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

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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Don’t get in a fix

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 […]

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