, which held that “the debt is where the bond is, being upon a speciality; but debt upon a contract follows the person of the debtor”.

HMRC’s position was widely criticised for seeming to have come out of nowhere and conflicting with these established principles. Taxadvisermagazine.com described its change of mind as “an unexpected U-turn seemingly unsubstantiated by either legal or technical analyses”, adding:

“The practical reality is that specialty debts are an established category of formal contract in common law that has been in existence for many years, and entering such arrangements may not always be a result of only the overwhelming desire to mitigate inheritance tax exposure that HMRC believe has penetrated the non-dom society.”

Legal firm Forsters pointed out that UK resident non-doms often took out life insurance policies in the form of offshore deeds to protect them from inheritance tax.

So what’s the latest position?

HMRC’s new position is that the legal location of specialty debts will now depend on whether the debt is secured or unsecured. Broadly, where the debt is solely secured on land or other tangible property in the UK, the debt will also be in the UK.Where the debt is not secured, it will usually be where the document recording the debt is.

But if the creditor and debtor both live in the UK, but the deed … Read the rest ...

Tips for Choosing the Right Recruitment Agency

Tips for Choosing the Right Recruitment Agency

The job market is suffering from candidate skills shortage. People seeking employment should use a recruitment agency specializing in their sector. Working with a recruitment firm takes pressure off the seekers and make the search more fruitful. Recruiters also offer a job seeker the opportunity to work for noble employers. How do you make sure that you’ve selected the right agency?

Tips for Choosing the Right Recruitment Agency

Assess Your Needs

Before contacting an agency, you should be familiar with your needs. What are you looking for in the job industry? What’s preventing you from achieving your dreams? To identify the support you need from a headhunter, it’s vital to assess your portfolio as well as career prospects.

Do Your Homework

To choose the right recruitment agency, do your homework. Look at the firm’s LinkedIn profile for the experience. Is there a sign of experience in your area of specialization? Do they demonstrate the claimed experience in your conversation? Look for a recruitment agency that’s willing to cater to your needs.

Do You Need a Specialist or Generalist?

Are you designated in a particular sector or exploring your options? Perhaps you’re open to a variety including a career change. A generalist would be your first option. If you’re a trained specialist, such as an engineer, you should find a recruitment firm that connects you to your niche. The firm should understand the trends as well as quirks of the sector. If you’re a salesperson, get professional IT sales recruiters to assist you.

Inquire from Your Peers

Searching for a recruitment agency can be as simple as inquiring around. There’s a possibility that your peers know about the firm’s reputation through their network. They have possibly been in touch with the company. Since recruiters are social, you might find invaluable information online. Ask your peers to recommend the best.

Refer to the Website and Resources

When looking at a firm’s website, begin by looking at the profile. You’ll find their experience, strengths, and expertise of the consultants. Scroll through the board to see job descriptions matching your preferences. Read through their resources and note their achievement.

Interview Recruiters like Job Candidates

Interview prospective recruiters like you’d interview candidates seeking employment. Ask if they have candidates for your position in their database. Ask how they will assess candidates for available positions. Recruitment firms can be rigid about talent procurement contracts. The best agencies provide flexible terms. They are also nimble and geared towards success.

Follow the Firm’s Social Media Sites

Find a recruitment agency that observes the current developments in the industry. Since social media is a primary communication medium for many, a good recruitment agency will post regular updates to stay in touch with clients and candidates. Pick the agency you feel can offer the right package.

Many agencies are specializing in recruitment. Some offer generalized recruitment while others provide headhunting for particular sectors. If a job hunter is seeking employment from a specific industry, it’s prudent to find a recruitment agency that focuses on recruiting for … Read the rest ...

Don’t Forget the Accountant When Starting Your Own Business

Don’t Forget the Accountant When Starting Your Own Business

At some point, somewhere, in someplace, someone you know is thinking about or actually starting a viable business of some kind. Whether they succeed or fail in this endeavor will depend in part on how well they manage the books. The activity of recording business transactions or bookkeeping helps businesses account for what you’re doing now and hope to do in the near the future.

Don’t Forget the Accountant When Starting Your Own Business

Not a numbers person? Don’t let that frighten you. Think of it, instead, as just information about your business. And that means to a large extent, your employees, your customers, your vendors. The total of this aggregate and more are your business’ assets. Let’s say you entered all of this data into a spreadsheet to keep things organized. This would help you better track the businesses expenses. And to make things easier you can use bookkeeping software to simplify the process.

Assets and Liabilities

Here’s the skinny on these two biggies. Your assets would be your business equipment, inventory items, accounts receivable (money owed by customers). Your liabilities would be for example, money YOU owe to others (accounts payable), credit card balances and other balances scheduled for the following year.

What does all of this counting of assets and liabilities mean? Well, once you set everything up right, it will help manage the financial health of your company. People go into business to make a profit, and hopefully reduce their taxes as well. If things get too challenging, there are capable business accounting professionals available to assist you.

Professionals Are Available

Watson & Watt are a small business accountant firm that will make sure your books stay balanced. They use technology strategically to minimize the more boring parts of the number crunching task and show you visually the health of your business.

But what if you have a small business and happen to be the DIY type? No matter, general business accounting is just another skill that can be learned, in time. But fair warning, there will be some required reading on your part.

