In a trading statement the group said that it was involved in a dispute with
HMRC over whether it should be allowed to convert to a Reit.
According to the FT
the problem arises over changing the status of Big Yellow’s income
from Schedule D to Schedule A, a necessary requirement to qualify for Reit
Historically Big Yellow, which owns 42 lock-up storage facilities across the
UK, declared its earnings as trading income, which falls within the Schedule D
Given that the company is now mainly property based, chief executive Jimmy
Gibson argued that the group should be able to report earnings as Schedule A
Gibson said: ‘There are inconsistencies in the industry with certain
companies being treated as Schedule A and others as Schedule D. Our competitors
could therefore choose to become Reits, so why can’t we?’
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...