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Duty free limits for travellersAugust 14, 2014
Here is a reminder for travellers of their duty and tax free allowances whilst travelling over the summer period. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country no duties or tax will be payable as long as you can demonstrate that the goods are for your
 
       
The Statutory Residence TestAugust 14, 2014
The rules that determine if someone is resident in the UK for tax purposes are known as the Statutory Resident Test (SRT). Historically, residence in the UK was determined by being in the UK in excess of 182 days in any tax year (6th April to 5th April) or by being resident in the UK for an average
 
       
Coding out debtsAugust 14, 2014
The coding threshold entitles taxpayers to have an underpayment of less than 3,000 collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts such as Self Assessment liabilities and tax credit overpayments. Instead of
 
       
Tribunal – VAT default surchargeAugust 14, 2014
A VAT default surcharge is a penalty levied on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date. There is no penalty for a first offence,
 
       
Tax credit deadline expiredAugust 14, 2014
The deadline for renewing tax credits claims was 31 July 2014. In a recent press release, HMRC confirmed that more than three million people renewed their tax credits on time. This number included some 390,000 who renewed online for the first time. As would be expected the 31 July was the busiest
 
       
Electrician ordered to repay stolen moneyAugust 14, 2014
An electrical contractor, Ross Elliott, who was found guilty of tax fraud and jailed for three years in January 2013, has been ordered to pay back 372,000 or face an extra two years in jail. The contractor who worked for a large number of building companies submitted more than 500 false purchase
 
       
Seed Enterprise Investment Scheme (SEIS)August 7, 2014
The SEIS is designed to increase the level of investing in the early development of high growth potential businesses. The scheme is similar to the EIS but focuses on smaller, early stage companies carrying on, or preparing to carry on, a new business in a qualifying trade. It was announced as part
 
       
National Insurance numbersAugust 7, 2014
The old plastic National Insurance number cards have been replaced by a letter stating an individual's National Insurance number. It is important that everyone keeps a record of their National Insurance number on file. Individuals who have lost or forgotten their NI number might be able to locate
 
       
Employment allowance usageAugust 7, 2014
The employment allowance of 2,000 per year for all businesses and charities was made available from April 2014. The allowance is offset against the employers Class 1 secondary NICs and can be claimed as part of the normal payroll process. The maximum amount available is capped at 2,000 per year.
 
       
Late filing of Self Assessment tax returnsAugust 7, 2014
Taxpayers who have not yet filed their 2012-13 Self Assessment returns online faced a minimum daily penalty of 10 totalling 900 for the three months from 1 May 2014. The next set of penalties began on 1 August and taxpayers will be charged the greater of 300 or 5% of the tax due. If the return
 
       
Submitting VAT returnsAugust 7, 2014
The vast majority of VAT registered businesses must submit VAT returns online and make any payments due electronically. In the past it has only been possible to avoid the obligation to file online if the taxpayer was a practicing member of a religious society or order whose beliefs are incompatible
 
       
Two pharmacists found guilty of VAT fraudAugust 7, 2014
Two pharmacists have been jailed for a total of six and a half years after fraudulently claiming VAT repayments relating to the export of life-saving cancer and HIV medicines to Nigeria. The pair had a contract with the NHS to operate a prescription service to the public but they created false
 
       
Annual Tax on Enveloped Dwellings (ATED)July 31, 2014
The ATED came into effect on 1 April 2013. The tax is payable by certain non-natural persons that own interests in dwellings valued at more than 2 million. This provision affects certain companies, partnerships with company members and managers of collective investment schemes described in the
 
       
Tax avoidance – Total Return SwapsJuly 31, 2014
A new measure was announced at Budget 2014 to counter arrangements where a company enters into a derivative contract with a parent company or another group company, generally located in a tax haven. The new measure will affect group companies using derivatives that involve a payment of all or part
 
       
Disclosure opportunity for landlordsJuly 31, 2014
Landlords that may owe tax, whether through misunderstanding of the rules or deliberate evasion, are being targeted by HMRC in a campaign that was launched last year. Unusually, the campaign does not currently have a finish date and will run until at least March 2015. HMRC will allow landlords to
 
       
Scottish Land and Buildings Transaction TaxJuly 31, 2014
From 1 April 2015, Stamp Duty Land Tax (SDLT) will no longer apply to land transactions in Scotland. Land transactions will instead be subject to Land and Buildings Transaction Tax (LBTT). The Land and Buildings Transaction Tax (Scotland) Act (LBTT Act), which received Royal Assent on 31 July 2013,
 
       
Combatting pension liberationJuly 31, 2014
HMRC has been working to combat pension savers being targeted by unscrupulous companies encouraging them to access their pension savings early. This is commonly known as pension liberation and can have significant, adverse tax consequences. In October 2013, new rules were introduced to strengthen
 
       
Discontinuance of trade and the AIAJuly 31, 2014
The Annual Investment Allowance (AIA) allows businesses to write off 100% of the cost of qualifying P&M, up to the allowed maximum, against taxable profits. It can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property
 
       
Coding out debtsJuly 24, 2014
The coding threshold entitles taxpayers to have an underpayment of less than 3,000 collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts such as Self Assessment liabilities and tax credit overpayments. Since April
 
       
The Social Investment Tax Relief (SITR) schemeJuly 24, 2014
The Social Investment Tax Relief (SITR) scheme is the Government’s new tax relief scheme to encourage individuals to support social enterprises and to assist social enterprises access new sources of finance. The scheme is available for investments made on or after 6 April 2014. Individuals making
 
       
Pension changesJuly 24, 2014
The most wide-ranging changes to pensions in many years were announced as part of this year's Budget. The changes affect individuals that have pensions savings in a defined contribution (DC) scheme, such as a personal pension. The changes, which will come fully into effect from April 2015, will
 
       
HMRC’s High Net Worth UnitJuly 24, 2014
HMRC's High Net Worth Unit (HNWU) was established in 2009 to deal with taxpayers who have wealth in excess of 20 million. HMRC uses details from tax returns and other public information databases to identify almost 6,200 of the country’s taxpayers who are handled by the HNWU. In certain
 
       
Paper Self Assessment returnsJuly 24, 2014
The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a 100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is
 
       
Finance Bill receives Royal AssentJuly 24, 2014
The Finance Bill 2014 was presented to Parliament on 25 March 2014. The Bill contains the legislation for many of the tax measures that have been announced by the Government. The Finance Bill 2014 was formally known as Finance Bill 2014-15. The Bill received Royal Assent on 17 July 2014 following
 
       
Class 2 National Insurance ContributionsJuly 17, 2014
Class 2 National Insurance Contributions (NICs) are paid by all self-employed taxpayers unless they qualify for the small earnings exemption or other exemptions which remove the necessity to pay NICs. Class 2 NICs are payable at a flat weekly rate. Payments for Class 2 NICs become due on 31
 
       
Phishing emails scamJuly 17, 2014
HMRC continues to warn taxpayers to be on the lookout for fraudulent phishing emails. The emails typically ask for taxpayers' personal and or financial information such as passwords, credit card or bank account details. The phishing emails often include a link to a bogus website encouraging the
 
       
Paperless notifications for Self AssessmentJuly 17, 2014
The move towards a paperless system for Self Assessment taxpayers has moved a step closer with the introduction of a new digital service that enables taxpayers to dispense with paper statements. The new digital service lets Self Assessment taxpayers opt in to receive email alerts and view messages
 
       
Is marriage break-up a reasonable excuse?July 17, 2014
The First-tier Tribunal recently heard a taxpayer's appeal against Self Assessment, late payment penalties. The penalties were in respect of Capital Gains Tax arising on a disposal of shares during the tax year ending 5 April 2012. The tax due of over 100k was due to be paid in full by 31 January
 
       
Avoidance scheme changesJuly 17, 2014
HMRC has published a new list of almost 1,200 tax avoidance schemes whose users may be required to make an upfront payment of tax. New provisions in the Finance Bill 2014, which is expected to receive Royal Assent later this month, will give HMRC the power to demand upfront payment of any disputed
 
       
Tax credit renewalsJuly 17, 2014
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2014. Claimants who do not renew on-time may have their payments stopped. Last year 650,000 claimants failed to renew on time. HMRC has published the following list of the top 10
 
       
Limited Liability Partnership (LLP) changesJuly 10, 2014
A reminder that LLP members, who HMRC considers are not risk taking partners, may find themselves re-classified as 'Salaried Members' and taxed under the PAYE regulations as if they were employees. Salaried members will also be subject to the benefit-in-kind regulations. The new legislation will
 
       
National Insurance numbersJuly 10, 2014
The old plastic National Insurance number cards have been replaced by a letter stating an individual's National Insurance number. It is important that everyone keeps a record of their National Insurance number on file. Individuals who have lost or forgotten their National Insurance number might be
 
