- : Year 11, issue 02

 
Partnerships: tax consequences of changes in ownership Publication date: 21.05.2024
Article database
The founding partners of a trading partnership are approaching retirement, having steadily reduced their involvement in the trade in recent years. They will sell their interest to a family friend. What will be the main tax consequences of this, and is there any other advice you can give?
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Rewarding long-term service tax efficiently Publication date: 21.05.2024
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Your client has an employee who has been with the company since it started trading more than 30 years ago. They want to do something to recognise this long service, but want to do so in a way that the employee doesn’t incur a tax charge. What might you advise?
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Does mixed purpose mean travel expenses are taxable? Publication date: 21.05.2024
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A client pays for an employee to go on a business trip for several weeks in Italy. The employee spends her free time exploring the area she is staying in and going on sightseeing trips. Does this dual purpose mean there’s a tax problem?
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The risk-to-capital condition - where are we now? Publication date: 21.05.2024
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The risk-to-capital condition (RTCC) was introduced in 2018. It was notable for a lack of clear definitions of key phrases. Now that a number of cases have been heard by the tribunals, how can the decisions inform your advice to clients?
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Selling services online: help clients get the VAT right Publication date: 21.05.2024
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Most UK businesses sell services rather than goods, which have various VAT challenges when sold online, particularly if three parties are involved in a deal. How should your clients account for the VAT correctly?
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Was incarceration reasonable excuse? Publication date: 21.05.2024
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Was incarceration reasonable excuse?..Herrmann v HMRC. Mr Herrmann (H) failed to disclose property income to HMRC. After an enquiry, assessments and penalties were raised for 14 tax years. H appealed, in particular raising an objection to a period of time covered when he was in prison, as he was prohibited from running a business. Law. There is no exemption...
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Were distributions capital or income in nature? Publication date: 21.05.2024
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Were distributions capital or income in nature?..Beard v HMRC. Mr Beard (B) received distributions from a company not resident in the UK (G). These came from the company’s capital account, but HMRC determined that they should be subject to income tax in the UK. The First-tier Tribunal agreed, so B appealed to the Upper Tribunal (UT). Law. The established...
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Woodlands: tax breaks for landowners Publication date: 21.05.2024
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Your client owns land mostly covered by woods. He’s heard that there are tax breaks available if he exploits the land to make profits. He’s correct in principle, but what are the main traps to look out for?
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NI refunds: how should clients respond? Publication date: 21.05.2024
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A number of self-employed individuals have received a payment from HMRC, seemingly out of the blue. What caused this, and what should you do if any of your clients are affected?
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Capital allowances for commercial property Publication date: 21.05.2024
Article database
Your client (a company) is about to purchase a factory and then extend the building afterwards. What capital allowances will be available, and how will claiming them impact the future capital gains position of the property?
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