SELF-ASSESSMENT - 08.07.2024
Self-assessment 2023/24 - what’s new?
If you’re a sole trader or in partnership you may need to show extra information when completing your 2023/24 tax return. What’s required and how might it affect your self-assessment payment due on 31 July?
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TAX CASES - 19.06.2024
Was director’s loan correctly written off?
Plumpton v HMRC. Mr Plumpton (P) was a director and shareholder in a close company. His director’s loan account (DLA) had been overdrawn and the company had paid the s.455 charge accordingly. The company later submitted a claim to recover this on the basis that the outstanding amount had been written off in 2013/14. The write-off was not mentioned in his personal tax return, so HMRC issued an assessment and added a penalty for a careless inaccuracy. P appealed. ...
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GROUPS - 19.06.2024
Moving property to a holding company: tax implications
One of your clients has recently put a holding company in place for asset protection purposes and is about to transfer a trading premises to it. What price should the transfer take place at, and what taxes do you need to consider?
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CAPITAL ALLOWANCES - 28.05.2024
New enhanced guidance to prevent errors
More guidance. According to HMRC, businesses are making too many errors when claiming tax deductions (capital allowances) for the cost of equipment (plant and machinery). It’s therefore published new guidelines to its existing advice (see The next step ). ...
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CORPORATION TAX - 01.05.2024
Loss restrictions after a change of ownership
Your client has an opportunity to acquire a company that has been loss-making for some time, with a view to reviving it. He wants to know if usage of the company’s losses will be restricted. What can you advise?
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CORPORATION TAX - 01.05.2024
Improving cash flow to help pay corporation tax bill
Last year produced a good profit with a correspondingly high tax bill. Conversely, the current year will show a small loss. This has left the company with insufficient funds to meet the tax bill. How might a change of accounting date help its finances?
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