HMRC have published new rates for company fuel which apply to all journeys on or after 1 February 2007. The new rates are as follows:Engine size Petrol Diesel LPG 1400cc or less 9p 9p 6p1401 to 2000cc 11p 9p 7pOver 2000cc 16p 12p 10pLinkHMRC Company Cars - Advisory Fuel Rates for Company Cars from 1 February 2007 Continue Reading
HMRC have published Brief 06/07, which announces the implementation of changes to the exemption from VAT for medical services, following the European Court of Justice (ECJ) decision in the case of Dr Peter d’Ambrumenil and Dispute Resolution Services (C-307/01).The changes will take effect from 1 May 2007 subject to House of Commons approval. They affect certain services provided by health professionals registered on a statutory professional register that are registered for VAT. They will not ... Continue Reading
TORUS, the International Lawyers, Accountants and Taxation Consultants Association and TaxationWeb, the UK's largest independent tax portal, today announced an agreement to work together on advancing the levels of knowledge and understanding of international tax law.The agreement will see TORUS (www.torus.org) support TaxationWeb's International Tax section (www.taxationweb.co.uk/international), with their members providing topical news and articles. The agreement is expected to enhance ... Continue Reading
The Low Incomes Tax Reform Group (LITRG) has published a comprehensive report which examines VAT reliefs available to disabled people. The report also highlights the need for better administration of the reliefs to make them easier to obtain. The report was prepared by the international VAT network of PricewaterhouseCoopers LLP and sponsored by the Nuffield Foundation. It maps how VAT reliefs work across selected European countries against the European Union’s goal of achieving a ‘society ... Continue Reading
A quick guide to recent additions to the HM Revenue & Customs website.Week ending 26 JanuaryWhat's new? HMRC Brief 05/07: Determining if your forex transactions are supplies for VAT purposes; How your input tax recovery will be affected; Wider application in respect of transactions in other financial instruments; and further information.Distributing Offshore Funds - new updated list of certified funds as at 25 January 2007.Instalment payments of corporation tax by large companies - new ... Continue Reading
Matthew Hutton MA, CTA (fellow), AIIT, TEP highlights the progress of important future legislation. ContextThe 2005 Pre-Budget Report on 5.12.05 saw the announcement of a consultation on a new property tax on the increase in land value following the grant of planning permission. The last year has seen a firming up of the proposals, though the projected start date has been put back at least a year, to ‘not earlier than 2009’. The major features of the Government’s proposalsThese ... Continue Reading
Simon Groom, Head of Tax Training at Tolley Tax Training, outlines the Enterprise Investment Scheme tax regime.Introduction The aim of the Enterprise Investment Scheme (EIS) is to encourage taxpayers to invest in small, private, trading companies. To encourage such investment, the Government offer both income tax relief and capital gain tax deferral. It is these reliefs I will look at in this article.Income tax reducersThe income tax reducer for 2006/07 is the lower of the annual subscription ... Continue Reading
Steve Allen, Director of VAT Solutions (UK) Ltd, describes a worrying new HMRC policy. Unannounced vistsHMRC have a new policy of what he calls ‘unannounced visits’. It all sounds quite innocuous, but what it actually means is that the VAT Officer is turning up without an appointment, entering a businesses premises, uplifting the records, questioning the trader (often in front of customers), and then leaving to examine the records at his leisure.HMRC have started doing this ... Continue Reading
HMRC have recently become aware that some employers have been offering incentives to certain pension scheme members in return for agreement to either a reduction in receivable benefits, or a transfer out of the defined benefits scheme to a defined contribution scheme.The types of inducements most commonly being offered are enhancement to a transfer value of the pension fund, direct cash payments, or a combination of both.Historically, the tax and NI treatment of such incentive payments ... Continue Reading
Thousands of civil servants have voted to strike in a long-running dispute over job cuts, privatisation and pay.Public and Commercial Services (PCS) Union members will hold a 24-hour walkout on 31 January 2007, which is also the filing deadline date for the submission of 2006 Self Assessment tax returns. Staff in 200 government departments, including HMRC, are expected to take part. Job Centres, benefit offices, courts, driving examinations and many other services are also expected to be affected ... Continue Reading
