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LITRG offers some tips to fill gloomy November evenings by reviewing your tax and tax credits affairs. Make sure you don’t miss deadlines or lose out on entitlements.   Introduction LITRG’s tips to keep you occupied in reviewing your tax and tax credits are set out in four sections. First, PAYE taxpayers are advised what to do if they have received a ‘P800’ tax calculation saying they owe tax. Second, self-assessment tax return filers are given some pointers, ... Continue Reading

HM Revenue & Customs made two announcements relating to Intrastat yesterday. Intrastat is a pan-European system for compiling statistical data about the movement of goods around the EU. UK businesses have to report both 'arrivals' of goods from other EU countries and 'dispatches' to other EU countries - but only when the level of such movements reaches a certain threshold. (Up to £600,000 in a calendar year for Arrivals to the UK; £250,000 a calendar year for dispatches from the UK - these ... Continue Reading

Have HMRC sent you a calculation showing tax owed for 2010/11? Do you need help to understand it? Do you want to know your rights? Read the LITRG guide.   The 2010/11 ‘reconciliations’ Following a run of refunds, HMRC are now sending out PAYE calculations for 2010/11 where they think that people have not paid enough tax in the year. This will continue up to Christmas. If you get one, you need to know what to do. Help is at hand Last year, LITRG’s guidance ... Continue Reading

Many readers will be aware that there has been a boom in the solar panel industry of late -  in no small part due to the very significant returns guaranteed by the previous government for renewable electricity "microgeneration". Best of all, for people installing them in their own homes, this income was tax free, guaranteed 'inflation-proof' for up to 25 years. (As the income was index-linked). For example, a week ago, a standard domestic installation to a pre-existing building completed ... Continue Reading

Many readers will be aware of the £100 "Late Filing Penalty" for Self Assessment tax returns, that has been around for - well, since Self Assessment. In the past, this has been reduced to nil - even if the tax return were delivered after the filing deadline of 31 January - provided the tax liability for the year in question had been settled. This is no longer the case - the £100 penalty will still be charged even if the tax has been fully paid by 31 January. Furthermore, HMRC has ... Continue Reading

John Feaster, author of Stamp Duty Land Tax: A Practical Guide, reviews the topical subject of Multiple Dwellings Relief for Stamp Duty Land Tax. Introduction As an encouragement to investment in residential property, a new method of calculating SDLT on purchases of multiple dwellings has been introduced.  The rate of SDLT which applies to the consideration provided for the acquisition of multiple dwellings will now be determined by reference to the mean consideration attributable ... Continue Reading

Mark McLaughlin points out that taxpayers may not be able to rely on consistency of treatment from HM Revenue and Customs in all cases. Introduction Can a taxpayer (A) require HM Revenue and Customs (HMRC) to apply favourable, but incorrect, tax treatment to him or her, on the basis that the same tax treatment had been allowed to another taxpayer (B)? In other words, does taxpayer A have a "legitimate expectation" of the same favourable but incorrect tax treatment? What is Legitimate ... Continue Reading

Richard Asquith of TMF VAT and IPT Services asks if France is being pushed into a VAT rate increase. Introduction As the Euro crisis hit another crescendo this week, all factors point towards France having to turn to taxing its consumers through a VAT rate hike - currently 19.6%. Fear of the bond markets and credit rating agencies are the latest impetus. The prospect of an internal currency devaluation and a chance to improve global competitiveness also add to the attractions. But, most ... Continue Reading

HM Revenue & Customs’ Director of Local Compliance Richard Summersgill explains why keeping good records delivers business benefits and outlines HMRC’s plans for rolling out its pilot programme of Business Records Checks. Keeping up-to-date business records is a win-win practice for both businesses and HM Revenue & Customs (HMRC). Research by the Organisation for Economic Cooperation and Development (OECD) indicates that poor business record-keeping generally leads to an underassessment ... Continue Reading

BKL Tax offers a helpful tax tip for vendors following a business sale. Introduction In the good old days personal tax claims could generally be made within six years of the end of a tax year. Self Assessment brought that down to five years and ten months, to tie in with the personal tax filing date of 31 January. And from 1 April 2010 the normal time limit has come down to four years. Warranties on Sale Agreements - Tax Implications One of the areas in which this may cause difficulty ... Continue Reading