12/09/2009, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham, Director of VAT Specialists Ltd, highlights a selection of recent VAT case decisions.High Court says compound interest is due on overpaid VAT, but claim was out of timeThe High Court has given its judgment in the first case to consider whether taxpayers can claim compound interest on overpaid VAT.The Appellants argued that there were three mistakes/breaches which should be addressed by either damages or restitution:The Liability Mistake - the incorrect interpretation of directly ... Continue Reading
10/09/2009, by HM Revenue & Customs, Tax news - HMRC Administration, Practice and Methods
A Protocol delivering comprehensive exchange of information up to OECD and international tax standards between Switzerland and the UK, which covers UK taxes of all kinds, has been signed in London by The Financial Secretary to the Treasury, the Right Honourable Stephen Timms MP and the Swiss Ambassador to the UK, His Excellency Alexis P Lautenberg. Stephen Timms said:“I very much welcome the Swiss Federal Council’s agreement on international co-operation in tax matters and their adoption of ... Continue Reading
10/09/2009, by HM Revenue & Customs, Tax news - HMRC Administration, Practice and Methods
21 people have been arrested in dawn raids by HM Revenue & Customs (HMRC) officers investigating a multi million pound construction industry fraud.Eighteen men and three women from the West Midlands, Staffordshire, London and Manchester were arrested on suspicion of conspiracy to cheat the public revenue and money laundering offences amounting to over £6 million. They are currently being questioned by HMRC criminal investigators at police stations across the UK.The plot is believed to have been ... Continue Reading
08/09/2009, by Low Incomes Tax Reform Group, Tax article - General
Kelly Sizer of LITRG outlines a few important tax and tax credits issues you should be thinking about as the autumn months approach. IntroductionEach month, certain key tax and tax credits deadlines come up and it can be easy to forget what you should be doing and when. To help remind you of them and also some welfare benefits matters, the Low Incomes Tax Reform Group has been producing a series of monthly articles. Here we have the latest, for September, which also provides links to further ... Continue Reading
07/09/2009, by Low Incomes Tax Reform Group, Tax article - General
HMRC’s new Charter should be key in helping you to understand your rights, obligations and what you are entitled to expect from the taxman, as Kelly Sizer of LITRG explains. How the story beganOnce upon a time there were several separate Government Departments which merged to make up what is now called HM Revenue and Customs (HMRC). This single entity is what most people probably generally think of as the ‘taxman’, but HMRC’s responsibilities are wider than just ‘taxes’. They include ... Continue Reading
07/09/2009, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Property Taxation
Mark McLaughlin CTA (Fellow) ATT TEP reminds property owners to take advantage of beneficial tax treatment for qualifying furnished holiday lettings while they still can. IntroductionThe Budget in April included some good news and bad news for owners of Furnished Holiday Lettings (FHLs).Property letting is not a trade for tax purposes, but owners of FHLs that meet certain conditions can enjoy a number of potential tax benefits associated with trading activities, including:Entrepreneurs’ Relief;Rollover ... Continue Reading
07/09/2009, by Sharon France, Tax article - General
A Tax Credits claimant recounts how with TaxationWeb's help she fought and won a Tax Credits dispute with HM Revenue & Customs.Alleged Tax Credits OverpaymentThe first I knew of an overpayment claim was when a collection officer arrived at my door on the 10th June 2008 with a demand for an outstanding Tax Credit claim for £5,076.75. This I denied and called the helpline number, who advised me to to contact the tax credit office who, suprise surprise, were no help. A claim was then filed against ... Continue Reading
07/09/2009, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen of VAT Advisers Limited explains the basics of Intrastat An important declaration? - Yes and noIntrastat was introduced as a means of gathering statistics on the movement of goods between EU Member States in 1993 when the old import/export rules on EU trade were removed. Although Intrastat is only a means of gathering statistics and does not affect the amount of VAT collected, failure to comply with the Intrastat regulations is classed as a criminal offence and can result in punishment ... Continue Reading
02/09/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
A common approach to filing company accounts online has been announced in a joint statement by HM Revenue & Customs (HMRC) and Companies House.In order to reduce potential administrative burdens on business, Companies House has announced that it will accept company accounts in a data format known as Inline XBRL (iXBRL). This is the same format in which all Company Tax Returns (CTRs) – including the return form, company accounts and tax computations – must be submitted online to HMRC from April ... Continue Reading
01/09/2009, by Low Incomes Tax Reform Group, Tax article - General
Jan Tish of LITRG reminds us of last year’s changes to the self assessment tax return deadline and urges paper filers to get returns in by 31 October.IntroductionLast year saw a number of changes to self assessment filing dates, including the introduction of a new deadline for submitting paper tax returns – 31 October after the end of the tax year. But to encourage taxpayers to file electronically, the previous filing date of 31 January was retained for ‘e-filers’ and HMRC tried to support ... Continue Reading
