Amendments to Swiss Tax Agreement

June 29, 2012 by  | Leave a Comment Filed under: Taxes 

The UK-Switzerland Tax Agreement was signed on 6 October 2011. The legislation to put it into effect is in the 2012 Finance Bill; which should get Royal Assent (and become law) in July this year, and come into force in January 2013. On 20 March 2012 the UK and Switzerland signed a (read on...)



Are You Next on HMRC’s Tax Hit List?

February 11, 2012 by  | Leave a Comment Filed under: Taxes 

In conjunction with their ‘Grab for Cash’ campaign, HMRC have now turned their attention to businesses/people trading online. Web robots will be just one of the new ‘state-of-the-art’ technologies that HMRC will be using to search the internet for information about (read on...)

Overseas Property Blitz

December 3, 2011 by  | Leave a Comment Filed under: Taxes 

The taxman’s newly formed specialist HMRC tax compliance unit – the”Affluence team” – has commenced its first major project: targeting wealthy Brits who own land and property abroad. It is rumoured that HMRC are saying it suspects about 350,000 UK tax residents, with (read on...)

What Has Manfred Bog to Do With Your Fish and Chips?

September 23, 2011 by  | Leave a Comment Filed under: Taxes 

It is simply whether HMRC is correct to apply VAT to hot food taken away from premises for consumption at the full rate of twenty per cent as it has always been or whether it should be zero rated. Manfred Bog was a German sausage seller and his appeal was decided by the European Court of Justice. (read on...)

What Business Records Should You Keep to Avoid HMRC Knocking Six Bells Out of You?

September 13, 2011 by  | Leave a Comment Filed under: Taxes 

In my experience the standard of record keeping in small businesses has deteriorated over the years with many business owners trying to maintain their own records but with little success. So what is good record keeping according to HMRC? They have been quoted as saying that “An accurate (read on...)

Swiss Bank Secrecy: Going, Going, Gone?

September 12, 2011 by  | Leave a Comment Filed under: Taxes 

The UK has done a deal with the Swiss government that tears up the rulebook on the fabled Swiss banking secrecy. From 2013 UK taxman will collect tax from Swiss bank accounts held by UK residents: and, just as crucially, get complete access to all Swiss bank details of selected UK (read on...)

More Tax Tips for Employees

August 2, 2011 by  | Leave a Comment Filed under: Taxes 

Travel to and from work The cost of travelling in the performance of the duties of your employment is allowable. (Section 337 ITEPA 2003). However, the cost of travel between your home and the place of your employment is not allowable. You can claim for some travel if you can bring your (read on...)

Tax Saving Ideas for Employees

July 22, 2011 by  | Leave a Comment Filed under: Taxes 

Allowable expenditure The rule for deducting expenses has been described as notoriously strict. Only those expenses that are incurred wholly, exclusively and necessarily in the performance of the duties of your employment can be deducted (Nolder v Walters 15 TC 380). In addition you can deduct (read on...)

Relief for R and D Expenditure

July 1, 2011 by  | Leave a Comment Filed under: Taxes 

HMRC is not seen to be a generous benefactor but one area which to me is vastly under claimed is the relief for research and development expenditure. To my mind just as you should pay tax, you should only pay the legal minimum; you should review all your affairs to ensure you claim all the (read on...)

Spreading Tax Around the Family Continued

June 24, 2011 by  | Leave a Comment Filed under: Taxes 

CAPITAL GAINS Husband, wife and civil partners: The gains of each spouse or civil partner are calculated separately. Each is entitled to the annual allowance of £10,600 for 2011/2012. The losses of one spouse or civil partner cannot be set against the gains of the other. Transfers between (read on...)