Important changes for small company reporting
On 16 July 2015, the Financial Reporting Council (FRC) issued the new UK GAAP which will apply to the small companies’ and micro-entities’ regime. The issuance of these new frameworks marked the end...
View ArticleDeeds of Variation – Excessive tax planning?
Tax planning continues to be a ‘hot topic’. The government is committed to clamping down on “aggressive tax planning”. In addition, these days the term “excessive” tax planning is often used, sometimes...
View ArticleEntrepreneurs’ relief – Too much cash in the company?
Entrepreneurs’ relief (ER) has probably become the most well-known of all the capital gains tax (CGT) reliefs among practitioners and taxpayers alike. This is no doubt due to the generosity of the...
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Enforcement by direct deduction from accounts (Direct Recovery of Debt)
The current Finance Bill contains the proposed legislation for HMRC’s new power to take tax that you owe direct from your bank account (Direct Recovery of Debt). It is not clear when it will come into...
View ArticleThe Government Targets Residential Property
The tax landscape for residential property owners has changed drastically in recent years, as the Government has felt obliged to address issues raised in the media regarding the residential property...
View ArticleThe problem facing individual landlords
Many individual landlords will need to restructure their lettings business over the next five years in order to avoid huge tax increases. The problem is caused by a change in the tax treatment of...
View ArticleAutumn Statement 2015
A review of some of the key announcements in 2015’s third Budget The 2015 Autumn Statement was overshadowed by the Spending Review, with scant detail in the Chancellor’s speech. A degree of (or perhaps...
View ArticleReview of the Year 2015. The Highs and the Lows…
Nick Parkes, Founder of Parkes Content Services and creator of Bloomsbury Professional’s Tax Planner Interactive product Tax highlight of the year Robert Maas’ response to HMRC’s Jim Harra saying that...
View ArticleThe 3% SDLT surcharge on second homes
Over Christmas the Treasury issued their promised consultation document on the 3% SDLT surcharge that comes into effect on 1 April 2016. This surcharge will apply to: the second residential property...
View ArticleMistake and rectification
When Peter Robin Hood Hastings-Bass died, he gave rise to the principle that robbing the rich – the Inland Revenue in those days – to assist the relatively poor – his family – could be successful, and...
View ArticleIncorporation and the dividend tax regime
Mark McLaughlin points out that the proposed new dividend tax regime should not necessarily be seen as a stumbling block for unincorporated business owners seeking to incorporate, but that any planning...
View ArticleIncorporation and the dividend tax regime
Mark McLaughlin points out that the proposed new dividend tax regime should not necessarily be seen as a stumbling block for unincorporated business owners seeking to incorporate, but that any planning...
View ArticlePractical Pension Scheme Accounting: Are you up to date?
The new pensions SORP is now in place and Crowe Clark Whitehill are authors of “Practical Pension Scheme Accounting”, a book that provides guidance on the implementation of the new SORP requirements....
View ArticleBudget 2016 Summary
A review of some of the key announcements in the 2016 Budget. The 2016 Budget saw the government give notable prominence to a new document – the Business Tax Road Map (see below) – that sets out the...
View ArticleA new investors’ relief by Rebecca Cave
In the Budget on 16 March 2016 the Chancellor outlined yet another relief designed to reduce the tax payable on gains made on the disposal of shares: Investors’ Relief. This new relief was billed as a...
View ArticleProperty Tax – Why can’t corporate landlords deduct their finance costs in...
Did you know that a corporate landlord can’t deduct its borrowing costs when calculating the profits of its rental business? Don’t believe me? Well, it’s true. And in this article we are going to find...
View ArticleAccountex 2016 Highlights
May 2016 brought our 4th year attendance at the annual Accountex show at the Excel centre in London. This event is for Accountancy professionals from all divisions in the sector and this year over 6000...
View ArticleCharging rent for business premises – A CGT pitfall
Mark McLaughlin warns that company shareholders who personally own the trading premises and charge their company rent for occupying it to achieve income tax and National Insurance contributions savings...
View ArticleHMRC discovery assessment – is it valid? by Mark Mclauglin
The power of HM Revenue and Customs (HMRC) to make discovery assessments is a powerful one. It broadly enables HMRC to (among other things) assess additional tax resulting from tax return errors, if...
View ArticleTax Implications of Brexit by Rebecca Cave
The people of the UK have voted to leave the European Union. The result of the referendum doesn’t change anything immediately, as the terms under which the UK divorces from the EU must first be...
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