TS HAS ALWAYS LOVED playing dress-up, but we at TS Towers have yet to do so for tax reasons.
And so, it was with a heady mix of delight and puzzlement that we this week learned that our favourite Swedish troubadours ABBA did just that. Money, it turns out, is funny in a rich band’s world.
That’s right, Benny, Björn, Agnetha and Anni-Frid didn’t just wear all those outrageous outfits for fun. They wore them because they could claim a tax deduction in Sweden if their stage clothes were unsuitable for ordinary use.
It may be more difficult to make such a claim in the UK as relief is only given for money spent wholly, exclusively and necessarily in the performance of work duties, but TS would point out we wouldn’t be wearing these orange jumpsuits in the normal course of things.
Whether we can convince the taxman to see things our way is another question, but for now TS can only hope they take a chance on us.
Image credit: Ferenc Szelepcsenyi / Shutterstock
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile
I will feel slightly awkward when I write to the client who is about to receive a large invoice from the PAYE expert, offering him the fee protection going forward