If you invest in woodland there are considerable tax breaks to be had. Selling timber may not sound particularly exciting but you can also use the woodland for other activities such as camp sites.
The tax advantages of woodland include:
- income received from the exploitation of UK woodland is tax free;
- commercially run woodland is […]
If you undertake property development bear in mind the following which could get you tax relief at 150%.
Property development that takes place on brownfield sites is being encouraged by the Government. For every £1 you spend regenerating the site (preparing it for, say, housing) you will get £1.50 of tax relief.
Note that this does […]
HMRC have been given permission to appeal to the House of Lords in respect of Jones v Garnett, the Settlements legislation case also known as Arctic Systems.
This case could affect thousands of husband & wife owned companies in the UK.
The Inland Revenue’s computer believes that the generation of names for random audit is too important to be left to chance.
If you want to foil that Inland Revenue computer fill out your self-assessment form using Roman numerals.
I don’t drink, smoke or drive a car - Mr Brown says I’m a tax avoider.
The Lord giveth and […]
If you are thinking of returning to the UK after several years working abroad we suggest you consider the following prior to doing so:
- sell and re-acquire any assets (e.g. shares) you own that are standing at a gain. This will crystallise the gain before you become liable to UK capital gains tax;
- make […]
This is the first day of the 06/07 tax year. Tax returns for 06/07 are sent out by HMRC on this day.
The Carter Review released today gives notice of the Government’s intention to drastically reduce the amount of time taxpayers have to file their self assessment tax return. Currently the deadline is 31 January giving a 10 month window.
It is proposed that from 2008 the window will shrink to 6 months for paper […]
There was nothing terribly exciting in today’s Budget (if anything in the tax world ever is exciting?!). Losers are companies making a profit of less than £50,000 where some of the profits are left in the company. Winners are parents with lots of children.
Here’s our summary of the tax changes following Gordon Brown’s […]
If you have shares standing at a gain it is worth while ‘bed and breakfasting’ them before 5 April 2006.
Bed and breakfasting means sell the shares one day and buy them back (at the same price) the next day.
This will crystallise a chargeable gain but as long as you only bed and breakfast […]
HMRC are writing to over 70,000 employers who made errors when filing their end of year PAYE returns online last year.
The letter will identify the errors made and give assistance to ensure they are not repeated. HMRC have confirmed that if errors are made on the 2005-06 online returns they will be rejected this […]