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| New time limit changes take effect |
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HMRC have issued Brief 16/10, which clarifies the new time-limits for assessments and claims introduced by Finance Act 2009, Sch. 39 with effect from 1 April 2010 in the case of capital gains tax, corporation tax, income tax, PAYE and VAT. The new time limits came into effect on 1 April 2010 for direct taxes. The normal time limits for these taxes have decreased from six years, or five years from the 31 January immediately following the tax year, to four years. The new time limits came into effect on 1 April 2009 for VAT because the normal time limits for VAT have increased from three to four years. There are transitional provisions for VAT. These provisions prevent out of time periods from coming back in time by disregarding a prescribed accounting period that ended on or before 31 March 2006. This means that by 1 April 2010 the four year time limit for VAT assessments applies in full.
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Wednesday, 02 June 2010 | 1505 Hits |
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