Parking fines ruled not deductible

A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines. The company, G4S Cash Solutions, tried to reduce their corporation tax bill by approximately £580,000 but the first-tier... Read Full Article...

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Capital gains tax rates The current rates of capital gains tax (CGT) are 18% to the extent that total taxable income does not exceed the basic rate band and 28% thereafter. The government is to reduce the higher... Read Full Article...

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Autumn Statement 2015 – key announcements for buy to let landlords and those with second homes

Higher SDLT on purchases of additional residential properties Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016. The higher... Read Full Article...

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Taxing dividends from April 2016

In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are taxed and HMRC have issued a factsheet setting out examples of how the new regime will work. An extract from... Read Full Article...

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Incorporation – restriction of relief for goodwill and Entrepreneurs’ relief

Corporation tax relief is given to companies when goodwill and intangible assets are recognised in the financial accounts. Relief is normally given on the cost of the asset as the expenditure is written off in accordance with... Read Full Article...

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CGT – Private Residence Relief

It was announced in the Autumn Statement that there will be changes made to the rules for Private Residence Relief. A gain arising on a property which has been an individual’s private residence throughout their period of... Read Full Article...

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Autumn Statement

George Osborne, Chancellor of the Exchequer, has announced that he will deliver the Autumn Statement on Wednesday 4 December. We will update you on pertinent announcements. Internet link:News

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Band of gold

Are you benefiting financially from your marital status? Tying the knot does bring financial advantages. Tax and pensions are probably the least romantic reasons for getting married, but there are a number of ways to benefit from... Read Full Article...

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Single Compliance Process

HMRC have been trialling a new approach to enquiries, known as the Single Compliance Process (SCP).  Following feedback from the trial HMRC have now agreed that the opening letter, which advises the taxpayer that they are to... Read Full Article...

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HMRC guidance for charity shops

HMRC have published new detailed guidance on claiming Gift Aid when goods are sold by, and the proceeds gifted to, charity shops. The guidance is useful for charities and also those making donations as it details the... Read Full Article...

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