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