Posts By: ilyas Patel

HMRC – Property Tax Evasion

HMRC ‘s are targeting people who have sold their second home and not notified them of any profit, in a clamp down on property tax evasion. The Property Sales Campaign is looking into the sale of properties within the UK and overseas, where capital gains tax should have been paid on profits made.  They are… Read more »

ROOM HIRE AND VAT

The letting of land is exempt from VAT unless it falls into one of the  many exemptions from the exemption for VAT. One of those exemptions to  the exemption is where accommodation is provided in hotels, inns,  boarding houses and similar establishments, including rooms provided  for the purpose of catering, i.e. an eating and drinking… Read more »

MAKE THE LOSSES WORK

The value of shares quoted on the stock market has risen recently. This may encourage you to sell some investments before the end of this  tax year (5 April 2013) in order to use your annual capital gains  exemption and to soak up any capital losses. Any gains covered by the  exemption (currently £10,600 per… Read more »

VAT Registration Advice

It’s one number (£77,000 from 1 April 2012), so why is so easy to get it wrong? We are talking about the compulsory VAT registration threshold in the UK. If your VAT taxable turnover (sales) total for the previous 12 calendar months exceeds this compulsory registration threshold, or the sales your expect to make in… Read more »

MARCH KEY TAX DATES

19/22 – PAYE/NIC and CIS deductions due for month to  5/3/2013 31 – Last minute tax planning for the 2012/13 tax  year. Ensure you use up all exemptions to which you are entitled.

HMRC – Targeting Domestic Landlords

Local councils have provided the HMRC with information regarding  rental accommodation and with this, HMRC is now targeting domestic landlords in an attempt to track down those who are avoiding paying tax on rental income. It is understood that letters are being issued for information on addresses of properties, periods let, rental income, if paid weekly… Read more »

ANNUAL PAYROLL AND RTI

Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once after the end of the tax year as is currently the case. RTI will be compulsory for most employers from the first pay date following 6… Read more »

Gift Aid Small Donation Scheme

Press Release Gift Aid Small Donations Scheme 11th February 2013   The Gift Aid Small Donations Scheme (GASDS) is a new scheme which will be implemented by HMRC from 6th April 2013 to enable charities to claim a Gift Aid top up on small cash donations without requiring the donor to provide a Gift Aid… Read more »

Green Car Scam

Please don’t be taken in by a scheme which claims to reduce the taxable benefit of your company cars. The taxman has specifically warned taxpayers about this scheme on the spotlights page of his website. The scheme promoters persuade employers to buy carbon credits to off-set against the carbon dioxide (CO2) emissions of company cars…. Read more »

SEIS – The Opportunity

The Seed Enterprise Investment Scheme (SEIS) will have a limited life – only five years to 5 April 2017. It allows investors to receive 50% income tax relief on the amount invested and up to 28% capital gains tax relief for a limited period. Also if you make a loss on the SEIS shares you… Read more »