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Facts Determine Tax Treatment of Dilapidations Payment

Virtually all leases have clauses which stipulate that when the lease comes to an end, the tenant must leave the premises in the same condition as they were in when they entered them, and the negotiations over the termination of a lease will often involve a...

Furnished Holiday Lettings Face Tax Attack

The United Kingdom has very favourable Inheritance Tax (IHT) treatment for the owners of business assets used in a trade and, in general, the value of these will be outside the charge to IHT on death provided certain criteria are met. The IHT relief...

Intention the Key in Claiming Loss Relief

Tax law allows trading losses to be relieved against other income in a variety of ways, and although there is complexity in that law, the principle that 'losses can be offset against other income' is often considered to be axiomatic. However, as a recent...

No Money a Reasonable Excuse for Not Paying Tax

HM Revenue and Customs (HMRC) are not known for being lenient when it comes to taxpayers who fail to pay taxes, and mere inability to pay tax when due is only regarded as a 'reasonable excuse' (and therefore ground for avoiding penalties) when the inability...

Payment for Removal of Personal Obligation Not a Deduction

When a sale of shares in a company is in progress, there are often a large number of threads that have to be tied up and sometimes this leads to unintended consequences. In a recent case, a shareholder had entered into a contractual obligation to a third...

Get it Right or Else

A recent case illustrates the sort of consequences that can arise from failing to take sufficient care over details when completing a claim for overpaid tax. The claim was made by a group of companies for repayment of VAT wrongly paid. It failed, however,...

Making Tax Digital Delay

The one-year deferral in the adoption of the new 'Making Tax Digital' system for small businesses and landlords is to be welcomed, but businesses are strongly advised to make themselves aware of their pending obligations under the system at an early stage. ...

Claiming VAT on Cars - New Cases Give Hope

Anyone who has tried to recover the VAT on the purchase of a car, particularly an expensive one, will know that few things are as likely to prompt a VAT query. The conditions under which such a claim can be made are strict (see the Value Added Tax (Input...

Sending Employees to the USA - Some Tax Pitfalls

With Brexit looming and the likelihood that firms will look more seriously at doing business in what appears to be a broadly favourable business environment under the Trump regime, it is worth pointing out that sending employees to the USA to work with...

Government Cracks Down on Salary Sacrifice Tax Perks

As had been widely anticipated, the Chancellor of the Exchequer announced in his Autumn Statement that the Government is making changes to salary sacrifice arrangements so that many schemes that currently attract tax and National Insurance Contributions...
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