Owners of business property will be aware that certain parts of commercial buildings are treated as fixtures and fittings and capital allowances can be claimed. From April 2012 sellers of commercial property should ensure that they have maximised any claims for capital allowances and have a full track history available to potential buyers. If appropriate […]
Informants get paid…
A recent Freedom of Information Disclosure has revealed that payments made by HMRC to informants are on the increase. £323,780 was paid out in the tax year 2011/12 compared with just £155,950 in the tax year 2007/08. In total over £1m has been paid in the last three financial years. Section 26 of the Commissioners […]
Tax Diary Aug/Sept 2012
1 August 2012 – Due date for Corporation Tax due for the year ended 31 October 2011. 19 August 2012 – PAYE and NIC deductions due for month ended 5 August 2012. (If you pay your tax electronically the due date is 22 August 2012.) 19 August 2012 – Filing deadline for the CIS300 monthly […]
Real Time Information
From April 2013 most employers (and from October 2013 all employers) will be required to submit PAYE information to HMRC as the information is processed. The process acronym, RTI, short for “Real Time Information”, is a new way for employers to report their employees’ pay and tax details. According to HMRC it will make it […]
Share reorganisations and CGT
If you exchange shares in your company for shares or debentures in the same or a different company as part of a company reorganisation, what are the tax consequences? If certain share reorganisation tax rules apply, the reorganisation is not treated as a disposal of the original shares. Essentially the new shares or debentures stand […]
VAT special scheme exit rules
Two of the VAT special schemes can provide particular advantages for smaller businesses. The Flat Rate Scheme (reviewed in our June 2012 newsletter) can reduce overall VAT payable, especially for traders that are subject to the lower Flat Rate percentages. Cash Accounting allows you to defer payment of VAT added to your sales until the […]
Recent house flipping case
The case in question involved a couple who inherited a second home from a deceased parent. They complied with the usual filing deadlines and sent an election to have the second property considered as their principal private residence for the week before it was sold on 19 October 2007. If successful, the election would have […]
Payments to directors
Any payment made to a director as part of their remuneration package is generally subject to tax that is usually collected via the PAYE system. The payments made by the employer are allowable expenditure and reduce the employer’s taxable profits. However, many smaller limited companies pay personal expenses on behalf of directors. These personal expenses […]
Tax Diary July/Aug 2012
1 July 2012 – Due date for corporation tax due for the year ended 30 September 2011. 6 July 2012 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 6 July 2012 – Deadline for submitting form 42 (reporting of transactions in employment related securities). 19 […]