Taxation of capital gains

Taxation of Capital Gains

Taxation of capital gains – scope extended by HMRC HMRC extends the scope of the UK’s taxation of capital gains accruing to non-UK residents to include gains on disposals of interests in all UK property. This measure was announced at Autumn Budget 2017 and a consultation ran from 22 November 2017 to 16 February 2018 under the title, ‘Taxing gains made by non-residents on UK immovable property’. HMRC and HM…

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Property tax allowance

New Tax Allowance for Trades and Property Income

Tax allowance was originally announced at Budget 2016 The tax allowance was originally announced at Budget 2016 and was one of the several processes dropped from the Finance Act 2017 due to not enough time for deliberation in parliament. It was reinstated as part of Finance (No. 2) Bill 2017, published in September 2017 and the Finance (No.2) Act 2017 received Royal Assent on 16 November 2017. The new tax allowances are…

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Making tax digital

Making Tax Digital

This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution Following on from last month’s special update regarding MTD, we now turn our attention to the proposed penalty regime which will apply to taxpayers who do not comply when they should. The government has already confirmed that taxpayers will be given a ‘grace period’ of a minimum of 12 months from when they become subject to…

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VAT recovery on cars

Flat Rate Scheme

Flat Rate Scheme – changed from 1 April 2017 – Limited Cost Traders With effect from 1/4/2017 HMRC introduced new rules to the Flat Rate Scheme (FRS) to try to reduce what they see as significant financial benefits received by some businesses using the scheme. Under the new rules businesses will have to use a new FRS percentage of 16.5% when calculating the VAT due on their sales if they…

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capital allowances

Capital Allowances – Claims on property transactions

Benefits of correctly identifying Capital Allowances on embedded items Despite recent changes in tax legislation commercial property remains an attractive investment, although few owners fully understand the requirements and potential benefits of correctly identifying Capital Allowances on embedded items, especially when entering into a property transaction. Often it is possible to enhance the selling price of the property, and/or minimise a tax bill, by making sure that all qualifying fixtures…

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Steve Wade Qdos Vantage

Qdos Vantage welcomes new operations director

Qdos Vantage is delighted to announce that Steve Wade has joined them this week Steve, who has worked for Qdos previously as underwriting and compliance manager, has now returned to take up the role of operations director for the fee protection insurance offering. He said, “I am really looking forward to getting back on board with Qdos. The Qdos Group has gone from strength to strength and Qdos Vantage in…

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