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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…)

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Breakfast Tax Panel

An opportunity to ask our panel of Tax experts any questions.

Wednesday 22nd April 2020

7.30am – 9.30am

Canterbury Cathedral Lodge

To book email: marketing@burgesshodgson.co.uk

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Buy To Let Properties – Is Now The Time To Sell?

In recent years there have been various tax measures – such as restrictions on the tax deduction for mortgage interest or increased SDLT rates – that have worsened the tax position regarding investment properties. A further raft of changes are due to take effect from 5 April 2020 – that may mean that some tax payers consider that now is a good time to sell investment properties.

The changes due to take place from April 2020 include adjustments to what is known as ‘Lettings Relief’, a restriction on the periods qualifying for Principal Private Residence Relief and a change in the tax payment dates.

Here we review the potential impact of these changes by way of a case study based on an illustrative property purchase. (more…)

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The Future of VAT

Recent months have seen significant changes to the VAT system in the UK with the introduction of Making Tax Digital (MTD) and further changes are due to be implemented later in the year including a new domestic reverse charge system for the construction sector.

The new Making Tax Digital regime is however intended to be only an initial staging point on towards the transformation of the VAT system through the use of digital technology.

The next step? Transactional Data through MTD Filings

The logical next step will be an extension of MTD to include transactional data. Currently MTD filings include only the numerical entries from the nine boxes on the VAT return but a relatively straightforward addition is likely to be the submission of transactional data in MTD filings. This would, potentially, allow HMRC to review individual transactions through MTD filings.

The main challenge here for HMRC will be developing the ability to process huge volumes of transactional data. (more…)

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Construction Industry Reverse Charge VAT: Q & A

Later this year changes to the VAT system will come into effect that will have an impact on many businesses operating in the construction sector. These changes will add an additional layer of complexity to the already complex system of VAT in the construction sector. Here we look in more detail at how these changes will work.

(more…)

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5 April 2019 deadline looms for Disguised Remuneration scheme users

The deadline for Disguised Remuneration (DR) scheme users to reach a settlement with HMRC to ensure that the 2019 Loan Charge does not apply is now only six weeks away. Users of DR schemes must settle historic tax liabilities or repay the relevant loans ahead of 5 April to avoid the 2019 Loan Charge.

DR schemes are a wide variety of structured, and complex, tax avoidance schemes where income was drawn as some form of loan rather through traditional routes such as dividends or salaries. HM Revenue and Customs have put in place various measures to restrict the use of these schemes over recent years and the most recent measure is what is termed the 2019 Loan Charge. (more…)

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Making Tax Digital Workshop

13th February 2019

Canterbury Cathedral Lodge

Two Sessions:

7.30am-9.00am

or

9.30am-11.00am

To book into your preferred session email: marketing@burgesshodgson.co.uk

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Making Tax Digital

We have created our own guide to help you understand how Making Tax Digital might affect you.

Click here to download your guide

 

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