Find out how the accounting treatment of investment properties held by individuals has changed. Individuals who hold investment properties and receive rental income need to disclose the rental income on their tax returns. Until 5 April 2013 this had to be done using the accruals basis; however; from 6 April 2013 an individual with rental.. read more →
The period that private residence relief impacts on capital gains tax will be reduced from 6 April 2014. Private residence relief – or principal private residence relief – applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period.. read more →
Despite last minute calls to push back the deadline, a record number of self-assessment tax returns were filed before midnight on January 31st. In total, HM Revenue & Customs received 10.3 million tax returns for 2012/13, beating the previous year’s total of 9.61 million. Much of the increase was down to the Government’s controversial changes to.. read more →
There are only 7 weeks until the filing deadline for 2012/13 Self Assessment Returns. If your return is submitted late, you will be charged an initial penalty of £100. If your return has still not been submitted by 30th April, you will start to be charged a £10 daily penalty for up to 90 days (£900.. read more →
This month gives us an excuse to let our hair down and enjoy a well earned celebration with our work colleagues and partners. This article is a reminder of the tax concessions that apply to the costs of providing the Christmas bash. The cost of an annual staff party or similar function is allowed as.. read more →
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David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation