Blogs

First-Tier Tribunal (TC01529): The facts of the case were that a father had gifted three flats, that he owned in the UK, to his daughter on 2 December 2002. CGT liability arising on these transfers was not paid by the father before his unexpected death on 22 June 2003. Following

There are innumerable occasions when a communication from HMRC sent by post is inordinately delayed and received several weeks after the date of the letter. Overseas clients often complain of receiving HMRC notices several weeks after the deadline has passed. The First-Tier Tribunal decided on an interesting case recently, involving

An Extra-Statutory Concession (ESC) is a relaxation that may give the taxpayers a reduction in their tax liability, which they would not be entitled to under the strict application of the law. Most of these concessions are made to meet cases of hardship at the margins of the law where

Businesses, regardless of size, have been able to claim the Annual Investment Allowance (AIA) on their expenditure each year on plant and machinery from April 2008 onwards. AIA is a 100 per cent allowance that applies to most qualifying expenditure (apart from cars) subject to an annual cap. Where the

The deadline for filing the self-assessment tax return for the tax year ended 05 April 2011 is 31 January 2012. If you miss this deadline you will have to a penalty of £100. This penalty is due even if you have no tax to pay. The longer the delay, the

Entrepreneurs’ relief (ER) allows individuals and some trustees to claim relief on qualifying gains made on the disposal of a) all or part of a business, b) the assets of a business after it has stopped trading, and c) shares in a personal company. There is a cap on the

Recovery of input tax on business entertainment expenses was never allowed ever since the introduction of VAT in the UK. However, such input tax on entertaining an overseas business customer was allowed until1988 when the law was amended to block recovery of input tax on all business entertainment expenses including

In yet another case allowing the appeal against HMRC’s P35 late filing penalty the First-tier Tribunal has once again decided in favour of the tax payer (HD Response International v HMRC [2011] UKFTT 472 (TC) – TC01322) The facts and circumstances of the case were similar to an earlier one

Continuing with our previous example (http://www.taxpartnersuk.com/news_detail.php?news_id=66) we would now consider situations where the following services should choose FRS over the standard rate: Services VAT Flat Rate Any other activity not listed elsewhere 12.00 Boarding or care of animals 12.00 Business services that are not listed elsewhere 12.00 Estate agency or