Read our latest Practice News as well as sector specific and accountancy updates from across the UK.
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 […]
Since 2007, HMRC campaigns have collected over £596 million of tax from people using the opportunities to voluntarily declare previously undisclosed income and settle outstanding tax liabilities. A further £338 million has also been raised through a large number of follow-up activities together with a number of criminal investigations and convictions with custodial sentences for […]
It will probably not surprise employers that sickness absence across the UK is costly but some of the statistics are staggering. In fact nearly a million employees were absent from work for at least four weeks due to sickness absence each year between September 2010 and October 2013. It has also been estimated that employers […]
HMRC appear to continue to be on the attack as far as travel and subsistence costs of the self-employed are concerned. This is evidenced by some recent tax cases. One of the most significant is that of a medical consultant, whom we have reported on previously, so this is a brief reminder. The consultant holds […]
Certain fixtures in buildings are treated in a special way for the purposes of claiming capital allowances. A fixture is an asset which is installed in a building so that it becomes part of that building or land in law. Special legislation for fixtures was introduced in 1985 and, broadly, it lets allowances go to […]