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HMRC Launches Contractual Disclosure Facility
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HMRC have launched yet another new scheme of disclosure for taxpayers suspected of committing serious tax fraud
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Late Filing Penalty Quashed
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Tax Deductible Expenses ..more info
Tax Rewards For Innovative Companies
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Increase in Research and Development Tax Credits to 125% from 1 April 2012
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The amount of the tax rebate available to loss making companies will not be limited by the amount of PAYE they have suffered
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Proposed reduced rate of Corporation Tax for companies that patent their products in the UK ..more info
Budget Round-up
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Reduced IHT rate where gifts made to charities
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IR35: Not yet scrapped but changes announced
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Avoidance schemes cash flow advantage reduced
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Summary of tax rate changes ...more info
Liechtenstein Disclosure Facility
- Not necessary to currently have funds in Liechtenstein in order to participate
- The disclosure is limited to the period from April 1999 (rather than the normal 20 year period) meaning a substantial reduction in the potential tax due
- Immunity from prosecution
- A fixed penalty of 10% will be charged (under normal tax rules penalties can be as high as 100% of the tax payable ...more info
Christmas Update
- Changes to Pension Relief
- Liechtenstein Disclosure Facility
- Changes to Capital Allowances Rules
- Enterprise Management Incentives update. ...more info
- Following the change in tax rate, QCB Loan Notes are no longer given ER at the date they are issued; previously the gain was reduced by 4/9ths before being held over in the QCBs. QCBs will now only receive ER if they qualify at the date they are disposed of.
- To ensure that companies continue to qualify as trading they should be kept lean with
investments not allowed to build up in the company/group. ...more info
- In anticipation of the increase, Eaves and Co worked until the last minute to ensure that a sale contract went through on 22 June, thus benefiting from the lower rate.
- It may therefore be the case that early elections could now be revoked and a saving of VAT achieved on a sale. This may also save stamp duty. However, great care is required as this is a complex area.
- The original concerns that existed when the rules were previously considered....more info
