HLAS

HMRC have recently published Spotlight 63 which alerts taxpayers to a marketed tax avoidance scheme that claims to help taxpayers reduce the tax payable on their property rental profits. The HMRC view is that the “hybrid” structure involving an LLP with individual and corporate members does not have the tax savings that the scheme promoters claim. The scheme claims to enable buy to let landlords to transfer properties to the structure without paying capital gains tax (CGT) or stamp duty land tax (SDLT) and, once established, obtain a bigger deduction for their mortgage interest payments than they would have obtained [...]

HMRC have recently clarified their view of the tax treatment of the reimbursement of electricity costs where employees charge their electric company cars at home. HMRC now accepts that reimbursing part of a domestic energy bill, which is used to charge a company car or van, is exempt from income tax. Their previous view was that such reimbursements were taxable. Note that the exemption will only apply provided it can be demonstrated that the electricity was used to charge the company car or van, which may be difficult to determine in practice. Employers will need to make sure that any [...]

The sale of shares is an exempt supply for VAT purposes, which means that input VAT on professional fees in connection with the transaction cannot be claimed. However, a recent tax tribunal decision has determined that, under certain circumstances, the input VAT may be claimed. The case concerned the sale of a subsidiary company in order to provide additional funds to complete the building of a new hotel within a hotel group. The taxpayer successfully argued that the costs had been incurred as part of raising funds for the group’s downstream activities generating taxable supplies. HMRC may be appealing the [...]

The student loans company has issued the following information to help customers to contact them to discuss whether or not they are entitled to a repayment. They state that repayment call waiting times are currently ”longer than usual” and they are asking customers to first check if they’re due a refund using their dedicated page Repaying your student loan: Getting a refund - GOV.UK (www.gov.uk). Customers who think they might have made a repayment in a previous tax year, but earned below that tax year’s annual repayment threshold can check their previous year’s statements on their online account https://www.gov.uk/sign-in-to-manage-your-student-loan-balance. Repayment thresholds vary [...]

HM Revenue & Customs (HMRC) is urging Self-Assessment customers to be on the lookout for scam texts, emails, and phone calls from fraudsters. Scammers impersonating HMRC With a large number of people expected to submit a Self-Assessment tax return for the 2022-23 tax year before the 31 January 2024 deadline, fraudsters will prey on customers by impersonating HMRC. The scams take different approaches. Some offer a tax rebate; others tell customers that they need to update their tax details or threaten immediate arrest for tax evasion. What to do if you suspect a scam An unexpected contact claiming to be [...]

The International Stress Management Association [ISMAUK] is a registered charity and the lead professional body for workplace and personal stress management, supporting good mental health, wellbeing and performance. International Stress Awareness Week 2023 takes place from 30 October to 3 November, is a major annual event focusing on stress management and campaigning against the stigma associated with stress and mental health issues. Midway through the week, Stress Awareness Day falls on Wednesday 1 November. See: Global Online Stress Summit | ISMA Stress Management Association

More zero emission trucks are set to drive on the roads due to UK government funding to decarbonise freight vehicles. With heavy goods vehicles (HGVs) alone contributing 20% to all transport emissions across the UK, the £200 million in government funding announced in October will be invested across 4 green projects to roll out up to 370 zero emission HGVs. Delivered in partnership with Innovate UK, the zero emission HGV and infrastructure demonstrator programme will also deliver around 57 refuelling and electric charging sites, providing much needed infrastructure to help the haulage sector decarbonise. See:  Government invests £200 million to drive innovation and get more zero emission [...]

Disruptions due to the weather can happen anywhere at any time. Taking time to plan and prepare your business can save you time and money when something untoward happens. There are simple steps all businesses can take to ensure that they are prepared for adverse weather such as: signing up for flood warnings; installing flood protection systems; checking your insurance policy covers weather damage to your property - make sure you have suitable insurance, theAssociation of British Insurers provides helpful information; Commercial property insurance is particularly relevant; having a business continuity plan; making copies of your insurance documentation and key contact information; and preparing [...]

The Department for Transport (DfT) has refreshed the newly named Air passenger travel guide, making it easier for passengers to know their rights and responsibilities when they travel. Formerly known as the aviation passenger charter, it details what people can expect from airlines, travel agents, tour operators and airports, and what to do if things don’t go to plan. This includes advice on what to do if flights are cancelled or delayed, if baggage goes missing, and the rights of disabled passengers, as well as guidance on how to complain if passengers feel they have been treated unfairly. The travel guide also [...]

Innovate UK, part of UK Research and Innovation, will invest up to £1 million in collaborative innovation projects with an artificial intelligence (AI) focus, that aim to benefit the wider UK music sector. This funding is part of Innovate UK's Creative Catalyst. Projects must: support the growth of the UK music industry; utilise artificial intelligence or enable the use of AI; demonstrate a clearly innovative and ambitious idea; respond to the changing market conditions and challenges in the global music industry; be market ready within 12 months of receiving support; and demonstrate value for money. To be eligible, applicants must [...]