       
Charities online demonstrator launchedJuly 10, 2014
The Charities Online system is used by Charities & Community Amateur Sports Clubs (CASCS) to claim repayments of tax on Gift Aid donations, and other income and top up payments under the Gift Aid Small Donations Scheme (GASDS). The online system was launched in April 2013 and replaced the old
 
       
Paper Self Assessment returnsJuly 10, 2014
The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a 100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is
 
       
The VAT refund schemeJuly 10, 2014
VAT paid in other EU countries is often recoverable by VAT registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other countries' rules for claiming input tax. It is important to note that VAT incurred in foreign countries
 
       
Second incomes campaign continuesJuly 10, 2014
HMRC has been targeting individuals in employment who have an additional untaxed source of income. The Second Incomes Campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The HMRC guidance lists the following possible
 
       
Scottish fraudster jailedJuly 4, 2014
A criminal money launderer, who was the subject of an international arrest warrant and featured on HMRC’s rogues picture gallery, has been jailed for a total of 11 and a half years. Michael Voudouri of Scotland pleaded guilty in October 2012 to laundering over 11.6 million linked to a VAT fraud. He
 
       
Employers' penalties 2013-14 and beyondJuly 4, 2014
HMRC recently confirmed that it has sent a small number of interim penalty letters to employers for the 2013-14 tax year in error. HMRC's analysis shows that this issue affects only employers who met their filing obligations for the tax year ending 5 April 2014 by sending: A month 12 Full
 
       
VAT liability of green feesJuly 4, 2014
HMRC has issued a new business brief concerning a long running case concerning the VAT liability of green fees charged for visitors at non-profit making golf clubs. The golf club in question had historically accounted for VAT on its green fee income in accordance with the treatment outlined in UK
 
       
Tax credit renewalsJuly 4, 2014
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2014. Claimants who do not renew on-time may have their payments stopped. Last year 650,000 claimants failed to renew on time. Claims can be renewed by post and by phone and this year
 
       
Mortgage guarantee scheme changesJuly 4, 2014
The 12 billion Help to Buy mortgage guarantee scheme has already helped many thousands of people to buy their own home. The scheme allows buyers with a 5% deposit to apply for a mortgage on a home (old or new) worth up to 600,000. The Government then guarantees a further 15% of the property value
 
       
New ISA launchedJuly 4, 2014
The New ISA (NISA) that was announced by the Chancellor as part of the 2014 Budget announcements came into effect on 1 July 2014. The NISA introduces equal limits for cash and stocks and shares investments. This will allow savers to transfer funds from stocks and shares ISAs to cash ISAs. The NISA
 
       
Employment Related Securities annual returnsJune 26, 2014
There are a number of government approved share schemes which offer certain tax advantages to employees. The schemes are designed to help incentivise employees by giving them the opportunity to invest in the business they work for. This in turn helps businesses retain and recruit key staff and help
 
       
The Annual Investment AllowanceJune 26, 2014
The Annual Investment Allowance (AIA) allows businesses to write off 100% of the cost of qualifying P&M, up to the allowed maximum, against taxable profits. It can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property
 
       
Inheritance Tax trustsJune 26, 2014
Major changes to the IHT rules for trusts took effect from 22 March 2006. A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets such as land, money and shares which form part of the trust. The person who puts assets into a trust is known as a settlor and
 
       
New Islamic finance initiative launchedJune 26, 2014
Britain has become the first non-Islamic country to issue an Islamic sovereign Sukuk, the Islamic equivalent of bonds. The Government has confirmed that 200 million of Sukuk, maturing on 22 July 2019, have been sold to investors based in the UK and in the major hubs for Islamic finance around the
 
       
Landlords disclosure reminderJune 26, 2014
Landlords that may owe tax whether through misunderstanding the rules or deliberate evasion are being targeted by HMRC in a campaign that was launched last year. Unusually, the campaign does not currently have a finish date and will run until at least March 2015. HMRC will allow landlords to come
 
       
Finance Bill 2014June 26, 2014
The Finance Bill 2014 was presented to Parliament on 25 March 2014. The Bill contains the legislation for many of the tax measures that have been announced by the Government. This Bill has now completed its committee stage and is awaiting its report stage on the floor of the House. The Bill will
 
       
IR35 intermediariesJune 19, 2014
The ‘IR35’ rules are intended to prevent the avoidance of tax and National Insurance Contributions (NICs) through the use of personal service companies and partnerships. The rules do not stop taxpayers supplying their services through their own company or a partnership. However, they do seek to
 
