Latest blogs for Specialisms
In a recent HMRC test case (Ames v CRC), the Upper Tribunal considered whether it was necessary for EIS income tax relief to have been claimed when an EIS investment was made, for the transaction to then potentially qualify for exemption from capital gains tax when the investment was sold. For the case in question,…
Occupying a let property as the only or main residence at some point during the period of ownership will not only shelter the gain relating to the period for which the property was occupied as the main residence (and also that relating to the last 18 months of ownership), but will also entitle a claim…
We are fortunate to have many worthy charities in and around our area all making a huge contribution to our community. When it comes to the fraudsters charities do not have any exemption, in fact quite the opposite, they are often seen as a soft touch. The Charity Commission has just published ‘Tackling Charity Fraud’…
So, you enjoyed your break in a holiday cottage to the extent that you’re considering investing to make money from a similar property of your own. Jason Jones has this advice because a Furnished Holiday Let is a special type of property business where very different tax rules apply. These Lets can be seen…
As of 18 July 2018, HMRC has issued a list of software suppliers supporting Making Tax Digital for VAT. Amongst the list is Farmplan, the only agricultural software supplier. Farmplan has met the criteria HMRC have stipulated for Beta testing. It shows that Farmplan is committed to providing software that is compatible for MTD for…
Although we hear of decline in the value of development land, particularly for larger developments, growing houses continues to be more attractive to many than growing crops. Onerous Section 102 levies may apply but the tax regime remains gentle. It should not however be assumed that tax reliefs will be available automatically. Legislation imposes qualifying…
There are many benefits over employment, writes Whiting & Partners Contract Specialist, Vanessa Pearson Changing careers can be a challenge but leaving the employment wage treadmill to become a contractor can increase your earnings, saving on tax and national insurance as well as providing more flexible working hours. Contractors are essentially self-employed individuals who…
Later this year The Charity Commission will introduce a tailored annual return which will include some new questions which may require preparation in advance. Overseas expenditure As these new questions will likely require additional preparation, they will be optional for 2018 but become mandatory for 2019 onwards: When spending money outside England and Wales, did…
HMRC have lost a second IR35 case this year, and their second case against the same contractor, putting into doubt their own understanding of the IR35 rules. Ian Wells, director of personal service company Jensal Software Limited provided his services to the Department of Work and Pensions via a recruitment agency during 2012 and 2013.…
Tech companies that are financed through EIS equity cash will be aware that this ‘tax wrapper’ can be super-generous, but that many criteria have to be met to ensure eligibility. One of these long standing criteria has been that the company must use the proceeds (up to £5m pa) raised: In either a qualifying trade…