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Flood victims - hmrc as good as their word
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Submitted by Gvt (Goodband Viner Taylor) Recent press coverage has brought us up to date with residents returning to their homes a year on and some still waiting to go home even now. The images of The Wicker and Meadowhall, now used in an advertisement for insurance, remain firmly in our minds. Although the floodwaters receded quickly, the effects continue to be felt by many families and also by businesses, some of which continue to try to recoup lost trade. The flood was very much in the News at the time and HMRC were quick to publish their policy of being sympathetic to those affected. The Finance Act 2008 formalised this policy by classifying the floods as a ‘disaster´ and therefore giving HMRC the authority to waive interest on late paid tax for companies which were struggling to comply with payment obligations. Whilst there were the immediate tax payment issues to consider, amongst our clients are a number who suffered significant losses of equipment in the floods. What became an issue for them was the timing of their year end and the accounting and tax consequences of replacing insured assets. For one client in particular, this had a huge impact on the calculation of capital allowances and significantly increased the tax payment which was due to be made by 1 June this year. I decided that I would test the extent to which HMRC were prepared to be sympathetic and approached the relevant tax office. I was pleased to find that HMRC were true to their word, proving to be sympathetic and, after some discussion, have permitted the calculation of the tax liability on a basis which removes the impact of the timing of the year end. This has a huge cash flow benefit for our client. From our experience here at gvt, the moral of this story is that there are occasions when common sense can prevail and working with HMRC can achieve a positive result for the taxpayer. If you´d like more information please contact Ruth Jacobs, Corporate Tax Manager It´s good to talk! 
Our new home - gvt have moved
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Submitted by Gvt (Goodband Viner Taylor) Our firm has stepped back in time to mark the start of a bright new future. We have moved from our offices on Ecclesall Road South into a 130-year-old property on Kingfield Road, Sheffield. Steeped in history, it used to be the home of Arthur Robert Ellin, Sheffield´s Master Cutler, in 1901. We discovered from research that he was the first occupant of the property and decided to call it ‘Ellin House´. Fittingly, the current Master Cutler, Gordon Bridge, cut the ribbon at a special ceremony to mark the official opening which was attended by nearly 50 guests including Arthur Robert Ellin´s great grandson David Ellin. Mark Goodband, gvt´s managing partner, said: "This is the start of a new era for gvt and the staff are delighted with the new surroundings. Because of its history and position, the building has a grandeur all of its own and is absolutely ideal for us and our clients. Parking is easy, which is important, and we are also retaining our geographical position on this side of the city. The new offices are perfect for our business and we couldn't be more pleased to have found them." The firm occupied Ellin House ten years ago as tenants and jumped at the chance of buying it when it came up for sale last year. Guests at the opening included our clients as well as representatives of companies responsible for the refurbishment of the property. Another link between gvt and the Master Cutler´s office is that two years ago AESSEAL, the world-ranking mechanical seal specialists of which Gordon Bridge is chief executive, won a Standing Ovation award organised by the Sheffield Telegraph in conjunction with gvt.
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