Paul Howard sets out the tax consequences for the different methods of finance
Capital allowances: personal security
The proposed timescale for mandatory pooling of expenditure on fixtures is ‘much too short’ to ensure that the legislation is properly understood and applied, according to the ICAEW Tax Faculty.
HMRC are reminding contractors that a new penalties regime will apply to the construction industry scheme from next month.
HMRC’s latest Agent Update highlights a key change to penalties for late filing of self assessment tax returns.
Enhanced capital allowances will be available for plant and machinery investment in designated areas in a limited number of Enterprise Zones, the government announced as it named 11 new Enterprise Zones in England.
‘These arrests are just the start,’ said a senior HMRC official as the department announced the arrest of five plumbers in London, Hampshire, Surrey, Middlesex and the West Midlands.
More than 600 tax enquiries targeting people in the plumbing industry will be under way by the time the Plumbers Tax Safe Plan disclosure opportunity closes at the end of this month, HMRC have warned.
HMRC are inviting comments by 30 September on draft guidance on the definition of ‘production’ for the purpose of research and development tax relief.