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HMRC reverses its policy on surrenders
HMRC have recently released a business brief in which they confirm their acceptance that, in appropriate circumstances, the surrender of a lease can be treated as, or be part of, a VAT free transfer of a going concern. This change of policy means that claims can now be made for refunds of overpaid VAT on…
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Top 7 Valuation Blunders
Valuations are needed for a wide range of reasons – when buying or selling a business, to resolve shareholder disputes, divorce settlements, buy-outs, or for tax purposes. In these cases, getting a valuation opinion from a non-specialist may be a seemingly quick and cheap option. But in our experience it invariably leads to poor advice,…
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Auto-Enrolment is here – what do you need to do?
Pension auto-enrolment and your duties as an employer All employers will have to enrol worker in a pension scheme and both will have to make contributions. A worker can opt out and if they do so, no contributions need to be made. It is now an offence to persuade a worker to opt out of…
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HMRC – Guilty of slow play regarding golf club case
Across the UK, Members Golf Clubs are still waiting for H M Revenue & Customs (“HMRC”) to make an announcement of its position regarding the decision of the Court of Justice of the European Union (“CJEU”) in the case of the Bridport & West Dorset Golf Club Limited. As you will recall, the CJEU has…
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Warning! Proposed Changes to Private Residence Relief
HMRC is currently consulting on its proposals to extend the scope of capital gains tax to include non residents selling UK residential property. Contained within the consultation document are proposed changes to the operation of principal private residence relief (PPR), which would have wider implications for UK residents owning more than one home. Currently, when…
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Employment allowance – claim now!
On 6 April 2014 the Employment Allowance came into effect – a new relief which means nearly all employers can save up to £2,000 of employer’s National Insurance contributions (NICs) each year. The Chancellor of the Exchequer, George Osborne, wrote a letter to small businesses, to make sure they knew about the allowance and how…
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Undeclared offshore income? Time is running out…
HMRC is stepping up efforts to tackle offshore tax evasion in its updated strategy document ‘No safe havens 2014’. The paper proposes the introduction of a new criminal offence for failing to declare taxable offshore income, a conviction to be introduced in 2015 (subject to consultation). In recent years HMRC has been taking a…
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HMRC Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 March 2014. HMRC’s website states: ‘These rates apply to all journeys on or after 1 March 2014 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose.…
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Chance for Employees to “come clean” to HMRC
A recent campaign aimed at people who are employed but also have income from self-employment which they have not declared has been launched by HMRC. This new campaigns has been christened the “Second Incomes Campaign” and aims to encourage people to come declare secondary sources of income to HMRC. If they do not use this opportunity,…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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