Sleeping and Inactive limited Partners now have to pay National Insurance

Sleeping and Inactive limited  Partners now have to pay National Insurance HMRC have announced that it has changed its view of the law covering National Insurance and from 6 April 2013 all partners will be required to pay National Insurance contributions. –          those who are not paying Class 2 NIC’s must advise HMR of their self employed status (exception or …

Boston Marathon – 15 April 2013

Two sides to my Boston experience firstly about the tragedy and then about the race. April 16, Boston is a little eerie today, main tourist spots very quiet, armed guards and police on most street corners, armed US Coast Guards on the ferries. Now confirmed 3 dead incl an 8 year old, 17 critically injured and 170+ injured. My main …

Happy New Year – a new tax year starts

New Year used to be on 25 March.  In 1752 we adopted the Gregorian Calendar as the old calendar (the Julian) was 11 days adrift.  The 4th September 1752 was followed by 15 September.  At the same time new year was moved to 1 January. Riots followed as people wanted their 11 days back .  The treasury did not want …

Is your home really your main residence?

HMRC has recently successfully contested a claim by a taxpayer that her “home” was her principal private residence consequently denying capital gains tax relief.  The relief was claimed on a buy-to-let property as the taxpayer claimed she had moved in on a temporary basis following a marital separation. Taking into account the length, quality and circumstances of the taxpayer’s occupation …

Commercial Property – a tax haven?

Commercial Property can be a tax haven so long as your Solicitors and Accountants fully understand what they are doing when you either acquire or sell a commercial property. Typically, a new modern office building will have a plant within the building, that qualifies for tax relief, of 25-30% of the total cost of the building. Some of this spend …