Sinclair Day

February 21, 2018

Dormant company obligations

If a company has stopped trading and has no other income then HMRC should be informed for corporation tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dormant
February 21, 2018

Beware capital allowance claw-back when you sell an asset

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc last for a
February 21, 2018

What is reasonable care?

HMRC expects that taxpayers take ‘reasonable care’ over their tax affairs and do everything reasonably within their power to ensure that tax returns and other relevant documents are accurate. There is no legal definition of reasonable care from a
February 21, 2018

Living abroad and selling UK home?

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax. In certain circumstances