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Business Alert 3 April 2008 |
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Welcome to Moore Stephens’ Business Alert Service, designed to help you keep up-to-date with business and tax legislation. The service provides details of key changes, issues and opportunities, and includes suggested action and links to more information.
To receive these Business Alerts automatically, email businessalerts@moorestephens.com.
NEW TAX YEAR, NEW RULES!
The scope of change this year is unprecedented. We have a completely new Capital Gains Tax regime, with a new relief for business sales. Businesses will be working out the impact of the major overhaul of the capital allowances system, affecting almost every item of equipment they purchase, and individuals will be getting used to the new income tax rates. Non domiciled individuals will need to put in train processes to ensure that they have enough information to decided whether they wish to access the remittance basis or not, and add to that from this new tax year a new penalty system for careless mistakes on your tax and VAT returns apply. For help or advice with any of these, speak to your contact partner.
CHARGING RENT TO YOUR COMPANY?
One of the less welcome changes in the Budget is the development for those owning a property privately which is rented to their company or partnership. Although technically the new Entrepreneurs’ Relief can apply on the disposal of the property, this will not be available to the extent that market rent is charged for use of the property. You will need to review this and take advice about the arrangements as soon as you can to ensure that your capital gains tax bills are minimised.
We believe the information in this Business Alert to be correct at the time it was sent, but cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein.
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