Articles

HMRC has announced four new taskforces to investigate tax evasion in specific commercial and geographical sectors. The taskforces bring together various compliance and enforcement teams for what they term intensive bursts of targeted activity.
Motivating employees towards success is one essential ingredient in maintaining a vigorous, cost-effective, serviceable and productive business. One of the toughest challenges faced by business managers in today’s difficult market is maintaining employee motivation over the long term.
This has always been an important distinction, as only furnished lettings entitle you to the valuable annual wear and tear allowance of 10% of the rents. Now it is definitely worth reviewing whether you could show the property is furnished given that the renewals basis for replacing items in commercial or residential properties let unfurnished ceased from 6 April 2013.
A consultation document has been published on an HMRC attempt to stop what they believe are artificial profit and loss allocation schemes involving members of LLPs (and indeed other partnerships) where some of the members are chargeable to income tax but others are not.
Is property letting a business or a trading activity? This is often a moot point, but following a recent tax tribunal decision (Elizabeth Moyne Ramsey v HMRC UKUT266) we now know that it is a business for the purposes of claiming CGT roll-over relief on incorporation of a property letting activity. That means no immediate tax charge on incorporation.
If you run a business involving the creation of animation programmes, high-end TV programmes, or video games, you can look forward to extra tax relief on the production costs. This results in corporation tax relief on no less than 200% of the actual costs on UK expenditure up to a maximum of 80% of the total core expenditure.
According to recent figures from Ofcom, smartphone market penetration in the UK now sits at c. 58%.