Tax

• Takeaway Owner Who Hid Takings Jailed

  • Posted13 May 2016

  HM Revenue and Customs (HMRC) know that ‘cash trades’ are often susceptible to a suppression of takings and regularly target cash traders for tax enquiries. Where HMRC’s suspicions are...

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• No Reasonable Expectation of Profit Prevents Loss Claim

  • Posted29 April 2016

  There is a common but incorrect belief that where a taxpayer incurs a trading loss, that can always be set against their other income to reduce the Income Tax they...

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• CIOT Warns of Tax Trawl on Digital Economy

  • Posted15 April 2016

  The Chartered Institute of Taxation (CIOT) has warned taxpayers that HM Revenue and Customs (HMRC) have now published the responses to their consultation on proposed extensions to their data-gathering powers,...

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• Retirement Warning for Company Owners

  • Posted4 April 2016

  Owners of companies who are thinking of retiring and unlocking the surplus assets in their companies through liquidation should start their planning now. The Chancellor has advised that the...

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• Tax Updates

  • Posted16 March 2016

  Research and Development Tax Relief Update HM Revenue and Customs (HMRC) have updated their guidance on claiming research and development (R&D) relief to include information about ‘advance assurance’, which...

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• Use Not Ownership Determines VAT Status

  • Posted1 March 2016

  It is well known that building work can be standard rated or, if it meets one of the exemptions in the Value Added Tax Act 1994, Section 30, Schedule 8,...

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