Filed under: property
HMRC are constantly on the lookout for ways to close tax loopholes and increase their overall tax revenues. Over the past few weeks we have run numerous blogs about new disclosure opportunities and campaigns designed to increase Treasury income.
Last month HMRC issued another consultation document entitled ‘Capital Allowances for Fixtures’ which explained how they intend to review these rules in their favour. If you have bought, built, refurbished or renovated commercial premises and still own the building, you should understand the proposed changes and act as appropriate. It may be that your ability to claim tax relief for capital allowances expenditure is otherwise significantly diminished in the future. (more…)
July 27, 2011
Installment 2 of our focus on entrepreneurs’ relief. In essence, the entrepreneurs’ relief rules can appear deceptively simple; it can be dangerous to assume that all business assets qualify for the relief and this should be regularly checked. In addition, there are ways in which the relief can be maximised with forward planning. With the recent increase in the top rate of capital gains tax to 28%, it is a valuable relief and worth arranging your business affairs to ensure it is maximised.
Continue June 13, 2011
HRMC has been experiencing a lot of problems in recent months as we all know, with incorrect coding notices being the most high profile. Due to a mixture of computer and personnel errors, the blunders continue and we face them all the time in our daily dealings with individual Revenue advisors. In some cases the mistakes are so nonsensical, they are actually rather comical, although for the individual taxpayer facing a lengthy tax re-claim, perhaps not……
Continue March 16, 2011
The tax bloggers at RJP’s latest article explains ‘flipping’ – an important tax planning strategy for property owners.
’Flipping’’ a property became widely known as a property tax planning tactic when the MPs’ expenses scandal was in full swing. In addition to claiming for all sorts of expenses, it was discovered that MPs were avoiding capital gains tax on second homes by alternating their living arrangements between properties owned, in some cases spending just one week a year in any one property.
Continue November 4, 2010
HMRC’s definition of fixed costs makes it more straightforward to claim for expenses when working from home but this applies to sole traders and partnerships only – not limited companies or employees – and qualifying criteria must be met.
Business owners with a limited company can also claim for a home office by ‘renting’ the designated room at market rates. They may also be able offset this profit against any property investment losses and therefore reduce corporation tax.
Read the full article to see how you can save tax
Continue September 29, 2010
1 in 3 Surrey taxpayers could receive “tax error” letters
RJP’s tips for dealing with notifications of incorrect tax paid: Any challenges to tax underpayment will be carefully scrutinised; Reimbursements for tax overpayments are payable as lump sum
Beware of phishing scams; HMRC never use email to notify or refund taxpayers.
Continue September 8, 2010
