News

Read our latest Practice News as well as sector specific and accountancy updates from across the UK.

Restricting relief on residential lettings

Capital allowances are generally not available for common items of plant and equipment such as white goods used in a residential lettings business. Instead for many years, owners of partly furnished residential lettings used the non statutory renewals basis which was a concessionary treatment allowed by HMRC. On the original acquisition of an asset, such […]

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Capital or Revenue Expenditure? That is the Question.

Should a client face an enquiry from HMRC into their tax return and accounts, a common area that is reviewed is any deduction that may have been claimed in the accounts for repairs and renewals. This arises because whilst a repair to an asset is an allowable item of expenditure for tax purposes, if the […]

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Happy Retirement!

Iain Turnbull (centre) a Tax Manager at Greaves West & Ayre has just retired after nearly forty seven years of service. Iain who lives in Eyemouth is married to Fiona and has a step daughter, Nicola, and two grandchildren, Abbie and Lewis. After completing his education at Eyemouth and Berwickshire High Schools, Iain joined Greaves […]

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No Relief for Incorporations

Owner managers have increasingly chosen to operate their businesses through the company medium in recent years as some regulation has reduced for the smaller company and because it is more conducive to minimising personal tax and National Insurance liabilities. Various reliefs exist for those who start as an unincorporated business who wish to transfer into […]

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Tax and the mis-selling saga

HMRC have published guidance on the tax treatment of compensation received by companies and other businesses in respect of mis-sold interest rate hedging products. The main purpose of the article is to raise awareness that such receipts are usually taxable. The redress can be made up of three elements: •    basic redress •    compensatory interest […]

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