Newsletter
Winter 2013
What should you do if HMRC contact you directly about your tax affairs? Recently HMRC have adopted this approach in a number of areas. Our advice is to 'Just say no!' and to refer them to us as your advisers, after all that is what we are here for.
Just say no!
HMRC like to talk directly to taxpayers but it has always been HMRC policy that, where an agent has been appointed by a taxpayer, HMRC raise any questions that they may have via the agent...
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RTI developments keep on coming
It is probably fair to say that the biggest change to the PAYE system has gone quite well for those employers that prepared for it. The technology seems robust and there have been no 'crashes' of the system...
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Surely knowing what is tax deductible from my rental income is easy?
No is the surprising answer. What qualifies for a tax deduction for a rental business is based on the principles and rules which apply for a trading business but there are differences...
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Partnerships - a kaleidoscope of change?
HMRC issued a consultation document 'Partnerships: A review of two aspects of the tax rules' earlier this year. We are currently awaiting further response from HMRC and possibly draft legislation at some point in Finance Bill 2014...
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Intertwined - records and residence
6 April 2013 saw the start of a brand new way of determining the UK tax residence status of individuals. Known as the Statutory Residence Test (SRT) it provides a series of tests which, when correctly followed, will enable a definitive answer to be given to the question 'Am I resident in the UK?'...
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Passing on the family business tax efficiently
Imagine this scenario. Mother and father have been running their business as a company for many years. Some of the children are taking more responsibility in the business and it is time perhaps for the parents to let the children take control. The parents would like the profits which may have been accumulated in the company to be paid out to them if it can be done tax efficiently...
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Charity shops and Gift Aid
Many people make donations of unwanted clothes and other goods to charity shops. If you have done this in recent years you will almost certainly have been asked by the staff in the shop if you want to Gift Aid your donation...
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