14/11/2009, by Sarah Laing, Tax news - VAT & Excise Duties
New VAT regulations have been published, which provide for electronic submission of VAT returns for traders using the annual accounting scheme. The Value Added Tax (Amendment) (No. 4) Regulations 2009 (SI 2009/2978), come into force on 1 December 2009 and require VAT registered businesses to submit VAT returns online and pay VAT electronically, for accounting periods which start on or after 1 April 2010.The regulations apply to:businesses currently registered for VAT who have an annual VAT exclusive ... Continue Reading
14/11/2009, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA outlines a selection of NIC matters, and highlights a Potential Trap for Businesses upon Incorporation.New EC RegulationsEC Regulations 987/2009 and 988/2009 were at last published on 30 October 2009. The former sets out the procedure for implementing Reg 883/2004 and the latter amends the 2004 Regs. Publication paves the way for the 2004 Regs to at last be implemented on 1 May 2010 as most recently planned. Advance publication of six months is necessary before implementation, ... Continue Reading
14/11/2009, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Mark McLaughlin CTA (Fellow) ATT TEP gives some Practical Tips when claiming a potentially Valuable Inheritance Tax Exemption. Normal Expenditure Out of IncomeMany advisers, and some taxpayers, are aware of the Inheritance Tax (IHT) exemption for ‘normal expenditure out of income’ (IHTA 1984 s 21). Yet anecdotal evidence suggests that the exemption is not being fully utilised. Whilst most forms of tax relief or exemption have an upper limit (e.g., the Income Tax Personal Allowance or the annual ... Continue Reading
14/11/2009, by Anthony Nixon, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Anthony Nixon looks at the Use of Trusts in Wills, in response to a recent TaxationWeb Forum query. Introduction - Question from TaxationWeb's ForumA recent TaxationWeb Forum query asked the following:“My will leaves the single Inheritance Tax Band (Nil Rate Band - NRB) to our children on my death with the balance of my estate going to my wife. My wife has an identical will. We can both afford to do this as each of us would still be adequately provided for - our house is owned by my wife and ... Continue Reading
13/11/2009, by Low Incomes Tax Reform Group, Tax article - General
Robin Williamson of LITRG provides tips to help people review their money affairs as regards tax, tax credits and benefits.Introduction Now that the 31 October deadline for self assessment returns has passed, this is a good time for people to check that they are not missing any other tax deadlines or losing out on any benefits. If you Missed the Deadline for Filing your Tax Return on PaperIf you have filed your 2008/09 self-assessment return on paper, and you posted it in good time to reach HMRC ... Continue Reading
12/11/2009, by HM Revenue & Customs, Tax news - HMRC Administration, Practice and Methods
A new Charter setting out what individuals, businesses and other groups dealing with HM Revenue & Customs (HMRC) can expect from the department, as well as what it expects from them, has been launched.Under the Charter, HMRC give a commitment to: respect you; help and support you to get things right; treat you as honest; treat you even-handedly; be professional and act with integrity; tackle people who deliberately break the rules and challenge those who bend the rules; protect your information ... Continue Reading
08/11/2009, by Julie Butler, FCA, Tax article - Property Taxation
Julie Butler FCA of Butler & Co points out that Forward Tax Planning may be appropriate for some owners of Furnished Holiday Lettings (FHLs) before 5 April 2010. IntroductionThere is no doubt that there has been some serious debate and lobbying by major holiday cottage groups and tourism groups to overturn the 22 April 2009 decision to do away with the special tax treatment of Furnished Holiday Lettings (FHLs).It has been suggested that there was no advance discussion before 22 April 2009. However, ... Continue Reading
08/11/2009, by Arnold Aaron, Tax article - Savings and Investments, Pensions and Retirement
An explanation of how the Discounted Gift Trust can significantly reduce Inheritance Tax exposure, by Arnold Aaron, Financial Planning Consultant.IntroductionThe Discounted Gift Trust (DGT) allows you to gift cash to a trust, held for the ultimate benefit of your beneficiaries. The aim is to avoid Inheritance Tax (IHT) on this money. Normally when you make a gift, you have to survive seven years for it to fully escape IHT at 40%. The rules dictate that you can’t use the asset once gifted, otherwise ... Continue Reading
04/11/2009, by HM Revenue & Customs, Tax news - VAT & Excise Duties
Pubs, clubs, restaurants and other retail businesses remaining open past midnight on New Year’s Eve will be allowed to continue charging VAT at 15% on their sales until they close or until 6am on 1 January 2010, whichever is the earlier.Similar arrangements will apply to telecommunications companies in respect of calls and texts made up to 6am on 1 January.Making this announcement, Financial Secretary to the Treasury, the Rt Hon Stephen Timms MP, said:“New Year’s Eve celebrations are a vital ... Continue Reading
03/11/2009, by HM Revenue & Customs, Tax news - HMRC Administration, Practice and Methods
Offshore tax dodgers are being warned they have one final chance to come clean, or face the consequences, in a hard-hitting YouTube video launched by HM Revenue & Customs (HMRC).In the two-minute video, Dave Hartnett, HMRC’s Permanent Secretary for Tax, warns that anyone with undeclared offshore bank accounts who doesn’t come forward under HMRC’s New Disclosure Opportunity (NDO) will face much higher penalties and even criminal prosecution.Dave Hartnett says:“For some people, offshore bank ... Continue Reading
