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Business Tax
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Written by Lee Sharpe
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Friday, 12 August 2011 01:00 |
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HM Revenue & Customs (HMRC) has announced a dedicated "Civil Disorder" Helpline to assist businesses and individuals affected by the riots and civil disorder recently experienced across cities in the UK:
0845 366 1207 - 8:00 am to 8:00 pm, 7 days a week
HMRC has said it is determined to do all it can to help and the Helpline will in particular:
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Agree payment schedules with those who are unable to pay their tax bills because of short-term financial difficulties, and
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Discuss practical solutions where businesses and individuals cannot meet other obligations to HMRC which they might have - for instance, where records have been lost or destroyed
HMRC asks that callers have to hand their tax reference, such as National Insurance Number or Unique Taxpayer Reference for individuals, or VAT Number for VAT-registered businesses - but if this information is not available then operators may still be able to help.
This initiative will be most welcome for the many businesses and individuals who have been affected by the events of the last few days, and is reminiscent of the introduction of the Business Payment Support Service (BPSS) in late 2008. (In fact, they will use the same parameters as the BPSS for assisting people with tax bills in (1) above).
We understand that HMRC currently expects that this Helpline will be operating for months rather than weeks to come; HMRC realises that tax is unlikely to be an urgent priority for those currently contemplating the loss of their businesses or their homes.
Further information at HMRC Help for Customers Affected by Civil Disorder
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Personal Taxes
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Written by HM Revenue & Customs
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Friday, 12 August 2011 01:00 |
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Parents with a teenager approaching 16 should let HMRC know if they are continuing in full time education so they continue to receive child benefit.
HMRC’s Director of Benefits and Credits, Steve Lamey, said:
“At this time of year, families decide whether a child will continue in education or training once they have seen their GCSE results.
If their child is staying on full-time, they need to let us know the full details as soon as possible so that their child benefit doesn’t stop on 30 August.”
Parents of a child approaching 16 receive a reminder and form in the post from HMRC, asking them to provide HMRC with the following information:
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details of the course and qualification,
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its start and end dates,
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the name and address of the school or college.
Parents can also make the necessary changes online at Report a Change of Circumstances Online for Child Benefit or by phoning the Child Benefit Helpline on 0845 302 1444.
All parents of children in full-time, non-advanced education or approved training are eligible to receive child benefit. This is £20.30 per week for the first child and £13.40 per week for each subsequent child.
To find out what types of courses count, see Child Benefit if Your Child is in Further Education or Training.
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Business Tax
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Written by Lee Sharpe
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Thursday, 11 August 2011 01:00 |
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In an earlier article, CIOT Challenges HMRC on VAT Flat Rate Scheme and Bank Interest, we pointed out that the HMRC publication VAT Notice 733 ("Flat Rate Scheme for Small Businesses") which at the time had recently been updated, still advised that bank interest should be included in the Flat Rate Scheme calculation. (i.e., that VAT should be accounted for on bank interest income to a business registered under the Scheme).
We are pleased to note that Notice 733 has been updated again - Flate Rate Scheme for Small Businesses - and now reflects that bank interest should not be included in the VAT calculation. (What has Changed?).
As per our earlier article, this helpful change has been brought about by the efforts of two tax advisers, Mike Thexton and Neil Warren, who challenged HMRC's original stance - that VAT should be accounted for - all the way to the First Tier Tribunal.
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Personal Taxes
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Written by Lee Sharpe
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Wednesday, 10 August 2011 01:00 |
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In our news item HMRC Delays Issuing Self Assessment Statements of Account - Interest to be Postponed, we reported that HM Revenue & Customs (HMRC) had admitted to serious delays in issuing the 31 July Statements for taxpayers whose UTR tax references ended from "70" to "99" (inclusive) but that they wouldn't pursue interest on late payment provided the outstanding balance was paid within 30 days of receipt of the (late) statement.
In its latest announcement on the issue, (Update: Delay in the Issue of Some Self Assessment Statements), HMRC has now said that anyone receiving their SA Statement in August "should pay as soon as possible" but that interest will not be charged provided the balance is paid off by 27 September.
We did ask how they would know when taxpayers would receive their statements so that they could provide a further 30 days; (i.e., based on their original advice); it seems that fixing the date of 27 September across the board will prove to have been a pragmatic solution and presumably HMRC has some confidence that all taxpayers will have received their statements comfortably before 28 August.
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HMRC
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Written by Lee Sharpe
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Thursday, 28 July 2011 01:00 |
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The deadline for renewing Tax Credits is almost upon us - 31 July. Many people will have 'fallen out' of the system now that eligible income levels have been reduced, and they may decide not to renew a 'Nil Award' now that HMRC isn't doing it automatically. (See Tax Credits and the New Tax Year - Changes and Renewals)
But there is good reason for making a protective claim so that, if there are financial problems later in the tax year, your Tax Credits claim can be revised for the year, which is potentially much better than if you have to start a fresh claim (which can only be back-dated by up to 3 months).
It's worth bearing in mind that the Tax Credits Helpline will be open with extended hours over this weekend, to cater for people making claims - see Tax Credits Enquiries. Based on previous years, they are likely to be very busy but it may well be worth persevering.
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