by Jessica Garbett | Jan 23, 2015 | ACCA, business taxation, enquiries and tax disputes, ethics, HMRC, personal taxatation
The Finance Act 2014 contains a number of measures to minimise tax avoidance. In recent years the government has clamped down significantly on tax avoidance schemes, in particular introducing the Disclosure of Tax Avoidance Schemes (DOTAS) which obliges promoters and...
by Jessica Garbett | Jan 22, 2015 | ACCA, business taxation, capital taxation, HMRC, personal taxatation
How to make claims under common tax elections. Main residence nomination s222 (5a) Taxation of Chargeable Gains Act 1992 (TCGA 1992) Taxpayers with two or more residences may choose which property is to be treated as their main residence for capital gains tax purposes...
by Jessica Garbett | Jan 22, 2015 | business taxation, enquiries and tax disputes
Interesting Tax Tribunal report on lawfulness of dividends: http://www.accountingweb.co.uk/blog-post/dividends-not-unlawful-according-tribunal-r-jones-j-jones-v-hmrc The business paid interim dividends, and appears to have both correctly documented these and sought to...
by Jessica Garbett | Dec 19, 2014 | ACCA, business taxation, personal taxatation
The general rule when calculating rental business profits is that expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital nature. Expenditure incurred before a property...
by Jessica Garbett | Dec 18, 2014 | HMRC, personal taxatation, Tax Help for Old People
Following changes announced in the Chancellor’s Autumn Statement and the last Budget we thought we would highlight some points of interest for the ordinary taxpayer. If you would like more details, please don’t hesitate to contact us. The Personal Allowance (PA), the...
by Jessica Garbett | Dec 17, 2014 | ACCA, business taxation, enquiries and tax disputes
We go ‘back to basics’ as we examine what can be allowed in terms of legal costs. In the course of trading or being in business generally, there will sometimes be incidents that lead to court actions or legal costs. It can be a minefield trying to...
by Jessica Garbett | Dec 15, 2014 | ACCA, capital taxation
With the self assessment deadline approaching and with multiple property ownership at a high level, let’s look at the private residence exemption for capital gains tax purposes. Private residence relief applies for capital gains tax purposes if the dwelling...
by Jessica Garbett | Dec 13, 2014 | ACCA, capital taxation, personal taxatation
This worked example looks at the share identification rules that should be followed when there is a disposal of shares in a company, for capital gains tax purposes. Because one batch of shares or securities of the same class in a company are effectively...
by Jessica Garbett | Dec 11, 2014 | ACCA, business taxation, VAT
The EU place of supply VAT rules will change from 1 January 2015. The changes impact on business to customer (B2C) supplies including e-services. From 1 January 2015, the place of taxation for certain supplies will be determined by the location of the customer. To...
by Jessica Garbett | Dec 9, 2014 | ACCA, pension reform
Last month the government announced plans to change the pension rules for workers who leave jobs within two years. Currently workers who leave their jobs within two years of starting can be given a ‘short service refund’ of their pension contributions....
by Jessica Garbett | Dec 7, 2014 | ACCA, business taxation, HMRC, personal taxatation
Legislation was implemented by Finance Act 2013 to place a limit on income tax reliefs from 6 April 2013. Here we look at how this limit will operate. Finance Act 2013, Schedule 3 imposes a limit on the amount of ‘income tax reliefs’ that an individual may...
by Jessica Garbett | Dec 5, 2014 | ACCA, business taxation, HMRC, personal taxatation
With the self-assessment deadline fast approaching, this article considers the way in which trading losses may be utilised for tax purposes. A profitable business will pay tax on its profits but when times are not so good it will need to ensure that any loss relief...
by Jessica Garbett | Dec 3, 2014 | ACCA, business issues
An overview of recent developments surrounding overtime and holiday pay and shared parental leave. Overtime and holiday pay An important decision has been released concerning overtime pay and whether it needs to be included in the holiday pay calculation. The decision...
by Jessica Garbett | Dec 1, 2014 | ACCA, employer returns, HMRC, personal taxatation
From April 2015 HMRC is increasing the amount of overdue tax it can recover through a taxpayer’s Pay As You Earn (PAYE) tax code. Before 6 April 2015 HMRC can collect debts of up to £3,000 by adjusting a taxpayer’s PAYE code. This applies if the taxpayer...
by Jessica Garbett | Nov 30, 2014 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation
Taxable and non-taxable receipts Income tax is charged on the profit of a trade, profession or vocation. In order to be taxable the receipt must represent ‘the profits of’ the trade under S5 ITTOIA 2005. An incoming payment is not necessarily a trade...
