Petersons Winter Newsletter - Business and Topical Tax Issues

The Winter Newsletter from Petersons contains some interesting business and topical tax issues. HMRC continue to get tough on overdue taxes. The Newsletter cover article summarises the latest position and offers advice on what action you might take if you receive one of the many debt letters they are sending. HMRC are also busy issuing penalties but appeals to the tax Tribunal continue to flow and this has led in some cases to criticism of HMRC. 'Penalty delay criticised' looks at a recent tribunal case concerning late P35 and P14 forms.

As part of HMRC's campaigns you may come under scrutiny if you have sold anything on eBay or similar sites. Look at the indicators set out in 'Internet Trading' to see if you have anything to declare!

There is also some positive news relating to tax and business. For instance, are you involved in one of the three million unincorporated businesses in the UK? If so read 'A simple solution' which details the work the Office of Tax Simplification is doing in looking at alternatives to help small businesses. The government are also looking to help companies through the Enterprise Investment Scheme. 'Business angels' will tell you more about how you or your company could benefit.

Your principle primary residence (the family home) is exempt from capital gains tax and this remains one of the most valuable CGT reliefs. However, the operation of the relief may not be as straightforward as you think. 'The importance of occupation' should help you to gain the maximum relief available and Petersons are always on hand to offer advice when needed.

Peter or Mike can be contacted on peter@petersons.co.uk and mike@petersons.co.uk or by phone on 01993 776476.