Jon Stow Consulting – Tax Solutions

Recently I have written posts on Furnished Holiday Lettings and on the new Capital Gains regime. Such is the enthusiasm for property investment and development even in these troubled times (and I share that interest myself) that I thought I should write a brief summary of the taxation implications of these interests and activities.

Property still offers the prospect of profits and long-term investment gains at a time when share markets are uncertain and yields on savings are generally poor. … Continue Reading

Following George Osborne’s “Emergency” Budget in June and still in the middle of a downturn, it is been hard to assess the immediate impact of the changes announced on small businesses. This practice acts for many who are wondering how they will be affected, and whilst there was a good deal of immediate reaction in the aftermath, there has been time for some more considered thought.

I am not blessed with second sight, but will dive into the debate anyway. Firstly, here are the basic measures:

• For small incorporated businesses the … Continue Reading
  

Rather than bore you with another “Emergency” Budget Summary, and many of us including me have been inundated with very similar emails and documents containing the “key” facts, I am going to be picking out and expanding on a few items of interest. I think Furnished Holiday Lettings are a good place to start because they are an area of entrepreneurial potential and should be of interest to many.

In the 2009 Budget Chancellor Darling announced that the special arrangements distinguishing Furnished Holiday Lettings (FHL) from other types of letting … Continue Reading

There has been a great deal in the professional tax press recently about HMRC’s intention to compel submission of corporation tax returns on-line using iXBRL from April 2011.

Quite apart from the expense issue from the taxpayer end in terms of the extra software costs required in development, it fills me with foreboding when the existing system, which is less complex, simply doesn’t work well.

I did try using HMRC’s own software on an experimental basis, but it involved downloading a huge editable PDF … Continue Reading

We now know that the “Emergency Budget” will be on 22nd June. In the interim we will have further flapping about the headline rate of capital gains tax going up to the highest marginal income rate (40 or 50%), as opposed to the 18% flat rate we currently have for non-business assets and an effective 10% rate for business assets.

Well hang on, isn’t that what we had up to April 2008, only two years ago? The rate then was effectively 10% for business assets … Continue Reading