The impact of VAT on your horse expenditure/income So, we get pretty used to paying VAT on most things, don’t we? But have you ever given much thought to the impact of VAT on your horse expenditure (or income)? You may well be aware that the basic starting point for VAT is that once a […]
Higher penalties for unpaid tax relating to overseas assetsTaxpayers who know or suspect that they have unpaid tax relating to overseas assets, income or activities need to act before 30 September 2018 to avoid incurring much higher penalties for their non-compliance. HMRC’s “Requirement to Correct” (RTC) obliges taxpayers to make a disclosure of unpaid tax […]
Sometimes I think Del Boy had it right …… cash Rodders, cash. Indeed, horse trading – and a lot of horse activities generally – are one of the few places left in society where cash transactions are still pretty common. Now, I like cash as much as the next person – as it fleetingly passes […]
Legal Entity IdentifiersUnder the European Union’s revised Markets in Financial Instruments Directive II (MiFID II), every ‘legal entity’ will need to register and obtain a 20-character alphanumeric reference code known as a Legal Entity Identifier (LEI) before it can trade on financial markets in the UK. This will take effect from 3rd January 2018. The LEI […]
Understanding the Changes for Non-UK DomiciliariesNobody likes to think about inheritance tax, for obvious reasons. However, those not domiciled in the UK should consider their overall tax position so that there are no surprises for them or for the beneficiaries of their estate. Indeed, with planning it is possible to minimise the amount of UK […]
If you own or run a livery yard, figuring out the tax issues affecting the yard will probably be fairly down the to do list, compared with ordering feed/ making that last minute call to the farrier/ mending the latest bit of fencing to be broken, etc. However, of course as we all know, the […]
What is domicile? Domicile is different from a person’s nationality or place of residence; instead it considers where an individual is regarded as having their ‘home jurisdiction’. Whilst it is possible for an individual to change their domicile, it is notoriously difficult to do so, as the location of domicile has a very enduring quality. […]
HMRC recently announced that they will be commencing a campaign in an attempt to flush out previously undeclared, or under-declared, rental income and collect tax, interest and penalties arising from any such income. We have now had experience of clients receiving a letter from HMRC inviting them to disclose any rental income not previously declared […]
Understanding HMRC’s Simple Assessment From September 2017, HMRC introduced what they refer to as a “new way of collecting tax” which will apparently “make life easier for millions of customers who have had to do self assessment tax returns in the past”. Welcome to “Simple Assessment”. This concept was originally announced in the March Budget […]
September is due to see two Finance Bills – the second 2017 Finance Bill has been announced today, and legislates for the areas dropped from the first 2017 Bill due to the snap general election. The 2018 Finance Bill is due to be released next week with provisions relating to the 2017 Autumn Budget. We […]