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VAT capital goods scheme

  • Posted On: 10 August 2017
VAT capital goods scheme The VAT Capital Goods Scheme (CGS) adjusts the initial VAT recovery in respect of certain assets over either 5 or 10 year period. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating

Carry back charitable contributions

  • Posted On: 10 August 2017
Carry back charitable contributions Donations to charities are a recognised way to benefit charities and certain tax payers. To facilitate these advantages, taxpayers must ensure they keep a proper record of all donations to back up claims on their tax return. Donations that are made

The end of disincorporation relief?

  • Posted On: 02 August 2017
The end of disincorporation relief? Disincorporation involves the transfer of a business from a private limited company to a sole trader or partnership. Disincorporation relief was introduced from 1 April 2013 and is effectively a form of roll-over or deferral relief. The relief is due

Landlords, what expenses can you claim?

  • Posted On: 02 August 2017
Landlords, what expenses can you claim? It is important that landlords are aware of the expenses that can be deducted from their rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. Since April 2017, tax relief

VAT – what you cannot reclaim

  • Posted On: 02 August 2017
VAT – what you cannot reclaim Most VAT registered businesses are entitled to reclaim the VAT they incur on goods and services used by the business. This is known as input VAT. Some of the common areas where VAT cannot be reclaimed include the following: Goods and services

Tax write downs for business cars

  • Posted On: 02 August 2017
Tax write downs for business cars Capital allowances allow businesses to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which pool is appropriate depends on the car’s CO2

Company purchase of own shares

  • Posted On: 02 August 2017
Company purchase of own shares As a general principle, when a company makes a purchase of its own shares, any payment in excess of the amount of capital originally subscribed for the shares is treated as a distribution (taxed as income not a capital gain). However, there are

Let property disclosure campaign

  • Posted On: 02 August 2017
Let property disclosure campaign HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to

Supreme Court declares employment tribunal fees unlawful

  • Posted On: 01 August 2017
Supreme Court declares employment tribunal fees unlawful In R (on the application of Unison) v Lord Chancellor 2017, the Supreme Court has ruled that employment tribunal and Employment Appeal Tribunal (EAT) fees are unlawful and it has quashed the Employment Tribunals and the Employment Appeal Tribunal

Tax Diary August/September 2017

  • Posted On: 28 July 2017
1 August 2017 - Due date for Corporation Tax due for the year ended 31 October 2016. 19 August 2017 - PAYE and NIC deductions due for month ended 5 August 2017. (If you pay your tax electronically the due date is 22 August 2017) 19 August 2017 -