Latest News

Morgan Davies

Incorporation - restriction of relief for goodwill and Entrepreneurs’ relief

Corporation tax relief is given to companies when goodwill and intangible assets are recognised in the financial accounts. Relief is normally given on the cost of the asset as the expenditure is written off in accordance with Generally Accepted Accounting Practice or at a fixed 4% rate, following an election.

VAT scam

There is a new scam around at the moment aimed at businesses.

Landlords – do you know what your tenant is using the building for?

“UK legislation effective from 1 October 2012 sought to charge VAT at the standard rate on “self-storage”. HMRC applied this to all storage, in the view of many completely incorrectly.

Tax rebate phishing scam

HMRC are warning taxpayers not to fall victim of scam emails sent by fraudsters. In 2012 taxpayers reported almost 80,000 tax rebate phishing emails and HMRC took action to close down 522 illegal sites.

HMRC target those with outstanding VAT returns

HMRC have introduced the VAT Outstanding Returns Campaign, which is an opportunity for taxpayers to bring their VAT returns and payments up to date. To take advantage of the best terms, taxpayers must complete and submit their returns by 28 February 2013.

3 4 5 6 7