HMRC

3
Jul

Motor racing sponsorship was tax deductible

  In order for an expense to be tax deductible against business profits it must be incurred “wholly and exclusively” for the purposes of the trade. In a recent tax case a hotel owner near Silverstone sponsored his grand-daughter’s career as a racing driver by making payments through his company. The argument was that this would promote the motorsport credentials

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26
Jun

Is the Enterprise Investment Scheme (EIS) right for your business?

  The Enterprise Investment Scheme (EIS) is designed for smaller, higher-risk trading companies to raise and build finances by offering tax relief to prospective investors. Such incentives are intended to counterweigh some of the risks. Entry into the scheme is subject to a decision and audit made by an appointed tax officer, thus a strong business proposal is crucial. The

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5
Jun

HMRC computer isn’t always correct

  HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances, savings rates has become

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2
Mar

Making Tax Digital to start in April 2018

  Legislation to introduce Making Tax Digital (MTD) will be included in the Finance Bill 2017 and despite many objections that it was too soon, the new system of quarterly reporting will commence in April 2018 for the self-employed and property landlords. There were 1200 responses to the consultation documents issued in summer 2016 and a number of changes have

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5
Dec

Penalties for careless errors in accounting records

  Where additional tax is payable as the result of an HMRC enquiry and it is shown that the additional tax is due to poor accounting records, the maximum penalty that can be imposed is 30% of the additional tax for failure to take reasonable care. Where the error is deliberate, the penalty will be between 20% and 70% of

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12
Sep

Buying a loss making company

  Another important announcement in the March Budget was the proposed relaxation in the rules for setting off a company’s losses against the profits of future periods. These proposed changes that will allow set off against profits of any source are currently being consulted on and, if enacted, will apply to losses arising from 1 April 2017 onwards. Until then

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4
Jul

Reporting benefits in kind and shares issued to employees and directors

  It’s that time of year again when the annual return of benefits in kind and expenses paid on behalf of directors and employees needs to be made to HMRC. Unless the employer holds a dispensation, this includes expenses such as travel and subsistence that are reimbursed to employees and directors. Note however that from 2016/17 the employer will no

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4
Jul

Tax diary of main events for July / August 2016

  Tax diary: All the main tax events for July / August 2016 Welcome to this month’s Tax Diary, providing you with all the main tax events for the next couple of months including key deadlines and what’s likely to be due. These deadlines are intended to be used as a guideline and are based on the general requirements of

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