International Accounting Bulletin: Tim Stovold on balancing corporation tax against R&D relief

21.11.19 / Insight posted in MKS News

Tim Stovold advises that, when a company’s R&D tax credits effectively cancel out its corporation tax (particularly relevant in the tech sector), it can cause the public to question HMRC’s logic. Full article here.


COFA: Residual balances

20.11.19 / Insight posted in Articles

On 10 October 2019 the SRA issued their statement of prescribed circumstances which sets out the treatment to be applied to residual balances held by law firms which cannot be returned to the client at the end of a matter. This statement states that residual balances can continue to be treated in accordance with the…


COFA – Mixed receipts

19.11.19 / Insight posted in Blog

Following the topic of disbursements, firms also need to consider their procedures surrounding the treatment of mixed receipts in our series on the new SRA Account Rules. An area which was disliked in the SRA’s consultation on the rules was that the office element of mixed receipts must now be reallocated promptly to the office…


FT: Tim Stovold on City financier tax fiddle involving wife

19.11.19 / Insight posted in MKS News

A former high-ranking employee in The City avoided paying income tax by transferring a substantial portion of his pay to his wife. Partner Tim Stovold comments that the action itself is not uncommon but the amount does need to be ‘reasonable’ in the eyes of HMRC. In this case it wasn’t, as she became the…


New Model Adviser: Lynne Rowland on tax-efficient investing

14.11.19 / Insight posted in Articles

Lynne explores the implications of share disposal and high-risk investment options for income and capital gains tax, including deferral, eligibility and cash accessibility. Full article here. Subscription needed.


Property Poll – November 2019

13.11.19 / Insight posted in Articles

In our previous Monopoly-themed property poll we gave you £100 million pounds and invited you to spend it on property in Greater London, before the previous Brexit deadline of 31 October. Although the results showed a spread of investment across London localities, there was, unsurprisingly a clear preference towards residential stock within central London, with…


Employment status remains contentious in latest case decisions on TV presenters

11.11.19 / Insight posted in Articles

There have been several recent employment status case decisions involving TV presenters, to add to the long list of previous HMRC cases. Three BBC News and BBC World presenters   In Paya and others v HMRC, the First-tier Tribunal failed to reach a unanimous agreement in the case of the personal service companies operated by…


360 GSP Limited – 360 GSP College Ltd – 360 GSP Holdings Ltd

11.11.19 / Insight posted in

It is with regret that the directors advise that each of the above companies has ceased trading with immediate effect. In view of this no further courses will commence and courses currently mid-term will not complete. The affairs of the business are being dealt with by Moore Kingston Smith Licensed Insolvency Practitioners. In the first…


Entrepreneurs’ relief – the end?

08.11.19 / Insight posted in Articles

Entrepreneurs’ relief (ER) planning is very popular, unsurprisingly, since it may give people disposing of their businesses up to £1 million of tax relief over their lifetimes. However, as with any aspect of tax law, the government can make changes with little or no notice. In times of economic and political uncertainty, such as in…


The Times: Tim Stovold on private resident winning regarding CGT

08.11.19 / Insight posted in MKS News

Commenting on the resident who challenged HMRC in court and won, Tim Stovold comments on the balance of the system but warns that HMRC might retaliate. To find out more about this and other such services, contact us or visit our tax web page. Tim’s comment appears in the The Times (subscription needed).