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Latest Tax update – courtesy of Old Mill

July 24, 2012

Old Mill Tax Update – July 2012

This month we have included articles that cover:

Have your relatives paid for residential or nursing when they shouldn’t have?

HMRC clamping down on unpaid tax

The tax treatment of payments made to directors

The Jury is still out on Securing Business Property Relief on Holiday Lets

International Developments

How important is your family to you?

VAT refund for self build

Have your relatives paid for residential or nursing care when they shouldn’t have?

NHS Continuing Healthcare is free. Unfortunately there are people who have been made to pay for their care when they should not have…Read more

HMRC clamping down on unpaid tax

Taxpayers may no longer be able to appeal against shock tax bills by claiming they had no idea they were not paying enough…Read more

Payments to directors

Any payment made to a director as part of their remuneration package is generally subject to tax that is usually collected via the PAYE system. The payments made by the employer are allowable expenditure and reduce the employer’s taxable profits…Read more

The Jury is still out on Securing Business Property Relief on Holiday Lets

This is an update to a recent article published in March on our website following the First Tier Tribunal victory for the taxpayer in securing 100% Business Property Relief (‘BPR’) on a 25% share in a single Holiday Let…Read more

International Developments

1) Taxation of so called “non doms” (Non-UK domiciled individuals)

2) UK tax “residence”

3) Brits living in Spain / second homes in France

Read more

How important is your family to you?

The answer I suspect for most of us is obvious and recent polls suggest that family is indeed the most important factor in people’s lives…Read more
(Source: The AVIVA Times of our Lives Report, April 2012).

VAT refund for self build

It is possible to register a self-build application for VAT purposes and reclaim any VAT charged on certain materials and services paid out…Read more

Tax Diary July/Aug 2012

Keeping you updated…Read more

Contact us

If you have any questions about any of the articles please don’t hesitate to call one of our Tax Team or visit www.oldmillgroup.co.uk/tax for more details.

Dorchester – 01305 268168

Exeter – 01392 214635

Melksham – 01225 701210

Shepton Mallet – 01749 343366

Yeovil – 01935 426181

 

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