Archives – May, 2012
Property continues to be a popular investment and a recent tax tribunal case illustrates why careful capital gains tax planning is so important for multiple property owners in the Surrey area. The case in point concerns a ruling by the tax tribunal against a couple – the Hartes – whose claim for capital gains principal private residence (PPR) tax relief was refused. This was in spite of the couple having submitted an election in favour of the property.
The reason HMRC took this stance was because there was insufficient evidence to show that the property was indeed their primary home, even though the owners had made an election to that effect. What can we learn from this case? If you own more than one property, what should you be aware of to minimise capital gains tax (CGT) if and when you do eventually sell? (more…)
May 25, 2012
There have been some new developments to VAT regulations in the last few weeks that are important to be aware of. In some cases these represent potential opportunities to claim a VAT rebate. Our resident VAT compliance expert explains in full…..
May 21, 2012
Over the years RJP has advised countless clients selling their companies, helping them to achieve the maximum sales price for their hard work and to reduce their capital gains tax liabilities. Time and again, we see the same issues crop up and threaten to scupper the deal. In some cases, they can actually result in the sale falling through.
This article was originally posted on Lesley Stalker’s Businesszone blog.
May 18, 2012
As Surrey tax accountants we see a lot of situations where businesses, most often through no fault of their own, are facing a tax enquiry into their financial affairs. Whilst enquiries are often undertaken by HMRC randomly, often they arise because HMRC have information which does not agree to information included on returns submitted by the business, or because returns submitted do not conform to HMRC’s expectations. (more…)
May 16, 2012