Reports are coming in of fundamental errors in HMRC’s P800 tax calculations for 2015/16. What problems should you be looking out for?
Over Christmas you were roped into entertaining clients and it was late in the evening when you finally took an expensive cab ride home. A colleague says that you’ll have to pay tax on the cost of the journey. Surely this can’t be right?
CAPITAL GAINS TAX
You sold your business three years ago under an earn-out arrangement and in 2015/16 you received the second tranche of cash from the deal. It’s less than you expected. How can you turn this loss into a tax refund?
You’ve let out a house for years, but your total income has always been less than your tax allowance so you haven’t declared it to HMRC. Will you need to reconsider in view of the impending major changes to the tax rules for landlords?
As an employer if you reimburse an expense to an employee you’re required to decide if it’s tax deductible. If it’s not, PAYE tax and NI are payable as it if were salary. But how can this rule work if you pay employees an advance of expenses?
A colleague tells you that he’s moved his personal investments into his company because it will mean if the worst happens to him they’ll escape inheritance tax. It sounds too good to be true, but is he right?
In 2011 HMRC changed its guidance on how much pre-registration VAT businesses can reclaim. However, in November 2016 it issued a statement saying its revised guidance was wrong. What’s the position now?