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PKF Accountants & business advisers have warned that prominent figures from the worlds of sport, entertainment, politics and business are on a HMRC "hit list" for investigation if they fail to disclose unpaid tax on earnings held in offshore accounts by 22 June 2007.Investigators from HMRC's Special Civil Investigations unit are understood to be waiting for the 'Offshore Disclosure Facility', announced on 17 April 2007, (see Related News item below) to end in just nine weeks ... Continue Reading

Following a period of consultation, HMRC have confirmed that proposals to reduce the burdens of the biofuels regime on non-commercial and medium-sized producers will be introduced.The proposals, originally contained in HMRC Brief 02/07 (issued on 5 January 2007) are as follows:A de minimis production level of 2,500 litres per annum below which producers would not need to enter premises, submit returns or pay duty, andReducing the frequency of returns for all but the largest producers (defined as ... Continue Reading

A quick guide to recent additions to the HM Revenue & Customs website.Week ending 20 AprilWhat’s new?Tax Credits renewal guidance;Stamp Taxes Online - new guidance on "substantial performance" notification;Revised indexation table reflecting RPI for March 2007;Revised EF factsheets - sent out by Debt Management Units with covering letters and outline the procedure for recovering debts;Shares of negligible value list updated to 31 March 2007;VAT Notice 709/1: Catering and take-away ... Continue Reading

Mark McLaughlin CTA (Fellow) ATT TEP briefly outlines the company law requirements for a company purchase own shares.IntroductionMost practitioners will deal with a company purchase of own shares from time to time. As a general rule, when a company buys back its own shares from a shareholder, any payment in excess of the capital originally subscribed for the shares constitutes a distribution, which generally falls to be treated as income (ICTA 1988, s 209(2)(b)). However, in the case of unquoted ... Continue Reading

Andrew Needham, Director of VAT Solutions (UK) Ltd, reports on recent VAT decisions. High Court says taxpayer made single standard-rated supply of membershipThe High Court has found for HMRC in a recent case involving the tricky issue of composite/multiple supplies.  HMRC had appealed the decision of the VAT Tribunal, which had found partially for the Appellant.The Appellant is a franchisor of activity programmes for pre-school children. The franchisee is authorised to charge parents between ... Continue Reading

The Low Incomes Tax Reform Group (LITRG) has requested that HMRC keep open the recently publiscised disclosure of investment income facility for low income amounts for the whole of this tax year.Earlier this week HMRC announced details of arrangements enabling investors with offshore accounts to disclose any income and gains not previously included in their tax returns (see link below). However, rather less publicity has been given to a parallel deal for anybody with something to confess ... Continue Reading

A law outlining how the new Goods and Services Tax (GST) will work has been adopted by States members.GST, which is to come into effect next year, will include nearly everything sold in Jersey. It is aimed at correcting a budget deficit in the island from the introduction of a zero rate corporation tax to keep the island competitive. Small businesses, i.e. those with profits less than £300,000 a year, will not have to register for the GST.Charities will be exempt from the new sales tax. States ... Continue Reading

Recognising some of the particular difficulties that have emerged as a result of the erronerous issue of 2005/06 PAYE penalty notices to some employers and contractors, HMRC are extending the appeal period for these penalties to the end of April 2007.HMRC have previously issued penalty notices, dated 12 March 2007, where there was an outstanding PAYE Employer Annual Return (P14s and P35) or Contractor Return (CIS36) for 2005/06. Employers or contractors who have received a penalty notice, must ... Continue Reading

HMRC have announced details of arrangements enabling investors with offshore accounts to disclose any income and gains not previously included in their tax returns.HMRC have recently obtained information about holders of offshore accounts from a number of banks and have obtained similar details through the European Savings Directive. HMRC now wish to encourage investors to pay any unpaid tax and duties on such accounts, where applicable. The "Offshore Disclosure Facility" is being ... Continue Reading

A quick guide to recent additions to the HM Revenue & Customs website.Week ending 13 AprilWhat’s new?New infomration concerning Managed Service Companies;Updated Inheritance Tax form IHT200 (integrated account);Get more help with starting and finishing the PAYE tax-year;Table of forms for use by charities and CASCs and in particular repayment claim forms;Online filing of employee share schemes returns and information - FAQs;New R40 repayment claims form and guidance notes;Pensions Newsletter ... Continue Reading