Possible VAT bonanza for golf clubs

Since the 1990s fees for playing at not-for-profit sports clubs has been exempt for VAT purposes. However, HMRC has asserted that only club members’ playing fees are exempt for VAT purposes. Any visiting players have paid VAT included in their green fees. Clubs who have charged the same amount to Read more…

Law Society warning on LLP tax reform

The Law Society is concerned that if the present changes to LLP taxation are enshrined in the forthcoming Finance Act 2014, decisions will have to be made for tax, rather than commercial reasons. For example members may be required to introduce capital purely to comply with changes in tax law. Read more…

CBI champions use of equity finance

According to a recent CBI report UK companies rely too heavily on debt finance. It said that 50% of small and medium sized businesses used bank loans and more than one-third used overdrafts. Of the remainder only 3% use equity finance: the European average is 7%.  Smaller UK businesses seem Read more…

Tax Diary February/March 2014

 1 February 2014 – Due date for Corporation Tax payable for the year ended 30 April 2013.  19 February 2014 – PAYE and NIC deductions due for month ended 5 February 2014. (If you pay your tax electronically the due date is 22 February 2014.)  19 February 2014 – Filing Read more…

Best to be informed

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 Read more…

Why should you elect to pay tax?

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 Read more…