Future of Altrincham

“Nothing to do with the day time job with this weeks blog as I want to talk about life outside the practice! Apart from running marathons around the world I am also actively involved as Head of the Finance for the private/public sector partnership known as Altrincham Forward which is striving to drive forward positive change in Altrincham Town Centre …

More “Tax Havens” to disclose bank details of British Taxpayers

More “Tax Havens” to disclose bank details of British Taxpayers Anguila, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands have signed an agreement to share information with the UK.  Details of names, addresses and account balances will be provided. This follows closely on the heels of the recent agreement with the Isle of Man, Jersey and …

Charities and Sports Clubs can make repayment claims on line

HMRC launched its new Charities Online Service on 22 April.  Charities and Community Amateur Sports Clubs can sign up to make repayment claims online. There are now 3 ways a repayment claim can be made:- Using an online form – a claim can be made with up to 1000 Gift Aid Donors Through your own database – aimed at large …

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 …

HMRC and IR35

Since IR35 was first introduced in 1999 it has singularly failed to achieve its aim of increasing tax take from contractors who use Personal Service Companies (PSC) to contract through, either with end users of their services or via agencies. IR35 was intended to “see through” a situation where a PSC was inserted between a contractor and an end user …

Northwich office MBL

HMRC target sales of second homes

This new campaign targets those who have sold a property that is not their main residence and who have not declared any profits as a result.   It is aimed at those selling homes in the UK or abroad where capital gains tax should have been paid.  This would include for example buy to let or a holiday home. HMRC have …