So called ‘Tax Avoidance Schemes’ and ‘Premier League footballers’ have once again made press headlines following reports that 129 top level players are facing enormous tax bills due to their investments in film schemes in the early 2000’s. But is the demonising fair?
The EMI scheme legislation was introduced to help smaller, often start-up, companies to attract and retain high value employees. Employees may be granted an option to acquire shares in the company worth up to £250,000; at a point in the future or following a predetermined event.
HMRC has published legislation and a draft public notice outlining its plans for the digitisation of VAT accounting with effect from 1 April 2019. All VAT registered businesses should start to prepare now for the changes to the way they will need to keep their accounting records.
In broad terms, the changes will mean that gains made after April 2019 by non-residents of commercial properties, or the shares of the companies that hold such real estate, will be liable to UK tax. Gains made after April 2020 by companies will be subject to UK Corporation Tax.
If you thought tax was supposed to be getting simpler think again. From 1 April 2018 (and unfortunately this is no joke) SDLT will be abolished in Wales and replaced with land transaction tax (LTT) or ‘Deddf Tref Trafodia dau Tir’ as it is known locally.
Today saw the Chancellor Philip Hammond deliver his first Spring Statement. At only 25 minutes long there were none of the usual tax or spending announcements, instead only a response to economic forecasts from the Office for Budget Responsibility, along with notice of various consultations on future changes.
Christa Ackroyd, who presented BBC’s Look North programme in Yorkshire from 2001 to 2013, has lost a hearing at the First Tier Tax Tribunal (FTT) regarding her engagement with the BBC through her personal service company, Christa Ackroyd Media Limited (CAM).
Are you an employer who has opted to payroll some or all of your employees’ benefits in kind? There is a new reporting requirement coming that you need to be aware of.
On 29 January 2018 Chancellor Philip Hammond wrote to the Office of Tax Simplification (OTS) instructing them to carry out a review into the regime surrounding UK Inheritance Tax.
Can VAT charged on an asset that gives rise to non-taxable income be reclaimed by the purchaser? In Frank A Smart & Sons Ltd  CSIH 77 the trader thought it could, however HMRC did not.