Tax Relief Webinar | Misconceptions Debunked

Tax Relief Webinar | Misconceptions Debunked

Tax l

Following on from our recent webinar where we looked at a general overview of R&D, Capital Allowances and Patent Box Tax Reliefs, the next in our series of webinars will delve deeper into each relieves and as the title suggests, debunk some of the most common misconceptions.

The webinar will be hosted by Derek Granger from Croner Taxwise and Nigel Holmes from Catax. We will be discussing the following areas.

R&D
• Impact with grants
• Not doing R&D – the man in the white coat mentality
• Too good to be true/will trigger an enquiry

CA
• It is just a timing difference as it increases a future capital gain
• Out of time
• It requires an alteration to the accounts

Patent Box
• Complexity
• Patent is in the wrong name
• Not suitable for loss-making companies
• Not as generous as initially thought

This will be followed by a Q&A session.

Sign up for the webinar below. We hope you can join us for what promises to be a very informative webinar.

Register Now

TQOTW: ENTREPRENEURS RELIEF FOR NEW INCORPORATIONS

Tax l

I understand that Entrepreneurs Relief is now given for new incorporations so that, on incorporation, an existing sole trader would immediately meet the qualifying conditions even though they would not have owned shares in a qualifying company for a sufficient period. Is this correct?

TQOTW: DATE OF SEPARATION FOR CGT

Tax l

Jack and Jill started living apart in November 2018 but there was then no contemplation of a divorce. In May 2019 they discussed their situation and at that point in time decided to get divorced. They agreed to get divorced in January 2020.
In June 2019 they agreed a plan to transfer assets between themselves before 6 April 2020 as part of the divorce settlement. The proposed transfers include a large property with a market value of £1 million which originally cost £200,000 many years ago and which Jack will acquire from Jill. She is concerned about the CGT implications.

The property being disposed of by Jill shows a gain of £800,000 based on market value. Jill is seeking to rely on a transfer of assets between spouses who are living together is treated as taking place for such consideration as will give neither a gain nor a loss to the transferor by virtue of s 58 TCGA 1992.

TQOTW: P11D’S & PAYROLLING BENEFITS

Tax l

With the 2018/19 P11D deadline looming, should I be considering payrolling benefits in future? What is the advantage? What do I need to do and when?

VQOTW: DISTANCE SELLING IN THE EU

VAT l

My client is a small retailer specialising in bespoke leather goods, and all sales to date have been within the UK. In order to expand her customer base, she is launching a website and planning to sell through Amazon. Are there any VAT consequences she needs to consider?

IDENTIFYING INEFFICIENCIES IN A BUSINESS

Businesses l

Accountants, as a breed, are fans of efficiency. We tend to appreciate optimised systems and abhor waste, whether it’s time, effort or resources being frittered away.
The concept of efficiency as we know it today is a product of the industrial revolution. That’s when engineers and manufacturers became obsessed with squeezing out maximum profit by the smart use of new machinery and the automation of processes.

Click here to read the full article.

Tax Insider July 2019

Tax Insider l

Included in this months issue:

– HMRC ERROR AFFECTS PAYMENTS ON ACCOUNT BILLS FOR SOME TAXPAYERS
– MOST GIFTERS ARE ‘UNCLEAR ON INHERITANCE TAX RULES’
– NON-COMPLIANT EMPLOYERS FACE AUTO-ENROLMENT SPOT-CHECKS
– CALLS GROW FOR DELAY IN EXTENDING IR35 TO THE PRIVATE SECTOR

Click here to read the full article.

HR EXPERT: CHANGE IN BANK HOLIDAY

HR l

My client wants to know how the change in date of next year’s Early May Bank Holiday could affect them from an employment law perspective. Can you please advise?

Visit York Tourism Awards 2019

General l

Morrell Middleton once again sponsored Make it York’s “Visit York Tourism Awards” #VYTA19 – Best Restaurant of the year!