There are a number of situations where care needs to be taken in the way in which claims are made for the business use of a vehicle, usually a car, that has duality of use – business and personal. Here are some of the situations to be aware of. 1. If you are self-employed…
In what might be a landmark decision in the interpretation of ‘wholly and exclusively’ expenditure, Dr Samadian has lost his protracted battle with HM Revenue & Customs (HMRC) over his claim for business mileage. Dr Samadian has 56 days to appeal against the ruling made on 28 January 2013. Dr Samadian has endured an enquiry which started…
The Daily Telegraph has described how HMRC applied to a Judge for the right to liquidate a company, saying that fraud was being comitted, when actually, there was no evidence of fraud. The application was granted, and HMRC liquidated the company. Thirty two people lost there jobs as the liquidator made them redundant. It was…
The new tax agreement between the UK and Switzerland means that account holders must either provide full details to HM Revenue & Customs (HMRC) or pay over a proportion of the money in their account and a future withholding tax.
HMRC has launched taskforces to tackle tax cheats in the rag trade, the alcohol industry, and property rental sector on 19 November by HMRC. The specialist taskforce teams will target those who do not pay the right amount of tax in: • the rag trade in the Midlands, North Wales and North West, including manufacturing,…
HMRC relaunched its Business Record Check (BRC) initiative on 1 November 2012. HMRC has the power to impose penalties where records are deficient. When the program was first unveiled in January 2011, HMRC intended to visit 50,000 small businesses across the UK. A year later the whole process was reviewed and subsequently suspended following concerns…
It is possible to write off the costs of the annual Christmas bash against tax, however, it is important to keep the expenditure within certain limits. Here’s what you need to do: The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. Also, as long as the…
The filing deadline for paper copies of your Self Assessment tax return for 2012 was 31 October 2012. If you file a paper return after this date penalties will apply. Would readers note that, if we prepare your return it will be filed electronically, the deadline for electronic filing of 2012 Self Assessment returns is…
From January 2013 a person who earns more than £50,000 must advise HMRC if they receive Child Benefit personally, or if they are the higher earner of a couple where their partner receives Child Benefit. If you fall into this category you may be receiving a letter soon from HMRC advising you of the new…
Where an employer reimburses an employee for fuel only, the employer can choose to reimburse using the ‘advisory rates’ issued by HMRC. If different rates are used, the employer would need to be able to justify this with some supporting evidence. New advisory fuel rates have been issued by HMRC that took effect from 1…
