Enter Your E-mail

The Government has confirmed that businesses applying to register for VAT may experience delays for some time to come.HMRC have been set a target of processing 70 per cent of applications within a 14-day period by January 2008. However, the minister responsible for resolving the long-standing problem of the slowness with which registrations are being dealt has admitted that  HMRC is unlikely to achieve that target. During October, only 20 per cent  of applications were processed within ... Continue Reading

A Protocol amending the exchange of information within the UK's Double Taxation Convention (DTC) with New Zealand has been signed in London.The Protocol was signed by Rt Hon Jane Kennedy MP, Financial Secretary to the Treasury and the Rt Hon Jonathan Hunt ONZ, the New Zealand High Commissioner. A new provision regarding assistance in the collection of taxes between the countries has also been added to the agreement, and it will be presented to Parliament early next year for approval. The Protocol ... Continue Reading

HMRC have agreed a restructuring of their IT outsourcing contract in an effort to reduce IT running costs by some ten per cent by 2011. In announcing the agreement, Deepak Singh HMRC Chief Information Officer said: "I am delighted that we have been able to secure such a positive outcome that further strengthens our commitment to working with Aspire over the coming years. The IT outsourcing relationship between HMRC and Aspire has gone from strength to strength over the past three years as we ... Continue Reading

In his first Queen's Speech, Prime Minister Gordon Brown has set out his proposals for "long-term changes" within the UK.The Prime Minister's programme contains a total of 29 Bills covering national insurance contributions, pensions, new anti-terror measures, climate change, health, nuclear power, education and housing. The programme of change is designed to "help prepare and equip our country for the future". According to the BBC, the prime minister was hoping that ... Continue Reading

A quick guide to recent additions to the HM Revenue & Customs website.Week ending 2 NovemberWhat’s new?The "How to pay Inheritance Tax" web pages have been amended to reflect the new procedures for obtaining an IHT reference number and payslip before making a payment;List of registered Community Amateur Sports Clubs (CASCS) updated to 31 October 2007;Announcement that Government Departments and Local Authorities will soon be able to complete Stamp Duty Land Tax (SDLT) ... Continue Reading

Matthew Hutton MA, CTA (fellow), AIIT, TEP, presenter of Monthly Tax Review (MTR), highlights the distinction between increases in value and chargeable transfers in the context of settlements. Matthew HuttonContextWilliam Massey QC suggested that it may be possible for the settlor of a  pre-22 March 2006 IIP settlement to increase the value of the trust fund (as a PET) without making a chargeable transfer constituting a new relevant property settlement, eg by directly paying off a mortgage .  ... Continue Reading

Mark McLaughlin CTA (Fellow) ATT TEP comments on HMRC's proposals to simplify the tax system, with emphasis on the rules for associated companies.Mark McLaughlinIntroductionThe Government appears committed to simplifying the tax legislation. A document released following the Pre-Budget Report 2007 (‘Tax Simplification Reviews’) (see http://www.hm-treasury.gov.uk/pbr_csr/documents/pbr_csr07_tax.cfm) confirmed the Government’s commitment to making the tax system fairer, simpler ... Continue Reading

Julie Butler FCA, describes an equine business tax issue in respect of horse racing and affiliated activities.IntroductionThe horsey culture is a thriving UK industry.  The dream of the equine enthusiast is to extend the passion (and what might have started as a simple hobby) into a commercial activity.Equine business clients and moreover potential equine business clients can be found in every UK accountancy practice.Julie Butler FCAWholly and ExclusivelyHMRC have difficulty in accepting that ... Continue Reading

HMRC's specialist Research & Development (R&D) units across the UK made cash payments totalling £150 million to local innovative science and technology companies in the last year. The units, which are based in Cardiff, Southampton, Maidstone, Manchester, Cambridge, Leicester and Croydon, have dealt with almost 5,000 claims in the last 12 months. The figures are published on the first anniversary of the specialist units.Some of the industries that have received support include: computer ... Continue Reading

A new double taxation convention (DTC) between the UK and Saudi Arabia has been signed.During the State Visit to the United Kingdom of His Majesty King Abdullah of Saudi Arabia, a first-time comprehensive DTC between the United Kingdom and the Kingdom of Saudi Arabia was signed in London on 31 October 2007 by the Rt Hon Alistair Darling MP, Chancellor of the Exchequer, and H.E. Dr. Ibrahim A. Al-Assaf, Minister of Finance of Saudi Arabia.Welcoming the Convention, the Chancellor commented ... Continue Reading