18/04/2008, by Barrie Akin, Tax article - Business Tax
Barrie Akin, Barrister, highlights the William Grant & Sons Distillers and Mars UK Ltd cases and analyses the House of Lords' decision.IntroductionAccounting principles are not static - they have a tendency (rather akin to tax legislation) towards ever greater sophistication. But it is clear from the progress of HMRC v. William Grant & Sons Distillers Ltd. and Small (HMIT) v. Mars UK Ltd. through the Courts that judges and accounts do not mix well, even when the accounting issues are ... Continue Reading
18/04/2008, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen, Director of VAT Solutions (UK) Ltd, provides a brief insight into the potential VAT benefits available for 'self-build' and similar projects.Steve AllenA pleasant task!Subject to certain conditions, it is possible to reclaim the VAT on the cost of building your own home (often referred to as a ‘DIY claim’). One of the great advantages of undertaking a newbuild, and one of the main reasons it is so cost efficient, is the fact that materials and labour supplied by the ... Continue Reading
17/04/2008, by Sarah Laing, Tax news - Business Tax
With the deadline for filing employer end-of year returns looming, employers can see for themselves how easy it is to file their return online, in a new video podcast from HMRC.The short film, which can be downloaded onto an iPod or viewed online, shows the main features of HMRC's PAYE Online system. Viewers are taken through the registration process, and given a taste of what it's like to file online. The podcast can be downloaded for free from HMRC's podcast page at http://www.hmrc.gov.uk/podcasts ... Continue Reading
16/04/2008, by Sarah Laing, Tax news - Business Tax
HMRC have announced a cut in interest rates payable on overdue corporation tax.New rates of interest, which take effect from 21 April 2008, cover quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999.The new rates are as follows:The rate of interest charged on underpaid instalment payments of corporation tax changes from 6.25 per cent to 6 per cent.The rate of interest on overpaid instalment payments ... Continue Reading
15/04/2008, by Sarah Laing, Tax news - Business Tax
HMRC have been investigating a number of complaints received relating to penalties incurred for the late filing of monthly construction industry scheme (CIS) returns.HMRC have investigated a number of cases where contractors have claimed to have filed on time, but have subsequently been issued with a penalty notice. The conclusion drawn is that many contractors have put the wrong postage amount on the envelope when sending the returns in.HMRC say they have examined the postmarks on the envelopes ... Continue Reading
14/04/2008, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
Getting to grips with tax, VAT and national insurance should become a whole lot easier for businesses in Northamptonshire, thanks to a free Business Advice Open Day being run by HMRC on 15 May.A wealth of free guidance and practical help will be on offer to small and medium sized enterprises from over 20 organisations joining together at the Aviator Hotel, Sywell Northamptonshire, on Thursday, 15 May 2008.The Business Advice Open Day will include up to 30 stands and 24, 45-minute seminars on specialist ... Continue Reading
12/04/2008, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin CTA (Fellow) ATT TEP looks at the HMRC consultation document on compliance checks, and considers if there are possible causes for concernMark McLaughlinIntroductionAlbert Einstein once said ‘your imagination is your preview of life’s coming attractions’. Similarly, it seems that HMRC consultation documents are your preview of coming attractions in tax. It therefore pays to at least be aware of such consultations.The consultation documents which have attracted publicity ... Continue Reading
12/04/2008, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton MA, CTA (fellow), AIIT, TEP, Presenter of Monthly Tax Review (MTR), highlights a case with potentially worrying implications for inheritance tax purposes. Matthew HuttonBackground factsThe deceased (who was of Thai extraction) had lived and worked in the UK for some 40 years and was domiciled in the UK for IHT purposes. His personal estate was worth approximately £1 million and there was also aggregable jointly held property worth another £1.4 million. The problem ... Continue Reading
12/04/2008, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA comments on a selection of NIC matters, and highlights a 'fast track' process for obtaining a National Insurance Number for some UK arrivalsNew Statutory InstrumentsThe Social Security (Contributions) (Amendment No. 2) Regulations 2008 (SI 2008/607) extend to April 2012 the date from which the penalty rate of Class 3 or Class 2 contributions paid voluntarily for 2005/06 will apply where the contributor does not reach state pension age until 6 April 2010 or later. This ... Continue Reading
04/04/2008, by Arthur Weller & Amer Siddiq, Tax article - Property Taxation
Arthur Weller and Amer Siddiq outline a tax-efficient strategy for property investors with a mortgage on their main residence. IntroductionNow, doesn’t that sound like a great idea – getting tax relief on the mortgage interest that you pay on your main residence?Well, you will be pleased to hear that it is possible by following a simple (and relatively unknown) tax relief and some creative financial planning. The BasicsAs most property investors are aware, it is not possible to ... Continue Reading
