HR Expert: Contractual Sick Pay

HR Expert: Contractual Sick Pay

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My client pays contractual sick pay and one of their employees is having elective surgery. Do they still have to pay them?

VAT Question of the Week: Input VAT – Too Late to Claim?

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My client has been approached by a builder, who carried out repair work to the client’s factory some years ago. The builder was late registering for VAT and is now looking to issue VAT only invoices to my client for the supplies in question. I have several concerns: is the supplier liable to account for the VAT if the supplies were made more than 4 years ago? Is my client obliged to pay and if so can he now recover the VAT given that the original invoices were dated more than 4 years ago?

Tax Question of the Week: Property Swap

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Jack and Jill jointly own two investment properties and wish to swap their interests so that they each have ownership of one of the properties. As tenants in common they currently equally own Cornfield with a market value of £210,000 and the original cost of £50,000 and Wheatfield with a market value of £200,000 and the original cost of £49,000. Jack is to have Cornfield and Jill is to have Wheatfield. What are the CGT and SDLT implications?

September 2018 Tax Insider

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This months edition includes:

– Stamp duty tax break saves first-time buyers £284m
– HMRC confirms ‘soft landing’ for Making Tax Digital
– Inheritance tax receipts reach record high of £5.2bn
– SMEs cite VAT as ‘biggest administrative headache’

Read the full article here.

Capital Allowances for Plant and Machinery

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If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.

Capital allowances provide the mechanism for tax relief on certain types of capital expenditure (the purchase of assets such as office furniture, or equipment) essentially providing a deduction against profits.

Tax on Residential Property

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First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up to affect property taxes in Autumn Budget 2017.

Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there.