In a recent case heard by the Upper Tribunal, Interfish Ltd were denied tax relief for sponsorship payments made to a local rugby club, Plymouth Albion. The sponsorship payments were significant; over £1.2m over a number of years. The payments were used to fund the purchase of players as well as propping up the club’s […]
Bonuses increase Treasurys tax take
In March 2012 George Osborne and his Treasury advisors took a risk. They announced that on 6 April 2013 they would be reducing the additional rate of income tax from 50% to 45%. The Treasury was criticised at the time because the expected tax take from higher income earners was expected to fall in line […]
Taxation of loans to directors and shareholders about to change.
The Government have launched yet another consultation, this time they are considering changes to the way in which loans to directors and shareholders of small companies are taxed. Currently, if these loans are unpaid at the end of the company’s accounting year, an additional corporation tax charge equal to 25% of the loan outstanding will […]