       
National Insurance employment allowanceJune 19, 2014
The employment allowance of 2,000 per year for all businesses and charities was made available from April 2014. The allowance is offset against the employers Class 1 secondary NICs. The allowance can be claimed as part of the normal payroll process through RTI using either an employer’s own
 
       
PAYE and NIC payment datesJune 19, 2014
We would like to remind employers about the electronic PAYE and NIC payment dates. The due date for electronic PAYE payments is the 22nd of the month and when a payment is made electronically, a payment on the day usually suffices. However, where the due date falls on a non-banking day (weekend or
 
       
VAT - Mini One Stop ShopJune 19, 2014
From 1 January 2015 changes will come into effect for businesses supplying digital services such as broadcasting, telecoms and e-services. Currently these supplies are taxed in the Member State in which the business is established. However, from 2015, the place of supply will be determined by the
 
       
New options for saversJune 19, 2014
Major reforms to the ISA system came into effect on 1 July 2014. A New ISA (NISA) was introduced with equal limits for cash and stocks and shares. This will allow savers to transfer funds from stocks and shares ISAs to cash ISAs allowing far greater flexibility. The changes were announced by the
 
       
Sham tax credit emailsJune 19, 2014
HMRC is warning of new fraudulent emails being sent to taxpayers. The emails take advantage of the upcoming 31 July 2014 deadline for submitting tax credits renewal information. The fraudulent emails inform recipients that they are due a tax rebate, and provides a click-through link to a replica of
 
       
Tax-free childcare schemeJune 11, 2014
The government has published a further consultation document on plans to introduce a new childcare scheme to support working families with their childcare costs. The new scheme is set to be launched in autumn 2015 and will replace the current salary sacrifice scheme. Unlike its predecessor, the new
 
       
Taxpayers with multiple income streamsJune 11, 2014
HMRC has been targeting individuals in employment who have additional untaxed sources of income. The Second Incomes Campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The HMRC guidance lists the following possible
 
       
PAYE Employer late returnsJune 11, 2014
HMRC has published an informational notice advising employers of changes to the way penalties are issued for late submission of the 2012-13 and 2013-14 PAYE annual returns. The change is part of HMRC’s transition to in-year PAYE Real Time Information penalties for late and non-filing. There is a
 
       
Criminal gang ordered to pay back ill-gotten gainsJune 11, 2014
A criminal gang that was found guilty of trying to steal 176m from the public purse were sentenced to jail in 2012. The complex scam known as carousel fraud involved the sale of expensive mobile phones which were imported VAT-free to the UK. The goods were then sold in the UK for an amount
 
       
PAYE tax refundsJune 11, 2014
HMRC has started its annual reconciliation of PAYE for the tax year 2013/14 and has begun sending out tax calculations to some taxpayers using the P800 form. The form shows HMRC’s tax calculations in respect of the tax year ending 5 April 2014. This form is sent to taxpayers after HMRC has received
 
       
Don’t forget to renew your tax credit claimJune 11, 2014
The child tax credit has been designed to help lower income families with children. Credits are available to families with low to moderate income. Child tax credit is paid directly to the main carer in the family either weekly or monthly and is usually paid directly to a designated bank or building
 
       
Alternative Dispute ResolutionJune 5, 2014
The Alternative Dispute Resolution (ADR) process uses independent HMRC facilitators to help resolve disputes between HMRC and taxpayers. The use of the ADR aims to find a fair and quick outcome for both parties, helping to reduce costs and avoid a Tribunal case. The ADR facilitators will not have
 
       
Companies House – late filing penaltiesJune 5, 2014
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. The penalties were introduced in 1992 and were significantly increased from February 2009. All companies, private and public, large or small, trading or non-trading must send their
 
       
VAT reverse charge for gas and electricityJune 5, 2014
The government announced as part of the Budget 2014 measures that it would legislate for the introduction of a VAT reverse charge accounting mechanism on the wholesale supplies of gas and electricity. The announcement was made in order to prevent missing trader intra community fraud. A new Revenue
 
       
Fraudulent emails from 'HMRC'June 5, 2014
Taxpayers are reminded that the problem of fraudulent emails continues. The emails are part of a 'phishing' exercise that uses bogus e-mails and websites to trick taxpayers into supplying confidential or personal information. These emails aren’t genuine HMRC messages and should be disregarded. The
 
       
Simplified Import VAT Accounting (SIVA) schemeJune 5, 2014
The Simplified Import VAT Accounting (SIVA) scheme is designed for businesses that incur VAT on imported goods and can also help in reducing security requirements and associated costs as well as the compliance costs of having a guarantee in place. Obtaining approval to use SIVA means that the
 
