17/12/2007, by Sarah Laing, Tax news - Business Tax
A technical note has been published, including draft legislation, on the planned changes to the existing capital allowances regime.The Government announced a major package of reforms to the business tax system in the 2007 Budget, with the aim of enhancing the international competitiveness of the UK, by encouraging investment, promoting innovation and ensuring fairness across the tax system. The package included reforms to deliver a simpler, two-rate system of capital allowances, to ensure the tax ... Continue Reading
17/12/2007, by Sarah Laing, Tax news - Business Tax
HMRC have announced revised interest rates for quarterly instalment payments, and early payments of corporation tax not due by instalments.The revised rates, which take effect from 17 December 2007, 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 rates have been cut as a result of the recent movement in market rates. The rate of interest charged on underpaid instalment payments of ... Continue Reading
15/12/2007, by Jennifer Adams, Tax article - General
Jennifer Adams comments on HMRC's efforts to persuade accountants to use online filing facilities and related issues.IntroductionFor me 19th November 2007 will go down as one of my ‘where were you when…?’ dates – not quite as important as when I heard the news that Diana was dead; of the Twin Towers and the 7/7 London bombings but still memorable.19th November 2007 was the day when the Head of HMRC was forced to resign and co-incidentally that day I was attending a seminar ... Continue Reading
15/12/2007, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen, Director of VAT Solutions (UK) Ltd, reports a selection of recent VAT case decisions.Steve AllenTribunal agrees taxpayer was principal for supplies of temporary workers The Appellant (Helping Hand) had appealed against a decision by HMRC that said they had wrongly treated themselves as a supplier of temporary workers. HMRC argued that the actual supply of staff was from certain ‘employment businesses’ used by the Appellant. They cited the heading on the Agreement between ... Continue Reading
12/12/2007, by Sarah Laing, Tax news - Business Tax
HMRC are reminding pension scheme administrators that Pension Scheme Returns and Event Reports for 2006/07 must be filed online by 31 January 2008. Since 16 October 2007, it has been mandatory to file the following reports electronically:Applications to register a pension scheme;Registered Pension Scheme Returns;Accounting for Tax Returns; Scheme Administrator's Declarations;Event Reports; Notifications of the winding-up of a registered pension scheme; andNotifications of a scheme administrator ... Continue Reading
10/12/2007, by Sarah Laing, Tax news - Income Tax
The rates for Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP) and Statutory Adoption Pay (SAP) for 2008/09 have been published.Statutory payment 2008/09 rate Statutory Sick Pay £75.40 per week (where average weekly earnings exceed £90.00 per week)Statutory Maternity PayFirst six weeks: earnings related rate (90% of average weekly earnings)Remaining weeks: lesser of the standard rate of £117.18, or earnings ... Continue Reading
08/12/2007, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham, Director of VAT Solutions (UK) Ltd, explains how to check VAT numbers and provides some VAT tips. Andrew NeedhamWorried you’ve been given a dodgy VAT number?It’s possible to make several checks on whether a VAT registration number shown on an invoice is valid. The validity of the number is important because the purchaser cannot recover VAT incorrectly charged by an unregistered trader, unless HMRC allows them to do so by concession. The first thing you can ... Continue Reading
08/12/2007, by Leigh Sagar, Tax article - General
Leigh Sagar, Barrister, outlines the scope of the new Regulations in terms of the requirement to register for regulation.Leigh SagarIntroduction HMRC have issued draft guidance for registration from 15th December 2007, when the Money Laundering Regulations 2007 (MLRs 2007) come into force. The purpose of the notice, which can be found at http://www.hmrc.gov.uk/mlr/mlr9.pdf, is to help people find outif they need to register with HMRC when and how to register what fees they will need to ... Continue Reading
07/12/2007, by Sarah Laing, Tax article - Business Tax
The relationship between contractors and subcontractors in the construction industry changed earlier this year, as Sarah Laing explains.Sarah LaingIntroductionThe Construction Industry Scheme (CIS) is a quasi PAYE system designed to counter tax evasion in the construction industry by imposing responsibility for making a deduction at source from payments made for labour services provided by self-employed building sub-contractors and companies unless those persons have received prior certification ... Continue Reading
07/12/2007, by Sarah Laing, Tax news - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Whilst the new consultation on the tax rules relating to non-domiciliaries has rightly attracted a lot of attention, The Chartered Institute of Taxation (CIOT) believes more attention needs to be given to an additional measure that seems to have been missed by many commentators.The Disqualification from Parliament (Taxation Status) Bill, which has been published this week, is a single-clause Bill that proposes that those electing for the non-domiciled remittance basis of taxation will be disqualified ... Continue Reading
