Archive:January 2015

Please find below all the articles from January 2015.

Solicitors disclosure

Monday, January 5, 2015

As a qualified solicitor you need to be very careful not to make mistakes on your tax returns, as a tax investigation could do serious harm to your professional reputation. Taxpayers who make deliberate errors that lead to tax underpayments of £25,000 or more, may have the details of their name, address, amount of tax avoided and penalties paid, published on the internet by HMRC.

HMRC are currently targeting solicitors who have omitted income from their tax returns, and at the same time are offering a chance for solicitors…

Shared parental leave and pay

Monday, January 5, 2015

Where a child is due to be born (or adopted) on or after 5 April 2015, its parents will be entitled to share the 52 weeks of maternity leave and 39 weeks of maternity pay or maternity allowance which is currently available only to the mother. This ability to share parental leave and pay will not apply in Northern Ireland until the Northern Ireland Assembly passes the relevant regulations.

As an employer you need to be ready to deal with claims from employees to share leave and pay, and…

Incorporation of a business

Monday, January 5, 2015

When a business incorporates and transfers its trade and assets to a company controlled by the seller, the assets must be transferred at open market value for tax purposes. The assets may include “goodwill” which is defined as the business reputation or customer relationships, including the value of continuing contracts.

The transfer of the assets may generate a taxable capital gain in the hands of the seller, as the assets will have appreciated in value during the time they were used or created by the first business.

Capital gains tax…

VAT Moss new guidance

Monday, January 5, 2015

On 1 January 2015 the VAT law changed for electronic services that are supplied digitally to non-business customers. Those customers must now pay VAT on the e-service at the rate that applies in the country where they receive the service. It’s up to the supplier to work out the VAT due, and pay that VAT to the local tax authority. There is no minimum threshold of sales below which VAT is not due.

The UK has set up the VAT-MOSS system to collect and pay over the overseas VAT…