What we think

Tax relief windfall on plant and machinery

The Annual Investment Allowance (AIA) provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit and is available to most businesses. Where businesses spend more than the annual limit, any additional qualifying expenditure generally attracts an annual writing down allowance of only… Read more

VAT exemption for Non-profit Making Sports Clubs

HMRC have now released a Business Brief setting out their current standpoint following the European Court of Justice (CJEU) case concerning the Bridport and West Dorset Golf Club; http://www.hmrc.gov.uk/briefs/vat/brief2514.htm The basic position is that sporting services supplied by non-profit sports clubs to their non-members will no longer be liable to VAT at the standard rate… Read more

Bespke Scale for expense payment

Is your effective rate of tax high enough?

We understand that HMRC have written to about 1,000 high net worth individuals who have been identified as having an effective rate of tax for 2011/12 lower than the “average” for people with similar income. It is hoped by HMRC that the letters will encourage those who may have underpaid, whether accidently or on purpose,… Read more

HMRC webinars available

HMRC are developing a series of webinars for tax agents and advisers starting with a pre-recorded webinar on penalties for inaccuracies in documents and returns. The penalties webinar gives an overview of penalties legislation. It then goes over behaviours that lead to inaccuracies; what happens when there is a disclosure and the quality of disclosure;… Read more

HMRC to send out PAYE tax reconciliations for 2013/14

HMRC have started the automated end of year PAYE reconciliation process for 2013/14 and will be sending out P800 tax calculations to those who have paid too little or too much tax under PAYE for that year. The P800 tax calculations will be sent from June. Those who have overpaid tax are expected to receive… Read more