Archive for January 2012
Post Cessation Trade Relief – a consultation
On 12 January the Government via HMRC announced that it was to take immediate steps to counter tax avoidance resulting from post cessation trade relief. This relief arises when costs or bad debts are incurred which directly relate to a trade, profession or vocation which has ceased. Such costs or bad debts may be allowed…
Read MoreBeware the one year window
With the deadline for submitting self assessment tax returns rapidly approaching, we have had a timely reminder of the importance of submitting returns on time. Those wanting to submit a paper return had until last October to do so, leaving on line filing as the only option now open. HMRC will issue a £100 fine…
Read MoreA fresh look at property
Mention devolution and thoughts inevitably turn to Scotland and the question of a possible referendum. Against this background and almost slipping under the radar, Wales is quietly increasing its own devolved powers. For example, from 31 December 2011, Wales took full responsibility for its own building regulations. One of the first steps announced by the…
Read MoreTaxing the perks
According to the Mail on Sunday, HMRC’s high net worth unit has a new target in their sights, the perks enjoyed by some footballers and their families. Whilst the provision of benefits to employees is a practice which has been around since time immemorial, the regulations on taxable and non-taxable benefits can be complex and…
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