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Personal Taxes
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Written by Low Incomes Tax Reform Group
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Thursday, 10 June 2010 08:48 |
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LITRG comments on the impact of HMRC proposals to reshape their ever-dwindling Enquiry Centre service still further.
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Read more...
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Personal Taxes
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Written by Sarah Laing
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Wednesday, 02 June 2010 15:27 |
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The Registered Pension Schemes (Standard Lifetime and Annual Allowances) Order 2010 (SI 2010/922) came into force on 15 April 2010. The Order specifies the rate of the standard lifetime allowance and the annual allowance for the tax years 2011–12 to 2015–16. The standard lifetime allowance will remain at £1.8m and the annual allowance will remain at £255,000 during this period. An explanatory memorandum accompanying the statutory instrument is available on the Office of Public Sector Information website at www.opsi.gov.uk/si/si2010/em/uksiem_20100922_en.pdf.
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Personal Taxes
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Written by Sarah Laing
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Wednesday, 02 June 2010 15:27 |
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A table of foreign exchange rates accepted by HMRC as the average rates for the years to 31 December 2009 and 31 March 2010, together with a table of spot rates on 31 December 2009 and 31 March 2010, is now available on the HMRC website at http://www.hmrc.gov.uk/exrate/.
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HMRC
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Written by Sarah Laing
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Wednesday, 02 June 2010 15:26 |
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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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HMRC
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Written by Sarah Laing
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Wednesday, 02 June 2010 15:25 |
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The latest issue of the HMRC publication Working Together is now available. Topics covered include: - progress of the new local Working Together model;
- new legislation to develop a standard compliance system;
- Shares and Assets Valuation changes;
- function of form R40;
- correction and amendment of SA tax returns and company tax returns; and
- filing VAT returns online for clients from April 2010.
Working Together issue 39 is available on the HMRC website at www.hmrc.gov.uk/agents/working-together-39.pdf.
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