HMRC Guidance

HMRC Guidance

By Mark McLaughlin Taxpayers (and advisers) strive for certainty when dealing with tax issues. The legislation is often unclear, and taxpayers may therefore resort to seeking comfort from guidance published by HM Revenue and Customs (HMRC), such as in booklets or its manuals. This guidance does not carry the force of the law. But can. Read more

Income vs Capital

Income vs Capital

By Mark McLaughlin The distinction between income and capital assumed greater importance following the introduction of a 50% income tax rate. The subsequent introduction of a 28% capital gains tax rate has narrowed the differential between the tax rates, but the gap is still significant. The treatment of an activity as a trade (as opposed. Read more

VAT recovery on entertainment of overseas customers allowed

VAT recovery on entertainment of overseas customers allowed

In Revenue & Customs Brief 44/10, HMRC announced that it had reviewed its policy on the treatment of business entertainment provided to overseas customers in light of the ECJ decision in Danfoss and AstraZeneca (C-371/07). Following the review, HMRC hasconcluded that the UK’s input tax block on the business entertainment of overseas clients is inconsistent. Read more

BPro Tax

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