News

Tax credits renewals – why all the fuss?

Question. When I submitted my Tax Credits renewal forms, I had to estimate my self-employment income because I had not prepared my accounts. I have now completed my accounts and I am about to file my tax return. Will the Tax Credits office be informed of the actual figures on my tax return? Answer. Tax credits, unlike other benefits, follow an annual cycle based on the tax year (6 April ...

HMRC to charge 45% Tax on restitution interest payments

Question. My company overpaid VAT for many years on a mistake that was in breach of EU law. We submitted repayment claims and we have recently been advised that the interest we are paid back from HMRC will be taxed at 45%. Why is this? Answer. HM Revenue and Customs (HMRC) will charge corporation tax at a special rate of 45% on any interest it is ...

Gifts in the wrong order may result in more inheritance tax

Question. I am keen to gift shares I own in my trading company to my son and the business premises that I own personally to a trust for the benefit of all my children but I need to understand the inheritance tax (IHT) implications of doing this? Answer. Business property relief (BPR) for inheritance tax (IHT) purposes is perhaps most commonly claimed in respect of an ...

Avoid penalties for late registration of internet sales

Question. Over the last few years, my business has changed and I now sell many of my products to customers within the EU. Most of these customers are not businesses and I had a VAT inspection recently and I am now having to register for VAT in other countries and I may be liable to interest and penalties. Why is this the case? Answer. Mail order and internet ...

PKF-FPM RoI Newsletter – Issue 4

PKF-FPM RoI Newsletter - Issue 4

Please find enclosed our fourth and final newsletter of 2015.  In this edition we cover recent announcements by Minister Noonan in the Budget, along with recent activity by Revenue in the construction sector, where Site Identifier Numbers (SIN) will be mandatory in all contract notifications from 1 December on the eRCT system. We also have our usual business and legal briefs as well as a short ...

UK Autumn Statement 2015

UK Chancellor George Osborne delivered his Autumn Statement and Spending Review on Wednesday 25 November 2015. Click Here for the PKF-FPM Autumn Statement 2015. If you have any queries regarding this please contact Executive Director Anne Rooney at ap.rooney@pkffpm.com.

PKF-FPM Win Top UK Accountancy Employer Award

PKF-FPM Win Top UK Accountancy Employer Award

PKF International is delighted to congratulate our member firm PKF-FPM Accountants who won the Accountancy Age Top UK Accountancy Employer Award at the British Accountancy Awards The 2015 Best Employer Award sought to identify and recognise the best accountancy practice to work for in the UK. The project was a joint effort between Accountancy Age and the Best Companies Group.   Over the past six months, Employer ...

Tax savings by splitting ownership of rental property

Question. I have heard that you can split the ownership of a property which is jointly owned and save tax. Is this right? Answer. The renting out of property by individuals produces rental income which is subject to income tax on the part of the beneficial owner of the property (less relevant tax deductible expenses e.g. management fees; repairs; maintenance and loan interest etc). The highest rate ...

Tax free Christmas gifts for staff

Question. I want to buy gifts for my employees for Christmas as a thank you for their hard work and commitment over the past year. I don’t want my employees to pay tax or national insurance on these gifts – or the hassle of any extra administration. How can I do this tax efficiently? Answer. From April 2015 “trivial” benefits paid to staff costing less than £50 ...

Family Business Breakfast Seminar

Family Business Breakfast Seminar

PKF-FPM and Newry Chamber would like to invite you to the Family Business Breakfast seminar on Tuesday 1st December at 7.45am in the Canal Court Hotel, Newry. Our Managing Director, Feargal McCormack will deliver the presentation which promises to be an insightful look not only at family businesses but the DNA and culture that is in place in successful growth businesses. It is recognised that Succession ...