Mortgage applications reported to HMRC

A subject HMRC are reluctant to talk about is the Mortgage Verification Scheme. It is apparently receiving over 70 referrals a month from mortgage lenders where fraud is suspected and, whilst it has admitted some of the referrals have led to tax enquiries being...

Buying or selling a commercial property

Owners of business property will be aware that certain parts of commercial buildings are treated as fixtures and fittings and capital allowances can be claimed. From April 2012 sellers of commercial property should ensure that they have maximised any claims for...

HMRC pay informants

A recent Freedom of Information Disclosure has revealed that payments made by HMRC to informants are on the increase. £323,780 was paid out in the tax year 2011/12 compared with just £155,950 in the tax year 2007/08. In total over £1m has been paid in the last three...

Termination payments

In a recent First-tier case the Tribunal considered the tax treatment of a businessman who was paid £123,750 on the termination of his employment. He dutifully deducted the usual £30,000 tax-free amount from this payment and declared the difference on his tax return....

Cars LLP and company

In a potentially wide ranging decision, a First-tier Tribunal has ruled in favour of HMRC. The case involved an LLP partnership that was formed to provide management services to a company. The following details are of interest: As part of the arrangement the LLP owned...