TT75: Merry Christmas from Barnes Roffe

December 22, 2005
  • TT59Staff Home Computers How you can provide halfprice computers as a tax-free benefit for staff.
  • TT60Company Van Tax Avoiding a benefit in kind for ‘insignificant’ private use of a company van.
  • TT61Companies House Changes & Security Cessation of the extension to filing deadlines for companies with overseas interests, Increase in filing fees and Corporate Identity Theft prevention.
  • TT62Reclaiming VAT on Employees’ Expenses The UK rules are deemed incompatible with EU rules by the European Court of Justice! A UK response still awaited – no local rule change yet.
  • TT63Personal Pensions & Property The new rules for Personal Pensions from 6 April 2006 are outlined (see below for an important update).
  • TT64New Accounting Standards News of a new accounting standard that alters when some companies will have to recognise turnover, and therefore profits (but see below).
  • TT65Tax Return Update 1 News on Revenue policy on: Tax Review Form, Treatment of Foreign Dividend, Income when you use the Revenue’s online filing service or the Short Tax Return and The Short Tax Return itself
  • TT66Tax Return Update 2 Information on Approved Mileage Allowances for the use of private modes of transport for business purposes and the taxation of home internet connections provided by employers.
  • TT67Business Incorporation Sole Trade/Partnership versus Limited Liability Company – information on the decision to incorporate.
  • TT68Goodwill on Incorporation The taxation treatment of Goodwill paid to you if you incorporate your own business or sell out and join the purchaser as an employee.
  • TT69Company Car Fuel Update New rates for reimbursing employees who have company cars, but only claim petrol for business miles driven.
  • TT70Tax-Free Staff Incentives Mobile phones, long service awards and interest free loans – three ways to provide tax efficient incentives.
  • TT71Staff Suggestions Scheme Yet more important ideas for rewarding staff in tax-free ways.
  • TT72Property & SIPP Update A borrowing pitfall for a self invested pension (see below).
  • TT73Diesel Company Cars Tax Change An important change on the taxation of diesel cars registered after 31 December 2005.
  • TT74Staff Entertainment The rules on the tax-free staff entertaining allowance – more complex than many realise.

Barnes Roffe Topical Tips:

Whilst we try to bring to you important and useful tips, the very nature of most of the subjects means that things can, and often do, change at short notice.We would therefore like to draw your attention to the following:

  • Pensions as most people will be aware, the pension rules were drastically changed this month in the Chancellor’s Pre-Budget Statement. Full details are in our report on our website and the link will have been e-mailed to you recently. In short, many of the assets that people were looking forward to putting into their pensions have now been banned, including residential property, art and antiques, classic cars, etc. Such a drastic u-turn at such short notice has altered many peoples’ plans.
  • VAT on employee expenses the UK was found to be not compliant with European law on the local UK rules. At present the UK rules remain untouched as the situation is unresolved.
  • Accounting standard on turnover recognition with so many accounting standard changes in progress at present it is not surprising that there is one which cannot be fully agreed upon. Interestingly, whilst most commentators now agree how the new standard works, there is disagreement as to when the first implementation date for the new standard will be for small companies. The Inland Revenue and the Institute of Chartered Accountants in England and Wales say one thing, whilst the Association of Chartered Certified Accountants says another!
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