Declining
with the recession
August 2008
For advice to counter the present economic climate,
click here, to read our current published article.
Late
night taxi tax rides rough shot over women worker’s safety
April 2008
A tax on taxi fares for staff who work late ignores personal safety
issues for women travelling home alone on dark nights, it is claimed.
Current
rules mean employees are taxed through their expenses for cab journeys
from the workplace to home if they are made before 9pm.
"Employers are looking after the safety of their staff when they
travel alone in the dark after business hours by letting them claim
back taxi fares on expenses, however, the fact that it is dark apparently
isn't enough for HM Revenue & Customs - employees must pay income
tax when they claim back the cost of a taxi fare if the journey was
made before nine o'clock at night."
"This means that on dark evenings in autumn, winter and early spring
employees either have to risk waiting around for public transport or
pay tax on any taxi fares before nine o'clock. The issue is even more
pressing for women because they are more vulnerable in these situations
than male colleagues."
HMRC
explains 'identical' paper SA return policy
March 2008
From the beginning of the new tax year on 6 April, HMRC has said it
will no longer accept the paper "facsimilie" returns generated
by tax computation programs. Instead, it will only accept paper returns
that are submitted on original tax forms, or the new PDF versions, which
it deems to be "identical" rather than reproductions.
For more information see www.accountingweb.co.uk
Non UK Domiciled tax payers (non-doms)
- Remittance Basis Post 5 April 2008
19 March 2008
The taxation of non UK domiciled individuals who are resident in the
UK for tax purposes will change significantly from 6 April 2008.
An individual resident but not domiciled in the UK is at present entitled
to claim that their non-UK investment income is taxable here only on
the remittance basis. The non-UK ‘earned’ income and capital
gains of such individuals are automatically taxed on the remittance
basis. From 6 April 2008, such individuals will need to make a specific
claim annualy if all non-UK income and capital gains for that year is
to be taxed on the remittance basis. As a consequence many non-doms
are going to pay significantly more tax.
For further advice please call us on 0161 655 2000
Budget
2008
12 March 2008
For concise,
up-to-date and easy to digest Budget information visit Directgov
To find
out how the chancellors budget affects you and your business visit Businesslink
Additional
publications relating to the Report will also be available from the
HM Treasury Web Site.
HM Treasury
have also provided a separate Budget
microsite which highlights the key points of how the Budget will
affect you.
For any further information see hmrc.gov.uk/budget2008
If you have any queries with regard to how the 2008 budget affects you,
please contact us on 0161 655 2000.
Private
Hire & Taxi Exhibition
February 2008
The annual Private Hire & Taxi Exhibition is to held at:
Ricoh Arena, Coventry CV6 6AQ
on Wednesday 28th May & Thursday 29th May
For futher information email: info@phtm.co.uk
Inheritance
Tax and business property
September
2007
Ordinarily
business property qualifies for a 100% exemption from inheritance tax.
This article highlights a particular problem for the estate of business
property owners when the time comes to consider inheritance tax - usually
date of death. The following comments only apply if you own the property
personally and the property is used by your company or a trading partnership
of which you are a member.
. If you own the property personally business property relief is restricted
to 50% of the value of the property used by the company and
. This 50% is only available if you own more than 50% of the shares
in the company when the property is subject to an inheritance tax charge.
Accordingly if you have given away your shares prior to your death it
is likely that no relief will be given.
It would of course be possible to transfer the property into the company's
ownership prior to your demise but this would trigger a stamp duty land
tax charge and thus limit the effectiveness of the plan.
Of course in the real world other taxes need to be taken into account
when planning for the acquisition and disposal of business property,
particularly capital gains tax. If you are considering the purchase
or sale of commercial property and would like to discuss strategies
to minimise the inheritance tax and other tax risks please contact us
and make an appointment to meet.
