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

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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The campaigns continue

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 […]

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140 million work days lost!

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 […]

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Let’s Fly Away

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 […]

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