Concerns over gaps in Pension regulation & disruption to auto-enrolment. The work and pensions select committee report auto-enrolment has been a “tremendous success”. However, they warn that taxpayer’s pension savings may be compromised due “72 unstable master trusts”. The success of auto enrolment now forecasts that approximately nine million people are newly saving or saving… Read more…

Chilango’s VAT battle with HMRC The Mexican restaurant, Chilango, has five sites in London and a further two outside. Upon deciding that its takeaway sales between December 2008 and March 2012 should have been zero-rated, it claimed a £681,623 refund from HRMC. HMRC assessed that the chain owed £59,328 in VAT for June 2012, as… Read more…

FRS 105 amendments align LLPs and micro-entities regimes THE FRC has issued amendments to FRS 105 – Limited Liability Partnerships and Qualifying Partnerships. Following a change in legislation, LLPs and qualifying partnerships can apply the micro-entities regime. Effective for accounting periods beginning on or after 1 January 2016: Applies to financial statement of companies, which qualify for… Read more…

SDLT revisions on commercial properties Stamp Duty Land Tax (SDLT) revisions introduced for commercial properties. 1% increase applied to the highest rate of SDLT on commercial property. This alongside duty on certain leases forecasted to raise approximately £2.5bn over the next five years. This has heavily affected the real estate market and affect existing property… Read more…

Corporation Tax Payments Increase Deferred. Proposal to increase Corporation Tax in 2017, applicable to corporations generating profits exceeding £20m annually has now been deferred to 1st April 2019. Great news for multinational businesses! Consider your tax strategy and plan ahead. Contact us for further assistance.

Personal Tax Extending entrepreneurs’ relief is anticipated to promote investment in unlisted trading companies. New shares allotted worth up to £10m purchased on or after 17 March will be able to benefit from relief on the basis they are held for at least three years from the 6 April 2016. Capital Gains Tax Rates Revised… Read more…

Vatable businesses are entitled to recover input, however the rules governing input Vat Recovery can become difficult in the absence a definition of what it means for a supply to be for the purpose of a  business. To help you in determining if Input Vat is recoverable find below the general conditions that need to… Read more…

          £71m in extra funding to improve the service HMRC provides to tax payers. Seven day a week service by 2017 that will boast extended hours and Sunday opening on online services and tax and tax credit phone lines. Improve existing telephone services & slash call waiting times by recruiting an… Read more…

A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines. The company, G4S Cash Solutions, tried to reduce their corporation tax bill by approximately £580,000 but the first-tier tribunal has ruled in HMRC’s favour in rejecting the claim for the deduction of the fines. The company… Read more…