Tax

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Tax | Tax implications of selling assets before capital goods scheme expires

Croner-i tax writer Sarah Kay looks at the consequences of selling an asset covered by the capital goods scheme (CGS) before an arrangement expires, potential tax liabilities and HMRC's discretion over the application of disposal tests

24 Jul 2019

Tax | Will Boris suffer a bedroom tax?

As Boris Johnson prepares to become prime minister, Chris Etherington, partner at RSM, examines his potential tax bill from income to property taxes on multiple residences, personal earnings to tax reliefs, not to mention the future prospect of the public duty cost allowance (PDCA)

23 Jul 2019

Tax | Q&A: 'main' residence versus bolt-hole for higher rate stamp duty

In our regular Q&A, Alexandra Fielding CTA, tax adviser at Croner Taxwise, considers the capital gains tax implications if a couple sell one of their homes, currently used as the family home but not designated as the primary residence for tax purposes

23 Jul 2019

Tax | Higher rate taxpayers see hike in Scottish tax bills

The number of higher and additional rate taxpayers in Scotland is growing at a faster rate than the rest of the UK as the tax burden has shifted to higher earners

23 Jul 2019

Tax | Accountants and law firms pay £19.1bn in taxes

The UK’s accountancy and legal firms paid £19.1bn in taxes in 2018, a 6.8% rise in their total tax contribution compared to two years ago, according to a report from TheCityUK

22 Jul 2019

Tax | HMRC blames Brexit for shortcomings in service delivery

HMRC says that the pressure of preparing for Brexit has adversely affected business operations including call centre targets

22 Jul 2019

Tax | Accounting for VAT adjustments when prices change

HMRC has updated the accounting rules for adjustments to VAT when there are increases or reductions in the price of goods or services, set to come into effect in September

22 Jul 2019

Tax | Company cars: fuel benefits - part 2

In the part two of our series on company cars, Julie Clift CTA, tax writer at Croner-i, explains how to assess fuel benefits and tax liabilities

22 Jul 2019

Tax | Plans to simplify VAT capital goods scheme

The government has launched a consultation on simplifying VAT on capital assets to reduce the administrative burden of capital goods scheme (CGS) compliance

22 Jul 2019

Tax | HMRC in-house digital spend hits £73m

Revenue and Customs Digital Technology Services (RCDTS) Ltd, the not-for-profit company set up by HMRC in the wake of the decision to end the outsourced Aspire commercial contract, reported income of £73.7m last year, up from £59.8m the year before

19 Jul 2019

Tax | UK multinationals to challenge EU on CFC rules

Over a dozen companies, including BT, Vodafone and GlaxoSmithKline are set to challenge an EU ruling which found that elements of the UK’s controlled foreign company (CFC) regime breach the rules on state aid

18 Jul 2019

Tax | HMRC criticised over 'stretched' resources and helplines

The standard of service on HMRC helplines and 'stretched' resources remain major concerns for taxpayers, exacerbated by the additional pressure due to Brexit, according to the latest research into attitudes to the tax authority

18 Jul 2019

Tax | Top tax tips: when expenses are non deductible against income

Jonathan Amponsah, founder of The Tax Guys, gives a rundown of 10 expenses which cannot be claimed against income even if incurred for business, highlighting potential tax traps after HMRC wins in Healy and Samadian expenses cases

18 Jul 2019

Tax | Government exempts Windrush compensation payments from tax

Payments made under the Windrush Compensation Scheme will be exempt from income tax, inheritance tax and capital gains tax, HMRC has announced

17 Jul 2019

Tax | Trade and asset sales: tax implications - part 1

Croner-i tax writer Paul Davies FCA CTA unpicks the tax implications of trade and asset sales by a company to an unconnected third party looking at how every component of the sale can have an impact on tax efficiency

17 Jul 2019