VAT capital goods scheme overview
The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime. The […]
Corporation Tax loss buying
Under qualifying circumstances, Corporation Tax (CT) relief is available where a company makes a trading loss. The trading loss can be used to claim CT relief by offsetting the loss against other gains or profits of a business in the same or previous accounting period. The loss can also be set against future qualifying trading […]
Rental business – post cessation transactions
There are special rules for the taxation of post-cessation transactions after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Income Tax or Corporation Tax on the income. This does not have to be the same person […]
Inheritance tax receipts rise £500m after nil-rate freeze
HMRC’s latest tax receipt figures show a sharp improvement compared to this time last year with inheritance tax (IHT) rising by £500m after the nil-rate freeze in the Spring Budget UK public finance data released this morning shows a sharp improvement compared to where the government’s finances were a year ago. HMRC collected £226.3bn in […]
Chip shop owner banned after failing to declare £460k in tax
A Welsh fish and chip shop owner has been issued a ban for five years from the Insolvency Service after failing to declare £459,522 in VAT over the course of five years Matthew Antone Williams, 39, was the director of Maw Catering Services Limited which traded as The Crispy Cod in Tonyrefail, Wales. Maw Catering […]
Short notice for property development tax
This potential new tax is called Residential Property Developers Tax (RPDT), as set out in a consultation paper issued in April 2021. The aim of the tax is to assist the Treasury fund remediation works to remove unsafe cladding from high-rise buildings, following the tragic fire at Grenfell Tower in 2017. Originally the onus was on […]
1.8m couples benefit from extra tax relief
HMRC has confirmed that almost 1.8m couples across the UK have benefitted from the marriage allowance and are saving up to £252 a year. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner is a non-taxpayer i.e., has an income below their personal […]
Postmasters’ bankruptcies reviewed
The recent Court of Appeal and Crown Court decisions to quash the convictions of many former postmasters was widely welcomed. The Courts found that the original convictions were based on evidence from the Post Office’s Horizon IT system which has now been found to be unreliable. These cases caused an enormous miscarriage of justice affecting […]
The Help to Grow Management scheme
The Help to Grow: Management course is a government backed programme to help business leaders develop their strategic skills, create jobs and boost their business performance. The 12-week programme is delivered by over 40 leading business schools across the UK and combines a practical curriculum with 1 to1 business mentor support throughout and includes modules […]
Bona Vacantia – dissolved companies
The final step in bringing a company to a legal end is when the company is dissolved. However, one of the important points to be aware of when doing so is that the dissolved company can no longer do or receive anything including receive a tax refund. It is the responsibility of the company directors […]
