Expenditure which is capital in nature is generally not allowable as a revenue deduction in computing taxable profits. Depending on the nature of the capital expenditure it may be possible to claim tax relief by way of capital allowances. But what is capital, and what is revenue expenditure? There is no single, simple test that…
Category Archives: Blog
02
Mar
Mar
It will be nearly 18 months since the last Budget and in the meantime we will have had three different chancellors following the unexpected resignation of Sajid Javid. The early years of a new Parliament are a good time to make radical changes and many are predicting significant tax announcements on March 11. Rather than…
26
Feb
Feb
Over half of UK pupils in state run schools are now studying in an academy. We’ve heard from a melting pot of opinions on the pros and cons of academies since they were introduced. But regardless of outside commentary, making the transition to academy status and running it on the ground can be a complex…
25
Feb
Feb
If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main…
25
Feb
Feb
From 6 April 2020 there is a major change in the reporting and payment of CGT on residential property disposals. From that date, it will be necessary to report the disposal of the property within 30 days of completion of the disposal and pay CGT on account to HMRC. This will be a significant acceleration…
24
Feb
Feb
There have been many stories in the press about GPs and senior hospital doctors refusing to take on extra shifts and additional responsibilities due to the additional tax they are required to pay on the extra pension contributions paid by the NHS. A number of solutions have been put forward. There are now strong rumours…
21
Feb
Feb
From 6 April 2020 the off-payroll working rules are changing. Previously it was the person providing the services who determined their status for employment purposes for the work provided through their own personal service company (PSC). However from April the responsibility is shifting to the end user/agency for medium and large companies. If you…
20
Feb
Feb
The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and national insurance. The date that the loan was made to the individual…
13
Feb
Feb
Another announcement to listen out for in the Spring Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in an earlier newsletter, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 years….
11
Feb
Feb
The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with…
