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In a recent tax tribunal case a tax payer was denied Capital Gains Tax relief for the cost of improvements to a property as he could provide no evidence of his expenditure to the court. The court came to the conclusion that the taxpayer had made improvements and were somewhat dismayed by his inability to provide evidence. This is a Continue Reading

Employers that provide a company car and pay for the employees’ private fuel create tax, NIC and administrative issues for both parties. Employers will be liable for Class 1A National Insurance charges on the taxable benefit created by the provision of the car and payment of private fuel; unless the employee fully reimburses the private fuel costs, and Employees will Continue Reading

If you are self-employed, as a sole trader or in partnership, and if we assume that your business year end is 31 March, then the profits you earn in the year to 31 March 2014 will form the basis of your tax payments on account for the tax year 2014-15 (unless the year to 31 March 2014 was your final Continue Reading

There is a situation where you might be advised to make an election to pay tax. It arises if you sell your company and accept payment in the form of shares (or certain types of loan notes) from the buying company.  Let’s say that you own all of the shares in your company X Ltd and the original cost of Continue Reading