01438 718118

info@rspartnership.co.uk



COMPANY OFFICERS JOINTLY AND SEVERALLY LIABLE FOR VAT PENALTY

HMRC, Tax, VAT

The decision in a recent tax tribunal case reminds us that directors and other company officers may be personally liable for VAT penalties of their company. The recent case involved a penalty for late registration for VAT where the threshold had been exceeded. Three conditions must be satisfied before the liability for a penalty payable […]

NO VAT PENALTY IF YOU MISSED THE FIRST QUARTERLY MTD DEADLINE

HMRC, Making Tax Digital, Tax

If you pay your VAT quarterly by direct debit the sign-up window has closed for the 7 August (30 June quarter) submission. Do not worry as HMRC have announced that you will not be penalised this time so you may file the old way and come back when the direct debit has been collected to […]

VAT DEFINITION OF “MOTOR CAR”

HMRC, Tax

For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states:   “Motor car” means any motor vehicle of a kind normally used on public roads which has three or more wheels and either: is constructed or adapted solely or mainly for the carriage of passengers; […]

INCOME TAX DEFINITION OF “GOODS VEHICLE”

HMRC, Tax

The income tax legislation defines a “goods vehicle” as “a vehicle of a construction primarily suited for the conveyance of goods or burden of any description…” Although the VW Kombi vans failed this test the Tribunal held that Vauxhall Vivaro vans provided by Coca Cola did fall within the definition of goods vehicles! It is […]

WHEN IS A VAN NOT A VAN?

HMRC, Tax

HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola. The court has upheld the HMRC view that certain […]

GOVERNMENT U-TURN ON PENSION TAX FOR DOCTORS AND OTHERS?

HMRC, Tax

In earlier newsletters we reported that hospital doctors and GPs were lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts. This […]

DIARY DATES OF MAIN TAX EVENTS AUGUST/SEPTEMBER 2019

Blog, Tax Diary

Date What’s Due 01/08/19 Corporation tax for year to 31/10/18 unless quarterly installments apply 19/08/19 PAYE & NIC deductions, and CIS return and tax, for month to 05/08/19 (due 22/08 if you pay electronically) 31/08/19 VAT for Returns ended 30/06/19 (due 07/08 if paid electronically, 12/08 if paid by direct debit) 01/09/19 Corporation tax payment […]

IHT RELIEF FOR BUSINESSES AND FARMS

Blog, Money Matters, Tax

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farmland during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due on […]

INHERITANCE TAX TO BE SIMPLIFIED

Blog, Estate Planning, Tax

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may necessitate […]

CGT LETTING RELIEF RESTRICTION

Blog, Estate Planning

Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence. The relief is the lessor of £40,000, the gain attributable to the let period, and the amount of private residence relief. For a couple this could […]