Category Archives: Corporate

Making Tax Digital for motor dealers

Daniel Turner

As we enter another new year, thoughts turn to what the future will hold. For HM Revenue & Customs (HMRC) the future is a digital revolution to fundamentally change the way that tax information is collected. These changes are being referred to ‘Making Tax Digital’ (MTD).

The requirements will start in April 2018 for some businesses, with the aim for the roll-out to be completed with a fully digital system by 2020.

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Maximising tax relief on motor dealer properties

Daniel Turner

Tax relief (also known as ‘capital allowances’) on buying plant and machinery is fairly well understood, but far less appreciated are the capital allowances available on fixtures and fittings included in a building such as a new car showroom. These capital allowances could be available on the construction cost of a new building or on the purchase of a second-hand building.

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The tax return paper deadline – a ghoulish reminder!

Hayley Stockwell

I am sure that we are all aware that next Monday is Hallowe’en and many of you will be making preparations; carving pumpkins, trying to find where you put the costumes and hoping that you can find them, so you don’t have to ruin yet another white sheet!

However, next Monday is significant for another reason – for those who want to complete a paper tax return, this is last date that these can be received by HMRC to avoid a late filing penalty.

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The Apprenticeship Levy

Tessa Brown

HMRC are introducing a new Apprenticeship Levy from the 6 April 2017, the aim of which is for large employers to play their part in delivering a new generation of skilled apprentices.

The levy will be charged at 0.5% of the wage bill for the year.

Whilst all employers will be subject to the levy, each employer will also have a £15,000 levy allowance available to offset against the cost of the levy.

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VAT on commercial property

Daniel May

When purchasing a commercial property there are many considerations to be taken into account. Matters such as the chosen business vehicle, legal agreements, stamp duty and corporation tax are often high up on the list of things to consider. Unfortunately VAT can be sometimes forgotten about until the last moment, or not even considered at all – a potentially costly mistake.

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