UK businesses should be aware that the Government are consulting on the possible release of data held by public departments, particularly, HMRC. We have reproduced extracts from a recent press release that sets out the scope of the present consultation. “The data held by the public sector is among the most useful and valuable […]
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HMRC are currently consulting with interested parties (the accounting profession and associated professional organisations) to re-vamp the UK’s system for taxing employee benefit in kind and expenses. Changes are planned to simplify this process in accordance with recommendations made by the Office of Tax Simplification. Consultations commenced 18 June 2014 and due to be completed […]
If you dispose of a dwelling house (which can include a house, flat, houseboat or fixed caravan) which is your home, or part of a dwelling house which is your home, or• part of the garden attached to your home , you would normally have to pay Capital Gains Tax (CGT) on any gain you […]
Skills and Enterprise Minister Matthew Hancock announced a new range of apprenticeships that will be developed by employers under the Trailblazer scheme on 27 June 2014. He also called for expressions of interest from groups of employers to become part of the third phase of Trailblazers. The Apprenticeship Trailblazers, launched in October 2013, have gone […]
The State Pension is part of a pensioner’s taxable income. The problem is, it is paid gross, without deduction of tax. If your sole source of income is the State Pension then this should cause no problem as the State Pension is usually below the annual tax-free personal allowance. What can, and does, cause a […]
The UK’s new TV tax credit for approved productions in the UK are going down a storm with production companies on both sides of the Atlantic. One of the key draws to working on productions in the UK, aside from the financial incentives, is the large pool of experienced crew and actors based in the […]
Many employers pay their employees a monthly car allowance to compensate them for the business use of their private vehicles. In most cases this car allowance is treated as remuneration and is subject to PAYE and National Insurance deductions. Additionally, employers may also pay a nominal amount per mile as a contribution to fuel costs. […]
In a recently decided tax case a self-employed air conditioning engineer, David Keyl, was denied a claim for AIA. He had purchased a van in July 2008 and on 31 March 2009 (the end of his trading year) he transferred his sole trader business to a limited company. Unfortunately, the legislation setting up the AIA […]
Consider the following facts: The filing deadline for a Stamp Duty Land Tax return was a Sunday. A member of the advisor’s staff forgot to file the return by the end of the Friday – two days before the deadline. Realising their mistake, the staff member took the file home with the intention of filing […]
This reminder will affect landlords of unfurnished let property who are considering the replacement of standalone white goods (fridges etc) and similar items. Following the withdrawal of a tax concession from April 2013, there is effectively no tax relief for the replacement of defective, free-standing white goods in unfurnished properties. In some respects this absence […]