14/03/2010, by MARTYN ARTHUR, Tax article - General
HM Revenue & Customs (HMRC) Investigations specialist Martyn Arthur shatters the perception of some taxpayers and accountants about HMRC officials.Who or What is a Tax Inspector?The start is probably as good a point as any to consider just who or what exactly is this entity, the Tax Inspector, who is capable of striking fear into the hearts of otherwise brave people? Are Tax Inspectors demigods, human incarnations of the Norse God Thor, able to strike us down at whim with a bolt of lightning? I think ... Continue Reading
14/03/2010, by Jennifer Adams, Tax article - Business Tax
Jennifer Adams highlights a potentially important date for those involved with the construction industry. IntroductionThe 17th of March 2010 could be an important day – for that is the date set for the next meeting of the Construction Industry Scheme Operational Forum (CISOF). This forum meets every quarter and comprises representatives from the HMRC, building trade bodies, accountants and business advisers.The Tax Treatment Qualifying TestsAt the March meeting HMRC should confirm that the transitional ... Continue Reading
14/03/2010, by HM Revenue & Customs, Tax article - VAT & Excise Duties
Brian Redford, Deputy Director, Intermediaries and External Communication, Business Customer Unit of HM Revenue & Customs, outlines the benefits to business of filing VAT returns online.IntroductionFrom 1 April 2010, if you’re VAT-registered and you have an annual turnover of £100,000 or more (excluding VAT), you will have to do your VAT returns online and pay your VAT electronically, for example, by direct debit.Here at HMRC, we are urging businesses to beat the rush and enrol early for our VAT ... Continue Reading
11/03/2010, by Low Incomes Tax Reform Group, Tax article - Income Tax
LITRG speculates whether change might finally be seen in HMRC’s handling of pensioner tax following the recent Public Accounts Committee report.The PAC reportThe Public Accounts Committee (PAC) is an influential committee of MPs whose remit is partly to scrutinise Government systems to ensure they give value for money. Following on from a National Audit Office (NAO) report late last year, the PAC has held an enquiry into pensioner taxation, on which they have now reported. How the PAC report ... Continue Reading
10/03/2010, by Low Incomes Tax Reform Group, Tax article - General
As HMRC propose new powers to tackle perceived ‘deliberate wrongdoing’ by tax agents, LITRG again urges consideration of the wider issues of working with various kinds of intermediary. The ‘tax agent’LITRG often refers to ‘unrepresented taxpayers’ and those on low incomes. In using these terms, we generally mean those who cannot afford to pay for professional advice to help them in their dealings with HMRC. So what do they do if they need help?• Some might contact HMRC direct, ... Continue Reading
07/03/2010, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin CTA (Fellow) ATT TEP looks at the recent HM Revenue & Customs consultation document on the policing of tax agents. Introduction HM Revenue & Customs (HMRC) seems determined to adopt a ‘policing’ role in respect of tax agents. A further HMRC consultation document (‘Working with Tax Agents: The Next Stage’) was published with the Pre-Budget Report 2009.There are two main categories of tax agents; those who are affiliated to a professional body, and those who are not. HMRC’s ... Continue Reading
07/03/2010, by Sarah Bradford, Tax article - Business Tax
Sarah Bradford reveals how business rates are worked out and how your business could benefit.IntroductionWhere all or part of a building is used for a business, the business will generally have to pay non-domestic rates. These are often referred to as business rates and go towards funding services provided by local authorities. Rateable ValueThe amount of business rates payable is calculated by reference to the rateable value of the property. The rateable value of the property is based on the likely ... Continue Reading
07/03/2010, by HM Revenue & Customs, Tax article - Business Tax
HMRC ties up with Five Business Show to highlight the need for good record keeping.IntroductionKeeping good records might not be the most exciting aspect of running a business but, when it comes to growing your business, it is one of the most important. To emphasize this message, HM Revenue & Customs (HMRC) is sponsoring “The Business Inspector,” a four part series airing on Five, which aims to raise awareness among small business of the need for sound business practices such as keeping good ... Continue Reading
07/03/2010, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen of VAT Advisers Ltd outlines an important compliance requirement for certain businesses.IntroductionThe EU ‘VAT Package’ arrived on 1 January 2010. With its arrival came the requirement for supplies of intra-EU reverse charge services to be included on an EC Sales List (ESL).'B2B' Services Under the new ‘general rule’ for determining the place of supply of ‘B2B’ services, the long-established list of reverse charge services such as advertising, accounting, consultancy, hire ... Continue Reading
06/03/2010, by Sarah Laing, Tax news - Business Tax
A survey carried out by the Federation of Small Businesses (FSB) of over 1600 firms has revealed that around 75 per cent of small businesses believe that they would be able to grow their business if the UK tax system was simplified.Over a third (34 per cent) of respondents cited income tax as the most difficult issue to deal with, while 52 per cent reported that taxable allowances are the most complex to manage. VAT was considered to be the simplest tax to deal with by 52 per cent of repsondents.A ... Continue Reading
