Tax evasion using Channel Island accounts HMRC have agreement for full disclosure of assets and investments located in the Channel Islands and the Isle of Man. There is a voluntary disclosure amnesty until September 2016 at which time HMRC will act upon information disclosed including the possibility of criminal fraud charges. Contact us for more advice.
Gift Aid Gift Aid is only available to Charities on gifts of money. However it is possible that donations of goods can result in a Gift Aid claim by the charity provided certain arrangements are in place. This is a complex area about which charities should contact us for advice.
Loans to directors – corporation tax. The 2013 budget has changed the way loans from a company to its directors/shareholders are to be treated from 20 March 2013 onwards. If you have a loan from your company, for example an overdrawn director’s loan account, the taxable position may change. Contact us for details.
Buying a business including plant and machinery – corporation and
income tax Beware if buying a business including equipment. Agree a fixed value with the vendor within two years of the transfer or risk losing all tax allowances on the value of the purchase price attributed to the equipment. In practice, fix it as part of the purchase agreement. Contact us for advice.
P11D benefits reporting – PAYE If you are recovering from the arduous task of
returning details of staff expenses which are business related then it may be appropriate to apply for a dispensation from completing such returns. Contact us for details.
Fixtures and fittings tax relief lost – income and corporation tax HMRC have changed the availability of tax relief on renewal of assets seriously affecting the tax relief on renewal of fixtures and fittings which applies to both businesses and property letting. Contact us for more details.
Landlords beware!! – income and capital gains tax HMRC have launched a campaign targeting landlords not disclosing rental income accurately and individuals selling properties without returning details of capital gains. HMRC have access to vast amounts of data from a variety of online sources and now have sophisticated computer software to analyse this data quickly to identify possible errors and omissions in tax returns. Sources include banks, property websites for both sales and rentals, credit agencies (these are required to give details of loans and mortgage, identifying both the property and the owners), all housing benefits paid and Land Registry. All property transactions since July 2011 contain a declaration including NI numbers for individuals and UTR and VAT registration numbers for companies and partnerships. When all else fails they resort to plain old fashioned door knocking, for example, to identify local houses in Wimbledon which are being let during Wimbledon fortnight.