A legal person (sole proprietor, partnership, company etc) can elect to charge VAT on the interest they have in a commercial property. This is commonly called “opting to tax”. The option lasts for 20 years and covers any subsequent sale or rent of the property. VAT is due on income but VAT can be claimed on costs.Read More
A recent tax case involving life assurance (insurance) policies has highlighted the importance of understanding the tax issues that can surround such an investment.
In the recent case of ‘Lobler’ the taxpayer was looking to withdraw money from his life assurance policy; the policy being made up of many individual bonds.Read More
Did you know the General Election is just a few weeks away? You could hardly miss it with the breadth of media coverage on this important event, so sorry if we are jumping on the band wagon! In the build-up to voting day we thought it was worth having a recap on where the political parties stand on changes to the tax system.Read More
The Government’s controversial legal aid reforms have been given the go-ahead after the Court of Appeal dismissed an appeal by the Law Society and practitioners groups.
This has far-reaching implications for the legal profession and whilst there is political opposition from Labour (which has pledged to reverse the position if elected) the Law Society is warning that if the plans go ahead ‘hundreds of firms’ could go out of business as a consequence of the ruling.Read More
One of the parcel of measures associated with the current reform of the Common Agricultural Policy is that milk quota, initially introduced in 1984, has finally been abolished. As a result, farmers will no longer be restricted in how much milk they can produce – although given the current parlous state of the milk market, this is not likely to be of huge immediate benefit to hard-pressed dairy farmers.Read More
The European Court of Justice has confirmed that the supply of temporary staff to care homes does not fall within the exemption for supplies closely linked to welfare and social security work. The services remain standard rated which is not great news for businesses like care homes which cannot generally recover VAT.Read More