OUR LATEST INSIGHTS

Blog31st Jul 2018

MTD for VAT  – is it all bad news?

So according to HMRC there’s no going back, MTD for VAT really is going to happen. From next April you will have to be able to file your VAT Return through ‘functionally compatible software’ – and suddenly businesses are becoming…

Blog30th Jul 2018

Is your current home earning you valuable rental income from paying guests? HMRC will now start insisting on a share of this income

  ‘Rent a Room Relief’ was introduced by the Government back in 1992 to encourage individuals to make spare rooms in their homes available for rent. It allowed property owners, and even tenants to let furnished rooms in their homes,…

Blog27th Jul 2018

Scottish Tax Reduction for UK Armed Force Personnel

Compensation because they simply have no choice of where they are posted equals another interesting development in terms of English v Scottish taxes Armed forces personnel pay UK income tax on their military earnings irrespective of where they are required…

By Lynn Gracie

Blog26th Jul 2018

VAT Reclaim Opportunity for Motor Dealers

  After a long period of uncertainty, HMRC have now confirmed their policy in respect of motor dealer deposit contributions (DDC). The outcome is that DDC are not subject to VAT and HMRC have invited claims from motor dealers who…

Blog25th Jul 2018

Property Taxes – CGT payment window for residential property expected to be reduced to 30 days from April 2020

As reported in our recent blog, HMRC published a consultation in April 2018 regarding the payment of capital gains tax (“CGT”) when disposing of residential property.

Blog23rd Jul 2018

Have your cake & eat it!

A common myth in relation to Research and Development (‘R&D’) tax relief is that qualifying activities are only undertaken by scientists in white coats. The tax definition of R&D is much wider than this, and can take place when a…

Blog20th Jul 2018

IFRS 15 – Value behind compliance

IFRS 15 ”Revenue from Contracts with Customers” has an effective date for periods beginning on or after 1 January 2018. Six months into the implementation period you should be confident of your approach, have your accounting policies up to date…

Blog18th Jul 2018

EIS & SEIS – The tax reliefs get tougher!

The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) offer attractive investment opportunities for individual investors which in turn allow young entrepreneurial UK companies to raise funding to facilitate growth and expansion plans.  However, the generous tax reliefs…

Blog16th Jul 2018

Enhanced Tax Reliefs for Vehicles

The emissions of a car purchased by a business can have a big impact on the timing of the tax reliefs that be achieved by Capital Allowances.

Blog16th Jul 2018

A Competitive UKCT System, but with Traps for Unwary

For a number of years, the UK Government has had a drive to make the UK corporation tax (UKCT) system one of the most competitive in the world. With Brexit looming, this takes an ever increasing importance: once the UK…

Blog12th Jul 2018

Understanding the Value of Your Business

There are many reasons for valuing private business whether you are considering investing, selling, transferring an interest in a business, setting up a tax efficient employee ownership scheme or looking to resolve a dispute. Whatever your intention, fully understanding the…

Blog10th Jul 2018

Selling your company – Entrepreneurs’ Relief traps for the unwary!

The disposal of a business should always be driven by the commercial objectives of the buyer and the seller and tax planning should not distract from this.  However, ensuring an exit is implemented in the most tax efficient manner can…