03/04/2011, by Richard Asquith, Tax article - VAT & Excise Duties
Richard Asquith of TMF comments on the slow rate of implementation of the new VAT Recovery Claims procedures.
Introduction
On Thursday 31 March, the latest deadline for the submission of European-wide VAT Recovery claims came and went. Despite direct intervention by the European Commission last year to postpone the last deadline due to poor implementation by the 27 member states of a new, electronic procedure, there are still delays and operational issues.
This is hitting businesses ... Continue Reading
03/04/2011, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Business Tax
Mark McLaughlin CTA (Fellow) ATT TEP looks at the legislation to supersede ESC C16 and asks why the concession's scope is being restricted.
Introduction
HMRC are never short of surprises. Unfortunately, few of them are of the pleasant variety. The consultation document ‘Extra-Statutory Concessions – Fourth Technical Consultation on Draft Legislation’ was issued on 13 December 2010. The consultation period ended on 7 March 2011. One of the concessions dealt with in this ... Continue Reading
03/04/2011, by Nick Morgan, Tax article - General
Freelance journalist Nick Morgan, author of 'Tax Investigation For Dummies' looks at HMRC's approach to requesting personal records in enquiry cases.
Introduction
Without saying a word HMRC have removed a section of the Compliance Handbook – the manual for tax investigators.
The section missing is CH223430, which stated Revenue & Customs had to either ‘break’ the business records (prove something was badly wrong) or show that the personal finances were inconsistent ... Continue Reading
03/04/2011, by Sarah Bradford, Tax article - Income Tax
Sarah Bradford outlines the tax benefits and limits for Individual Savings Accounts (ISAs)
Introduction
Savers have been hit hard by low interest rates, which in many cases have resulted in a dramatic drop in income. It therefore makes sense to ensure that any savings income is not further eroded by tax paid unnecessarily. Although as a general rule savings income is taxable, tax-free savings and investment opportunities do exist.
Arguably the most well-known vehicle for tax-free ... Continue Reading
01/04/2011, by Low Incomes Tax Reform Group, Tax article - General
LITRG outlines some tax issues to consider around the start of the new tax year on 6 April.
Introduction
The new tax year is a good time to take stock of tax and tax credits matters. So make your new (tax) year’s resolution to sort out forms and papers – the earlier the better!
This article covers tax matters you might need to think about this month. But the start of the new tax year is also a key date for tax credits, as explained in our article ‘Tax credit and ... Continue Reading
31/03/2011, by Low Incomes Tax Reform Group, Tax article - General
With an eye on changes coming in, LITRG reminds us that the tax year end is a key date to review your tax credits.
Introduction
A number of changes are being made to tax credits from 6 April 2011 and in future years. You can find further information about these changes in the tax credit advisers section of the LITRG website (see useful links below), which could help you to understand how you might be affected.
As part of our monthly series of reminder articles, below we explain what ... Continue Reading
30/03/2011, by Low Incomes Tax Reform Group, Tax article - Income Tax
LITRG provides a guide below to your options and rights if HMRC are asking you to pay PAYE tax underpaid for the three tax years to 5 April 2010.
Introduction
You might have received tax calculations (‘P800s’) some time ago showing you have not paid enough tax in the past, but only in recent weeks heard from HMRC about how they want you to pay the balance. HMRC have been issuing these calculations to PAYE taxpayers since September 2010 – first for 2008/09 and 2009/10, ... Continue Reading
26/03/2011, by James Bailey, Tax article - General
James Bailey highlights new penalty rules for offshore tax evasion.
Introduction
For the last few years, HMRC has been trying to catch UK-resident holders of offshore bank accounts who fail to declare the interest on those accounts. There have been several amnesties, the most recent of which, the ‘Liechtenstein Disclosure Facility’ (LDF), is still running.
All these amnesties offer special terms for those who come forward and admit their tax evasion, and the LDF is the ... Continue Reading
26/03/2011, by Tax Insider, Tax article - Property Taxation
Robert I Fraser looks at a valuable tax relief for property investors, for Tax Insider.
Introduction
Business Premises Renovation Allowance (BPRA) was introduced by Finance Act 2005 and came into effect on 11th April 2007, which is the date from which expenditure must be incurred to qualify. The aim of this Allowance is to give a tax incentive for bringing unused commercial properties back into use.
BPRA provides a 100% Capital Allowance to property owners for qualifying capital ... Continue Reading
26/03/2011, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Income Tax
Thousands of people across the UK are paying more tax than they need to, are you one of them? Money.co.uk explains how to check and challenge your tax code.
Introduction
It may seem like your tax code is just a random assortment of letters and numbers, but it could easily be costing you hundreds of pounds a year - if you’ve be allocated the wrong tax code you could be paying the tax man more cash than you need to.
Here’s how to check you’re on the right tax code ... Continue Reading
