Steven Bone answers a question on capital allowances on freehold purchases
Martin Mann explains the key tax consequences for businesses and shareholders alike
HMRC has launched a campaign to target private tutors and coaches who have failed to declare their income.
Proposed changes to the rules allowing taxpayers to set business losses against income or capital gains are ‘unworkable, disproportionate and unfair’, according to the Chartered Institute of Taxation.
HMRC issued a further reminder last week that penalties for late filing of self assessment tax returns are changing.
PKF has warned that HMRC’s extended programme of business records checks will ‘waste everyone’s time’, and suggested that HMRC staff employed on the programme could be put to ‘much better use’.
HMRC have flagged new penalties taking effect this autumn for late tax returns and late payments by individuals and businesses:
‘The new penalties for late self assessment returns are:
The Finance Act 2011, Section 43 (Appointed Day) Order, SI 2011/2280, appoints 15 September 2011 as the day on which FA 2011 s 43 comes into force.
Musician: whether trade continuing