Enter Your E-mail

The Chartered Institute of Taxation (CIOT) has launched a report into environmental or green taxes as part of Nick Goulding's Presidential theme.The report examines what is being done in this area and the options available to policymakers. Nick Goulding, CIOT President, says: "This Report has been published at a time when there is an ever increasing recognition that we all live in a world facing harmful environmental change. There has been recent political change towards tackling these problems. ... Continue Reading

Peter Arrowsmith FCA outlines a selection of NIC matters, and warns employers that they may be receiving requests by HMRC for the correct National Insurance numbers for their employees.The BudgetMotor CarsThe rates for 2011/12 have been announced in that the CO2 bands will drop by a further 5 gramms, i.e., the lower threshold will be reduced from the current 130g/km to 125g/km. At the same time all discounts will be abolished though the current net 9% charge for electric vehicles will remain, by ... Continue Reading

Mark McLaughlin CTA (Fellow) ATT TEP considers what constitutes 'reasonable care' in the new penalty regime.IntroductionThe new penalty regime for errors in tax returns, etc., is upon us in most cases, as it relates to returns covering periods that started from 1 April 2008, which are due to be filed from 1 April 2009. The expected effect of the new penalty regime is a higher level of penalties generally than under the previous system. However, no penalty will be charged by HMRC if an error is made ... Continue Reading

Andrew Needham of VAT Specialists Ltd highlights a selection of recent VAT case decisionsTribunal says supply of sales leads for insurance and loan products is taxableThe Appellant was involved in the provision of an open market where sales leads involving loans and insurance products could be bought from and sold to brokers who were willing to purchase them via an internet-based bidding system. The issue to hand was whether these activities were exempt, as argued by the Appellant, or taxable, as ... Continue Reading

The Finance Bill 2009 has been published.Finance Bill 2009 contains all of the draft legislation for the proposals announced by the Chancellor in his Pre Budget Report on 24 November 2008 and in his Budget on 22 April 2009.For further details, see the HMRC website at http://www.hmrc.gov.uk/finance_bill2009/index.htm. Continue Reading

In the 2009 Budget statement, the Chancellor announced further help for businesses facing difficulties in paying their tax. From 22 April 2009, any viable business anticipating making a trading loss in the current tax year will be able to have the anticipated loss taken into account as part of any rescheduling of its corporation tax or income tax payments.This new measure means businesses will no longer have to wait for the end of their accounting period - which may be months ahead - to have the ... Continue Reading

This summary has been prepared by Taxbriefs Financial Publishing and is for general information only. The proposals are in any event subject to amendment before the Finance Act is passed. It is recommended you seek competent professional advice before taking any action on the basis of the contents of this publication In an unusually late April Budget, Alistair Darling introduced important tax and other changes against a background of deepening economic difficulties in the UK and globally.There was ... Continue Reading

Mark McLaughlin CTA (Fellow) ATT TEP highlights two recent cases on the application of the 'settlements' income tax anti-avoidance rules in the context of dividend payments.  IntroductionThe Government may have shelved its proposed ‘income shifting’ legislation for now, but it seems that the ‘settlements’ anti-avoidance provisions are still alive and kicking even after the House of Lords decision in Arctic Systems, with two cases recently being heard before the Special Commissioners.    ... Continue Reading

Julie Butler FCA looks at an important Capital Gains Tax issue for farmers. BackgroundAt the time of writing, capital losses and “negligible value claims” have possibly been to the forefront of the minds of many tax practitioners, stockbrokers and property developers but what of farmers and purchased milk quota?  The answer is that a negligible value claim can be made, provided the conditions are met.What is "negligible"?Guidance is found in CG13124 – Assets lost/destroyed/negligible value: ... Continue Reading

The measures announced by Chancellor Alistair Darling in his second Budget Report will affect the majority of small businesses and their agents. Commenting on the 2009 Budget Report, leading tax expert Tim Good of PTP Ltd (www.ptptraining.com) and Now Training (www.ptpnow.co.uk) said “Whenever a budget speech is lauded as ‘taking from the rich to give to the poor’ it is inevitable that the average accountant and tax adviser will have a lot to deal with in the aftermath for their clients ... Continue Reading