Tax Treatment of Polytunnels

HMRC have revised their view of the tax treatment of polytunnels, the plastic-covered greenhouses often used in commercial agriculture.  Most were previously considered by HMRC to be fixed structures or, in some cases, as premises. HMRC have accepted that not all polytunnels can be classified as fixed structures or be regarded as providing the premises…

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Early Christmas Present for Employees with EMI share option

Both employees and companies with an Employee Management Incentive (“EMI”) share option scheme got an early Christmas present yesterday as the Draft 2013 Finance Bill announced that the option holding period now counts towards the qualification for Entrepreneurs Relief (“ER”) and the 10% rate of tax. For an employee, the enhanced ER means they can qualify…

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Advisory Fuel Rates

HM Revenue & Customs have announced new advisory fuel rates to apply from 1 December 2012. Hybrid cars are treated as either petrol or diesel cars for this purpose. If you would like more details regarding the implementation of the new rates, please contact our specialist, Sarah Curzon sarahc@clayshawthomas.com for further information. Detail Source : http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm

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Autumn Statement

Yesterday’s Autumn statement mainly focused on the Governments budget deficits and borrowing, the economic recovery and tackling tax avoidance. It did however, contain some good points for Welsh businesses and families. For full details please go to www.clayshawthomas.com/autumn-statement for our autumn statement summary. The summary contains a host of autumn statement changes that could affect…

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Machine Games Duty – Does it Apply to You?

From the 1st February 2013 income from certain gaming machines will become subject to new form of duty known as Machine Games Duty (“MGD”), which replaces Amusement Machine Licence Duty and VAT. Machines that will be subject to the change are those where at least one of the available prizes is or includes cash which…

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