Graeme Blair - Posts

 

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+1 1 vote

Overseas holiday homes purchased through a company

16 June 2011, 17:54 Posted in Home | 0 comments , 140 views
Categories: Tax Matters
keyword tags: income tax, hmrc, national insurance, refund, holiday home, purchase through company, forced hiership, si2011/797

It is quite common for overseas holiday homes to be purchased in companies. Typically this is to circumvent overseas inheritance rules. Historically the use of a company has lead to a UK income tax and national insurance liability which was treated as a "cost" of the structure.

Pressure was placed on the Government to eliminate this cost, and in 2008, they revoked the income tax liability but not the national insurance liability. The ...
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+7 9 votes

Where is the catch?

10 February 2009, 02:05 Posted in Home | 0 comments , 379 views
keyword tags: income tax, hmrc, vat, cis, business payment support service, tax payments, gross status, deferal, corporation tax
With due dates for Corporation Tax, Income Tax and VAT having recently passed, ourselves and our clients have gained much experience of application to defer taxes under the Government's Business Payment Support Service.

It has been announced that the first six weeks of the service's operation led to a deferral of £224m of taxes with a further £326m pending decision.  The average deferral to date has been £15k and, in respect o...
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+9 9 votes

The Business Payment Support Service

05 January 2009, 02:31 Posted in Home | 0 comments , 972 views
Categories: Tax Matters, Business Matters
keyword tags: hmrc, national insurance, vat, pre-budget report, cis, paye, business payment support service
One announcement of the Pre-budget report of 25 November was a new service for businesses in temporary financial difficulty that were unable to pay their tax bills.  They would be able to spread their bills over a timetable they could negotiate with the business support service of HMRC.  This service would cover all taxes paid by the business, including Corporation Tax, VAT, PAYE, Income Tax and National Insurance C...
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+11 11 votes

Will the retailer pass on the reduction in VAT?

26 November 2008, 03:02 Posted in Home | 0 comments , 275 views
Categories: Tax Matters, Business Matters
keyword tags: pbr, vat, pre-budget report, 15%, 17.5%, zero rated, credit notes
One of the most pre-trailed announcements in the Pre-budget report of Monday was the temporary reduction in the standard rate of VAT from 17.5% to 15%. The reduction will be in the period 1 December 2008 to 31 December 2009. VAT at 5% on domestic fuel and power is not affected.

In order to prevent uncertainty and inconsistency of treatment the government also announced the process to follow if tax invoices had already been issued (showing a 17.5...

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+3 3 votes

HMRC rights and powers

14 November 2008, 03:43 Posted in Home | 0 comments , 204 views
Categories: Tax Matters
keyword tags: hmrc, taxpayer, finance act 2008
There has been much comment in both the mainstream and professional press about the new powers that have been provided to HMRC in the Finance Act 2008.  These powers provide a consistent framework for both direct and indirect taxes. The powers about which there has been most comment are those designed to allow HMRC to obtain information and those which allow HMRC access to business premises.
 
Assuming that a taxpayer...
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