Here are a few necessities:

  • Register your business
  • Open a bank account
  • Set-up your bookkeeping system (payroll, import tax info)
  • Organize your business’ receipts

As well as know your overall business numbers as well as a good chef knows to the penny his restaurants food cost. Whether you opt to go solo or use a trained professional is your decision. A good rule of thumb though is to keep things simple. Remember, assets are items that add value to your business (e.g., cash on hand, the machines in used in your business, cash). Liabilities are owed credit amounts (i.e., accounts payable).

Take things one step at a time. Enter data carefully. Enter data accurately. Ask questions where appropriate. Back up your data. In time, you will make steady progress. Who knows, you may even begin to enjoy the whole numbers side of your business. Learning can be fun when you’re doing something you enjoy.… Read the rest ...

Making Your Cafe Franchise Business Plan Work

Making Your Cafe Franchise Business Plan Work

The concept of a cafe franchise is intriguing to lots of investors. If there is anyone that has ever spent their time wondering how they could get into a franchise business a cafe maybe a great place to get started. The reason for this is because it is a smaller venue than a fast food restaurant. When people engage into the cafe franchise business they have a better chance of setting their own boundaries and dealing specifically with a smaller selection of items.

 

Making Your Cafe Franchise Business Plan Work

If you search for a Franchise for sale you may find that the cafe business is going to be one of the more popular results to pop up in your search engine. This has much to do with the quaint setting that people like when they are in between decisions on going to a fast food or a full-scale restaurant. This is the safe middle ground that is ideal for breakfast, lunch and early dinner dates.

Hours of Operation

You can run your Cafe franchise the way that you would like to, but most of these businesses tend to thrive during the morning and daytime hours. This is where you get the bulk of your business, so it makes sense for people to operate during these hours. One of the best things about a cafe franchise business is the amount of exposure that you can now get through social media. If you have something of a novelty item that looks different from what everyone else is doing you have a good chance of standing out with a social media crowd.

Marketing

If you get an audience behind you it becomes so much easier for you to gravitate towards success. You have a much better time marketing your Cafe franchise business when you have the help of customers that are interested in the type of business that you are running. To successfully run a cafe franchise you need to consider the benefits that come with baked goods and coffee. This is what most people expect in a cafe setting, but you also can serve things like sandwiches if you would like. You may even consider getting a certain type of theme because businesses tend to do better when they have themes. If you have a restaurant that serves Cajun food or Seafood it becomes easier for people to put you in a category to help you better develop your niche.

Since a cafe franchise is something of a niche you need to consider having a special category of foods that you served based on a certain type of thing. For a fast food restaurant there may be burgers, fries and chicken sandwiches. To separate yourself from these types of establishments you should consider having more on your plate than the typical menu items that you would see at a fast food establishment. It is so much better to get into a franchise business where you have direct control of the way you want to leave your restaurant.… Read the rest ...

Artifical Intelligence, Human Rights, And A Biblical World view

Artifical Intelligence, Human Rights, And A Biblical World view

what are the business benefits of using artificial intelligence technology for knowledge managementI’ve noticed lately that there appears to be a lot of confusion about merging dimensions in Internet Intelligence. First, define the requirements of your customers. AI might be a attractive field, but it always makes sense to return to the fundamentals in building a business. Exactly where do your present or potential buyers have explicit or implicit unmet requirements? Even the most disruptive current company ideas, such as Uber and Airbnb, address people’s fundamental needs.Artifical Intelligence, Human Rights, And A Biblical World view

The greatest way to think about these worst case scenarios is to consider about the militarization of two capabilities in which artificial intelligence currently touches our everyday lives: facial recognition and driverless cars. As you know if you have ever tagged a photo on Facebook, artificial intelligence has already reached the point at which you can be very easily and instantly identified by algorithm. Safety cameras” have also gone up all over the globe, abruptly granting unknown organizations the unchecked ability to gather and match faces with identity databases” that include our details without our permission, understanding or handle.

So, if I have two queries merged on State, and try to display an additional dimension, that is not merged, such as State Capitol, Internet Intelligence does not know how to aggregate the measures at the decrease level of State Capitol, since that dimension doesn’t exist as a merged dimension. Of course, you and I both know that every State only has one particular State Capitol, so it is not really a reduced level of granularity. But Web Intelligence does not know that. So we have to tell it.

What Is The Future Of Artificial Intelligence? A Far better Manbusiness intelligence bpjs kesehatan

the business of artificial intelligence hbrI’ve noticed lately that there seems to be a lot of confusion about merging dimensions in Web Intelligence. This exceptional letter, along with the resignation of dozens of Google staff, proved its energy over a month later when Google management announced that it would not renew Project Maven soon after the contract is completed in March 2019, and acknowledged the backlash” against Google’s public reputation as the principal explanation behind this management choice. While this response does not satisfy the demands in the original letter, it is clearly a step in the right direction, and shows the potential of the Google employee act of protest as a foundation to create upon as the globe grapples with the realization that the US military (and, presumably, other military forces as effectively) are moving rapidly to weaponize artificial intelligence.

Jon Prial: Artificial intelligence. Is there any term that’s more used in tech these days or that has a wider range of meanings? Is there any 1 that conjures up much more excitement, hyperbole and worry? Today, we’re going to focus on a extremely practical and a genuine application of this technology, employing AI to boost and automate what have traditionally been human-driven processes.

Here’s an example of a merge … Read the rest ...