01 Oct 2014
HM Revenue & Customs are getting tougher on taxpayers who aren’t paying their tax on time or who they think are deliberately avoiding tax. (We're sure this has something to do with the government’s budget cuts and plans to reduce the country’s deficit!)
A range of measures are being introduced to collect more outstanding tax, including chasing outstanding debts quicker and more aggressively, potentially collecting unpaid debts directly from taxpayers’ bank accounts, and ...(more)17 Sep 2014
Do you own a ‘holiday home’, rented out on a short term basis? If so, the rents you receive may be classed as furnished holiday letting (FHL) income.
Changes made some time ago mean that FHL profits are now, broadly, dealt with in the same way as other rental income. If you own an FHL property, you’ll no doubt be aware that:
since 6 April 2011, the ability to relieve FHL losses ...(more)14 Aug 2014
You’re thinking about your plans for the rest of the day, and somewhere in the middle of all that, you remember that you need to look at the letter that’s arrived from H M Revenue & Customs (HMRC), but that can wait, can’t it? If tax paperwork brings you out in a cold sweat, it may not come as a surprise to learn that a study undertaken by the Federation ...(more)30 May 2014
Do you complete a tax return each year? Around 10 million self assessment tax returns are submitted to H M Revenue & Customs (HMRC) annually, and each year HMRC open enquiries into a selection of these returns. Nothing too surprising about this, but what might surprise you is that a Freedom of Information disclosure has confirmed that the chances of being one of the unlucky ones who is selected may ...(more)12 May 2014
Jimmy Hair email@example.com a Tax Partner of Springfords LLP, explains why they are unique and often used for property funds, family limited partnership and as carried interest vehicles. This article recently appeared in the Boncommence May 2014 Newsletter.
Limited Partnerships (LPs) have been with us for many centuries – the earliest example arguably being the societas publicanorum which first arose in Rome in the third century BC.
A Limited Partnership is a ...(more)02 May 2014
HM Revenue & Customs (HMRC) believe they’re missing out on around £550 million each year as a result of undisclosed rental income. Less than 500,000 people are registered as landlords for tax purposes, but HMRC reckon there could be another 1 million property owners in the UK and abroad who have yet to disclose their rents.With this in mind, HMRC’s Let Property Campaign offers an ‘opportunity for landlords who owe ...(more)08 Apr 2014
Under current legislation, Limited Liability Partnerships (LLPs) are regarded as ‘transparent’ entities for tax purposes, meaning the members (or partners) are taxed as if they were self employed. This has resulted in many LLPs promoting their employees to member status to avoid employers’ national insurance costs on their salaries and benefits in kind (such as company cars). However, new rules have been introduced from 6 April 2014 to close this tax planning ...(more)07 Apr 2014
For a lot of entrepreneurial clients, their pension is their “business”. What does this mean? In a nutshell, they have always planned to use the proceeds arising from the sale of their business to fund the bulk of their retirement – for example, by either investing those proceeds in stocks and shares to achieve an income from dividends, investing in buy-to-let flats to receive monthly rental income or buying an ...(more)24 Mar 2014
"I play bingo, and even call the numbers"- George Osborne
While social media has been caught up by ’Bingo-gate’, here at Springfords we’ve been focusing on the numbers that matter, to our clients, their businesses and families. On the day when a new £1 coin was officially unveiled, there were of course plenty of other important changes announced. As ever, the finer details will emerge over the next few weeks. For ...(more)10 Mar 2014
"Any fool can make things bigger and more complex. It takes a lot of courage to move in the opposite direction."
The size and complexity of the UK tax legislation can appear daunting. Back in 2009 it was reported that the UK tax code, at more than 11,500 pages at the time, was the longest in the world. More recently, the Public Accounts Committee concluded that our tax law is ...(more)