HM Revenue & Customs (HMRC) announced this week that people who have become insolvent to dodge their companies’ tax obligations or have received a civil evasion penalty for dishonestly evading VAT can expect a knock on the door from the tax man any time over the next five years. Under a new scheme called Managing […]
Weybridge-based chartered accountancy firm TWP has welcomed measures in this year’s Budget aimed at helping smaller businesses. Although George Osborne’s 2013 Budget brought few surprises, a key – and unexpected – announcement was a new employment allowance which will reduce National Insurance bills by £2,000 for every employer from April 2014. As a result, 450,000 […]
date what’s due 1 March Corporation tax for year to 31/5/12 19 March PAYE & NIC deductions, and CIS return and tax, for month to 5/3/13 (due 22 March if you pay electronically) 1 April Corporation tax for year to 30/6/12 5 April End of tax year 2012/13; new tax year 2013/14 starts 6 April […]
This has been around for several years, but never has the scope been greater for getting enhanced tax relief where a limited company incurs expenditure which qualifies for R & D relief. For every £1,000 spent you get corporation tax relief as if you had spent £2,250. Add to that the fact that HMRC react […]
A property within this special regime enjoys capital gains tax (CGT) and income tax advantages that normally are unavailable when you let a property. It has always been frustrating that the valuable business property relief (BPR) for inheritance tax purposes does not automatically apply to furnished holiday lets, even where the property is within the […]
This has been piloted by HMRC for 2 years now, and it has been announced that from the tax year 2013/14 it will become a permanent feature of tax administration for SMEs and individuals. This should be welcomed as ADR does potentially provide a cost-effective way of getting tax disputes settled where there doesn’t seem […]
If a UK residential property worth over £2 million is owned by a limited company or certain other “non-natural persons”, there is the likelihood of suffering an annual stamp duty land tax charge (the amount varies depending on the property value but starts at £15,000). PLUS paying tax at a rate of 28% on the […]
If you plan to leave the UK (permanently or for a limited period), or indeed you are coming to live in the UK, your exposure to UK tax is very much based on your tax status as being either resident or not resident. At last from 6 April 2013 there will be a test laid […]
We always try to be positive in telling you about tax developments in this newsletter but of course we also need to include tax “nasties” as well. This edition seems to have a few of those, starting with medical professionals who travel to various medical centres and claim tax relief on travel costs to and […]
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