Tax relief on property is discussed in the Financial Times this morning, as one reader poses the question – “If I convert a barn on my farm estate into a house for my son to live in, can I claim tax relief on the conversion?” Tom Trewby advises that costs cannot be offset against farming income,…
DetailsIn Monday’s Telegraph Laura Miller explores the repercussions of returning a signed offshore income and gains letter to HMRC. https://www.telegraph.co.uk/tax/return/dont-sign-dotted-line-warning-hmrc-letters-could-trigger-tax/ In this article Mark Davies explains that signing the disclosure might prevent a taxpayer from being able to claim an unprompted disclosure of a mistake, which would lead to higher penalties. He also warns that…
DetailsIn Accountancy Daily on 1st July, Jon Elphick and Sian Armitage examine lessons from the recent ruling in the AFC Hull “Tigers” v HMRC First Tier Tribunal. Read the article here:- https://www.accountancydaily.co/football-players-image-rights-taxable-earnings The tribunal ruled that Hull’s payments for the image rights of one of its high profile footballers, Geovanni Gomez, constituted a golden hand…
DetailsThe Opportunity of a Lifetime? The FIFA Women’s World Cup kicked off in France on June 7th, and there’s a genuine feeling of excitement amongst those involved that the tournament represents a game changer for women’s football. With the quarter finals around the corner we explore an opportunity that could present itself to the current…
DetailsHMRC have started to contact UK taxpayers about their offshore income and gains, showing that the UK’s participation in the Common Reporting Standard (“CRS”) is in full force. What is the Common Reporting Standard? Over 100 countries have signed up to CRS and information regarding the level of income and gains earned by worldwide taxpayers…
DetailsThe recent Hull AFC versus HMRC tribunal judgement has been examined in an article by Jon Elphick which was published in Taxation magazine. https://www.taxation.co.uk/Articles/image-rights-and-hmrc Jon’s analysis centres on “Geovanni” who is a well known, retired Brazilian footballer. He was signed to Hull City AFC Tigers in 2008 by way of an employment contract. However, his…
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