All articles by Andy Thompson
Andy Thompson
Relief for lessors doing standalone software deals
HM Revenue & Customs (HMRC) has indicated that lessors doing leases of standalone software assets will be taxed on profit identified for accounting purposes Details of the corporation tax treatment for software leases were revealed last month in a letter from HMRC to the Finance & Leasing Association. The move by HMRC, which if resolved will clear up a long-running debate over whether software leases should be taxed by capital allowances or on profits based on the accounting model, brings software leases into line with the treatment of unsecured loans, or leases subject to long-funding lease (LFL) rules.
Lessors launch fight to recover millions from alleged leasing scam
An alleged motor finance fraud in South Wales has left over 30 finance companies facing losses totalling almost £3 million (3.8 million) Details of the supposed scam were revealed to Leasing Life last month following insolvency proceedings winding up the company Gwent Fleet Management Ltd (GFM), which is accused of masterminding the fraud. The leasing industry has been hit hard in recent months by the administrations of key customers
Lifestyle fraudsters plead guilty to £2.5m fraud
The two had controlled Vodka Bar Management Ltd, running a chain of bars and clubs under names including Babushka and Nylon & Style, in London, Manchester, Glasgow and Bristol.