Croner Taxwise have issued the following notes in respect of the recovery of VAT incurred prior to VAT registration: The entitlement to recover VAT on stock and assets on hand at registration as if it were input tax is contained in regulation 111 of the VAT regulations 1995. In the case of a limited company,…
Croner Taxwise have issued the following notes in respect of joint rental income: A married couple (or those in a civil partnership) who are living together and own a rental property in joint names are generally treated as entitled to half of the income each. This deeming rule is found in s836 ITA2007 which states:…
We are seeing an increase in the number of clients being contacted by HMRC who are subject to the High Income Child Benefit Tax Charge but have not disclosed this on their Self Assessment Tax Return. In these cases, the taxpayers are required to pay back some, or all, of the Child Benefit received, with…