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Bookkeeper Wife Pays Price for Commingling Company Funds

Family members who run businesses together should take careful note of a High Court case in which a husband and wife’s commingling of personal and company funds and failure to keep proper records landed them in legal hot water. The couple’s company had traded for little more than a year before it went into administration and, subsequently, creditors’...

Regeneration Project Survives Public Procurement Challenge

In a case which raised important issues in relation to public procurement, the High Court has refused to strike down a development agreement entered into by a local authority with the objective of comprehensively regenerating a run-down industrial estate. The council owned the freehold of most of the estate, in which there had been little new investment in the...

Insuring Your Key People

Taking out insurance on the life and/or health of a person key to your company’s business is often a very sensible precaution. The premiums for such insurance can be set against the business tax liability if paid by the company, provided the benefit of the policy is received by the company and: the sole relationship between the business and the person insured...

Charities Shocked by Landmark Court of Appeal VAT Ruling

Charities that stretch their resources by charging those who can afford to pay for their services will be deeply concerned by a Court of Appeal ruling that one such organisation was engaged in ‘economic activity’ for tax purposes. The charity concerned provided water-based outdoor activities for people of all ages. The charges it levied did not represent the...

Guidance on Letters of Intent

Letters of intent are widely used in the building trade, because it is normal for both developer and contractor to wish to make progress on a building project without having to wait until the formal contractual arrangements have been fully agreed. However, letters of intent are fraught with possible pitfalls and have led to a procession of cases coming before...

When Does a Draft Deal Become a Binding Agreement? High Court Guidance

As any property professional will know, negotiations can be tense and it is common for various draft agreements to fly between parties without any final deal in fact having been reached. Exactly that happened in one case involving the proposed lease of a luxury central London home at a rent of £6,500 a week. Company A wished to lease the house from its owner,...