Business

A client is planning a doggy day care business that will operate from premises, rented under a licence, which have been unused for several years

Partnership taxation deserves a firm and clear statutory basis

Reasons for HMRC’s tardiness in making construction industry scheme repayments

HMRC have changed their advice on the Construction Industry Training Board (CITB) levy, following a backlash from building firms.

The Revenue announced in January that it would no longer allow contractors to recoup the CITB charge from subcontractors in the form of a deduction made from the “gross amount of payment” on monthly returns.

A committee of the European parliament has approved an amendment to the Fourth Anti-Money Laundering Directive, which would make details about individuals behind trusts publicly available for the first time.

Under the plan, each member state of the European Union would be required to keep and make available a register of information on the ultimate beneficial owners of privately owned companies, foundations and trusts.

Reddrock Ltd v CRC, Upper Tribunal (Tax and Chancery Division)

Earnings from trading with the virtual currency bitcoin are to be free of VAT, HMRC have announced.

The tax department has set out its position on the treatment of income received from and charges made in connection with activities involving bitcoin and other cryptocurrencies.

Bitcoin operates through a peer-to-peer network, independent of any central authority or bank; transactions are recorded in a shared public database called a block chain.

Claiming a construction industry scheme refund can be an overlong process

A pottery collector is expanding and improving his collection. Because of the limited space available, unwanted or inferior examples are sold to make room for more recent acquisitions

A client made payments into a seed enterprise investment scheme and an enterprise investment scheme in 2012/13 and 2013/14. No certificates were received in time for submission of the 2012/13 tax return

Small enterprises such as hairdressers, window cleaners and cab drivers are being urged by HMRC to take advantage of the simpler system of recording income and expenses over the tax year.

Firms with an annual income of £79,000 or less can use the cash basis of accounting for money as it goes in and out of the business, rather than employing traditional method centred on accruals.

Small and medium-sized high-tech companies are being invited to free workshops organised by HMRC and the Department for Business, Innovation and Skills to offer support on tax, growth and innovation.

The events will be held in March, April, May and June in Cambridge, Leicester, Reading, Plymouth, Oxford, Sheffield, Portsmouth and Scotland.

Topics will include: