04/04/2009, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA outlines a selection of NIC matters, and highlights the potential implications of gender reassignment for NIC purposes. New appeal systemThe new tax and NIC appeals system went live on Wednesday 1 April 2009. The new service is run by the Tribunals Service (part of the Ministry of Justice) and appeals will now be sent direct to them at:The Tribunals ServiceTax2nd Floor54 Hagley RoadBirminghamB16 8PE.Appeals will be allocated into one of four streams:paperbasic (no further documents ... Continue Reading
04/04/2009, by BKL, Tax article - General
BKL Tax consider some tax issues arising from the recent fall in the value of Sterling.Fair ExchangeAstute readers may have noticed that the rest of the world doesn’t seem to place as much value as it used to on their hard-won £1; which brings into focus the treatment of exchange gains (and losses) on foreign currency.It might well surprise you to hear that foreign currency is an asset for capital gains tax purposes and exchange gains or losses will be taxed or allowed respectively. So if you’d ... Continue Reading
04/04/2009, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham of VAT Specialists Ltd outlines some timely tips for traders to ease cashflow difficulties Delay and speed up!Every 3 months, the VAT return falls due for payment, and when money is tight, this can cause great difficulty. Do you go to your bank and ask for an extension to your overdraft, (optimistic in these difficult times), or are there any other things you can do to improve your cashflow?Sounds simple: The are 2 basic things you can do to improve your cashflow when accounting ... Continue Reading
02/04/2009, by Sarah Laing, Tax news - Business Tax
The Corporation Tax Act 2009 (CTA 2009), produced by the tax law rewrite project, has come into force for corporation tax purposes for accounting periods ending on or after 1 April 2009 and for income tax and capital gains tax purposes for the tax year 2009-10 and subsequent tax years.This Act is expected to be followed by a second Bill dealing with corporation tax. This was published in draft for consultation on 3 March 2009. (A third Bill covering international and miscellaneous provisions which ... Continue Reading
02/04/2009, by Sarah Laing, Tax news - Business Tax
HMRC have issued Brief 20/09, which will be of interest to all businesses that buy or lease cars or that sell or lease cars to other businesses.In the 2008 Pre-Budget Report, the government announced that the current capital allowance rules for 'expensive cars' and the associated rules that restrict deductions for expenditure on hire of 'expensive cars' are to be abolished; and replaced with new rules whereby the writing down allowances (WDA) and the restriction on deductions for expenditure on ... Continue Reading
30/03/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
HMRC have produced a free tax deadline calendar for agents, which flags up key dates through the tax year.The calendar, which will shortly be available through the agent part of HMRC website, starts on 6 April and provides important dates throughout the year relating to both income tax and employer obligations, listing due dates such as deadlines for P11D's, payments on account for SA and similar. On the back of the calendar there is an overview of other repeat obligations, both fixed and variable, ... Continue Reading
30/03/2009, by Sarah Laing, Tax news - Business Tax
A package of measures designed to increase consistency and streamline how business, agents and other customers work with HMRC, will be introduced in April 2009. The changes are summarised as follows:From 1 April 2009 HMRC will have one set of powers and safeguards covering PAYE, VAT, Income Tax, Capital Gains Tax and Corporation Tax. This means there will be less confusion for customers because the same rules will be applied, no matter which tax position HMRC are checking.The a new two-tier system ... Continue Reading
28/03/2009, by Low Incomes Tax Reform Group, Tax article - General
John Andrews of the Low Incomes Tax Reform Group comments on HMRC's proposed Charter for Taxpayers. IntroductionHMRC have published their suggested Charter. It tries to express in 227 words the relationship that HMRC expect to have with those who have to deal with them.It is only a consultation still; but it shows the way that HMRC are thinking. We have some concerns about this thought process.The HMRC Charter consultation continues with a document which includes the following suggested draft Charter:HM ... Continue Reading
28/03/2009, by Julie Butler, FCA, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Julie Butler FCA considers property values in a difficult market and comments on a recent Inheritance Tax case.BackgroundIn the current economic climate it is very difficult to define the “fair value” of investment properties. The matter is made more complicated when the property is under construction.The disclosure in accounts of investment properties that have been “built” or are about to be built is complex. There has been a recent change to SSAP 19, as follows:The guideline has been ... Continue Reading
28/03/2009, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen, Director of VAT Advisers Ltd, laments an unfortunate consequence of the tax appeal reform. Far reaching effectsTaxationWeb visitors should remember that on 31 March 2009, the existing VAT & Duties Tribunal structure will cease. Instead, from 1 April 2009, a new two-tier Tribunal structure will begin, that will also incorporate the former General Commissioners and Special Commissioners from direct taxes. Although there are some plus points to the new structure, one of the changes ... Continue Reading
