Nimesh Shah, partner at Blick Rothenberg said, 'It is a tax that is adminstered by solicitors who are not tax experts. When it was simple that was fine, but now it is complicated.'
Source: The Mail on Sunday
Susan Hutter, partner at Blick Rothenberg said, 'Scrutinise your practice overheads costs. Looking at the costs of running your practice is often pushed to the back of the queue in the life of a busy practice doctor.'
She added, 'But many practices, indeed many small businesses in general, tend to go on 'automatic' as far as the running costs are concerned. This includes IT support, stationery and office costs. If you have an assistant, it is worth asking them to obtain, say, two alternative quotes for the larger office overheads, as often as there are some cost savings to be made.'
Source: Independent Practitioner Today
Nimesh Shah, partner at Blick Rothenberg said, 'If a couple are not resident and not domiciled in the UK only their UK assets are within the scope of UK inheritance tax. UK assets would include the shares in the UK company and the monies in the UK bank account.'
Source: Investors Chronicle
Nimesh Shah, partner at Blick Rothenberg said, 'This will muddy the already complex area of stamp duty.'
He added, 'There appears to be a general naivety in the Government's part as to how complex the stamp duty regime has become, and adding this new provision will add to the difficulty.'
Source: The Daily Telegraph Online
Andy Timpson, a partner at Blick Rothenberg said, 'Press reports of a £24m severance to Mourinho, which may largely be made up of contractual pay to the end of his contract, will mean a significant tax bill close to 50% should be making its way to HMRC.'
Source: Business Leader
Alex Altmann, a partner at Blick Rothenberg said, 'The construction industry in the UK is dependent on foreign investment, overseas suppliers and European workers. Over 60% of all building materials used in the UK are imported from the EU. If the UK ceases its membership of the customs union, the cost of bringing building materials, machinery and other goods from the European mainland would significantly increase due to lengthy import procedures, potential duties and the administration of import VAT to be paid.'
He added, 'Not being a member of the single market could see free movement of workers being compromised and a shortage of the workforce would be the result, leading to higher costs for companies hiring workers on UK construction sites. Nationwide, European nationals account for around 10% of the UK construction industry's workforce. On building projects in London this figure stands at around 40%.'
Source: Building Services and Environmental Engineer
Blick Rothenberg said, 'If you have disposed of a UK residential property that is not your own primary home, report the disposal accurately to ensure that the correct rate of tax is charged (up to 28% rather than 20% for gains on most other assets).'
Source: The Daily Telegraph Online
Stefanie Tremain, a manager at Blick Rothenberg said, 'Individuals who miss the 31 January deadline and are up to three months late will incur an automatic £100 penalty. Completing and filing your Self Assessment form may seem a hell of a lot of work but it needs to be done. After three months, HMRC will start charging penalties of £10 per day and after six months the penalty will be 5% of the person's tax or £300 – whichever is higher.'
She added, 'Taxpayers should have registered for HMRC online services and set up an online account to file their return online. However, once this is done it can take up to ten days for the necessary activation code to arrive, so if they have not done this by now then it's probably too late and they could face a fine. Another point which can catch taxpayers out is that the user ID needed to log into their online account is not the same as their unique taxpayer reference number ("UTR").'
Source: Landlord Today
Heather Self, a partner at Blick Rothenberg said, 'Happy New Year, everyone, and I hope you had a nice Christmas – unlike those lovely people at The Mail on Sunday, who were terribly upset about ‘Britain’s worst tax Scrooges’. Apparently, ‘almost one in five of the biggest firms paid nothing last year’ – how dreadful!'
She added, 'Let me be clear. I am not condoning artificial tax avoidance, and I accept that some large companies may still have ‘opaque schemes’ which reduce their tax bill. But this article provides very little evidence that any such behaviour is going on here. By conflating straightforward behaviour (such as claiming allowances, relief for losses or paying tax where the profit is made) with artificial avoidance, The Mail on Sunday is doing absolutely nothing to improve its readers’ understanding of how the tax system actually works.'
Source: The Tax Journal
Heather Self, partner at Blick Rothenberg said, 'If all they're doing is moving head office, it will make very little difference to the UK tax bill. If as they've indicated the R&D and technology is remaining in the UK, then that should account for the majority of the UK tax bill in any case.'
Source: Financial Times