New legislation introduced means that any UK resident selling an interest in property which gives rise to a tax liability will have to submit a new Capital Gains Tax Return.
Under the existing rules, UK taxpayers normally have until 31st January in the year following the tax year ending 5th April to submit details of any gains made on UK property and to pay the tax thereon.Read More
Under the Employment Rights Act 1996 employees currently have the legal right to ‘reasonable’ time off to deal with emergencies, such as the death of a child, and does not allow for prolonged grieving periods. Until recently, there has been no legal obligation for employers to provide paid time off for grieving parents. (more…)Read More
Originally introduced in 2008 by then Chancellor Alistair Darling, Entrepreneurs Relief allows for a reduced rate of Capital Gains Tax – 10% – to be paid on the sales of certain business assets. One of the most frequent uses of Entrepreneurs Relief is on the sale of shareholdings in trading companies.Read More
Statutory Sick Pay (SSP) is payable for up to 28 weeks, at a rate of £94.25 per week. It is paid for the days an employee normally works (called ‘qualifying days’) and is paid in the same way as normal wages, on the same paydate, with applicable tax and national insurance deductions.
Some companies may offer a company sick pay scheme where enhanced amounts are paid (such as full pay) but a scheme can not pay less than SSP.
To qualify for SSP, employees must satisfy the following requirements;Read More
Tax Tribunal Update: Tax Payer Subject to £25,000 Fine for Failure to Provide Adequate Records of Expenditure
The case concerned a Midlands based company (Teksolutions -Inc Limited) that made claims for the enhanced tax relief available for Research and Development.
HMRC inquired into these claims and found issue with the records kept by the company. The company had claimed taxable losses across two accounting years in the region of £400,000 – arising partially from the additional tax deductions available for R&D expenditure. After review HMRC assessed that the losses should be reduced to nil. (more…)Read More