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Business Property Relief

Posted on: Friday, March 08, 2013

The relief applies to the following business property. 1. property consisting of a business or an interest in a business 2. unquoted shares or securities of a company subject to certain conditions. 3. land, building, machinery or plant owned by the disponer but used by a company controlled by the disponer or by a partnership in which the disponer was a partner.

Capital Allowances

Posted on: Wednesday, February 05, 2014

Capital Allowances are granted for “chargeable periods” – accounting periods in the case of companies liable to corporation tax. All capital allowances are granted by reference to events occurring in an accounting period. The Wear & Tear allowance of plant and machinery in use for the purpose of a trade, profession, vocation or employment at the end of an accounting period is calculated by reference to the cost of the item less grants.

Corporation Tax Trading Losses

Posted on: Saturday, April 05, 2014

Group Relief may be claimed where one member of the group is entitled to surrender its trading losses to another member of the same group. To be a member of a group of companies, the following conditions need to be satisfied:

VAT on PROPERTY - NEW RULES

Posted on: Friday, February 01, 2013

Before attempting a question on VAT on Property you should make sure you understand the definition of each term. For example “completed property” which means property that can be used for the purpose for which it was designed. Is it essential to understand what is meant by a “New Property” so that you can decide whether or not the disposal is liable to VAT. A “New Property” can be defined as follows: - The first supply of a completed property within five years of its completion or development (5 Year Rule) - Any subsequent supply of a property that occurs within five years of its completion if it takes place within two years of occupation and if a previous sale was subject to VAT and took place between unconnected parties (2 Year Rule) So what does that really mean? Example 1: Adam develops a site which is completed in September 2008. The property is sold to Barry in December 2008 who occupies it immediately. This is a taxable supply because the first supply was made within five years of occupation therefore it is liable to VAT. Example 2: Barry occupies the premises for three and a half years and sells it to Conor in June 2012. The sale by Barry to Conor is within five years of completion (i.e. September 2008) but not within two years of occupation as a result the sale is not subject to VAT.

Corporation Tax Dates

Posted on: Thursday, March 07, 2013

A company must submit a return of profits, chargeable gains and other particulars to the Inspector of Taxes 9 months after the end of the accounting period but no later than the 21st Day of the month (23rd day of the month if filing on ROS).