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UK Taxation and "Fairness"
Our political leaders have made much of having the taxpayer pay his "fair" share. It may not be the case the other way round:
A company leased two cars and then leased them on to two directors personally for the same price. HM Revenue & Customs assessed the car benefits. The directors appealed, contending that since they were personally paying for the cars, the cars were not made available by their employer.
A further twist was that, on the grounds that the vehicles were company cars, the Revenue people assessed as excessive, the directors claims for business mileage allowances (at 40p/25p as appropriate).
Apparently with some sympathy for the two directors the Revenue Tribunal upheld the assessments - moreover the excess of the lease payments over the assessed private use taxable benefit was not to be allowed against the assessments on the mileage claims.
One might have supposed that with something like this, where no abnormal advantage would have been gained by the two directors, and assessment to tax, like this is so manifestly unfair, that an Inspector of Taxes would not have made it into an issue; but no! Perhaps the directors can take it further, although, maybe there was more to it. (A Whitby v HMRC TC00255 - CCH January 2010)
Bulletin No 46 contains the Chancellors forecast for 2010/11
Bulletin No 46 - An explanation regarding the Old Age Pensioner who might do comparatively well in 2010/11:
Because as an OAP he, at least, has an increase of 2.5%, his bingo might be cheaper - the bingo GPT goes down 2%, his "old boiler" is that for his home heating (the Chancellor hopes to assist him to replace that - not his wife!), there are to be better allowances for electric vehicles and lastly he will not be taxed on the £ 900 that he earns by inputting electricity into the national grid.
Future Taxation with known increases in direct taxation, tax planning is more important, a new tax planning paper is added to Taxation.
Recession See Recession (now to be found under Taxation). This gives some guidance on possible adverse taxation adverse consequences. Also covered is the possibility of taking on a new employment, etc.
If you need help What we can do is to assist your budgeting, discuss how profit may be increased and costs reduced and forecast your tax.
New Employees
If you take on a new employee, who has been out of work for 6 months and who has the appropriate voucher from the Jobscentre, you could be entitled to £ 1,000 government cash support.
Scams
Fraudsters are active, apparently now turning their attention to SMS messages, the postal service and offering computer security software (which is exactly the opposite).
Be on your guard - of course, as always, without being absolutely sure about the recipient, never give out personal, or confidential business, details.
For instance, should you receive notification about an unexpected tax repayment, it will be worthwhile, by different means, checking with your accountant and/or, contacting your tax office.
A new one is in respect of newly formed companies. The "target" victim receives a letter purporting to be from Companies House and is invited to go to a website. The suggestion is that a further fee is payable to complete the company registration.
Shop or office to rent
If you need one, see: Property to Let.
Notices
General Notices, less recent views, etc. will be found on the next page. To view click here:
[ Notices ] ACCOUNTS
We should have dealt with, or be dealing with any yearly Accounts, dated up to 30 June 2009.