       
Paper Self Assessment returnsJune 5, 2014
The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a 100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is
 
       
Advisory fuel rates for company carsMay 29, 2014
New advisory fuel rates are effective from 1 June 2014. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. Due to the increased review time, HMRC's previous policy whereby the rate could change if fuel prices fluctuated by 5% or more
 
       
Employment Related Securities annual returnsMay 29, 2014
There are a number of government approved share schemes which offer certain tax advantages to employees. The schemes are designed to help incentivise employees by giving them the opportunity to invest in the business they work for. This in turn helps businesses retain and recruit key staff. Since,
 
       
Updated rogues picture galleryMay 29, 2014
HMRC has added a 100m VAT fraudster to the rogues picture gallery and is asking for members of the public to help find some of the country's most wanted tax criminals. The gallery which is published on HMRC’s flickr channel includes pictures of HMRC’s Most Wanted and includes details of their
 
       
Midland men arrested for red diesel fraudMay 29, 2014
There are special rules that allow farmers to use red diesel to help grit and clear snow during extreme cold snaps. The legislation allows users of agricultural tractors, light agricultural vehicles and agricultural material handlers to use red diesel in their vehicles when gritting public roads.
 
       
HMRC’s crackdown on tax avoidanceMay 29, 2014
The Treasury has collected a record breaking 23.9 billion in additional tax as a result of various measures to tackle tax avoidance and close the tax gap. HMRC said that more than 8 billion came from large businesses, 1 billion from criminals and 2.7 billion from tackling avoidance schemes in
 
       
Renewing tax credit claimsMay 22, 2014
The child tax credit has been designed to help lower income families with children. Credits are available to families with low to moderate income. Child tax credit is paid directly to the main carer in the family either weekly or monthly and is usually paid directly to a designated bank or building
 
       
Real Time Information - penaltiesMay 22, 2014
When the Real Time Information (RTI) system was introduced, HMRC announced that there would be no penalties if in-year Full Payment Submissions (FPS) were sent in late. HMRC subsequently announced their intention to stagger the introduction of in-year late filing and payment penalties to give
 
       
VAT - Mini One Stop ShopMay 22, 2014
From 1 January 2015 changes will be made to the place of taxation of consumer supplies of telecommunications, broadcasting and e-services. Currently these supplies are taxed in the Member State in which the business is established. However, from 1 January 2015, the place of supply will be determined
 
       
Disclosure opportunity for landlordsMay 22, 2014
Landlords that may owe tax, whether through misunderstanding the rules or deliberate evasion, are being targeted by HMRC in a campaign that was launched last year. Unusually, the campaign does not currently have a finish date and will run until at least March 2015. HMRC will allow landlords to come
 
       
New list of deliberate tax defaulters publishedMay 22, 2014
HMRC has published its sixth list of deliberate tax defaulters. The list includes fifteen individuals, businesses and companies and lists the amounts on which penalties are due and the amount of penalties charged. One of the companies listed (an alcohol supplier) had to pay penalties of over
 
       
HMRC targets taxpayers with second incomesMay 22, 2014
HMRC is targeting individuals in employment who have an additional untaxed source of income. The Second Incomes Campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The HMRC guidance lists the following possible
 
       
Annual tax on enveloped dwellings (ATED)May 14, 2014
The ATED came into effect on 1 April 2013. The tax is payable by certain non-natural persons that own interests in dwellings valued at more than 2 million. This provision affects certain companies, partnerships with company members and managers of collective investment schemes described in the
 
       
VAT notesMay 14, 2014
HMRC has published the latest quarterly edition of VAT notes which includes a summary of recent changes and important notices announced as part of the Budget. The main topics covered in the latest edition are as follows: VAT registration / deregistration limits – The taxable turnover threshold,
 
       
Stamp taxes on recognised growth marketsMay 14, 2014
Stamp taxes on purchases of securities from recognised growth markets have been abolished from 28 April 2014. There uses to be a 0.5% stamp duty or stamp duty reserve tax charge. The exemption applies to securities that are admitted to trading on a recognised growth market and not ‘listed’ on a
 
       
Tackling international tax avoidanceMay 14, 2014
The Chancellor recently attended a meeting of the G5 finance ministers in Paris that discussed the age old issue of tax evasion and avoidance. At the meeting, a date for signing automatic exchange of information agreements was agreed between the UK, France, Germany, Italy and Spain. To date, 44
 
       
Phishing emails scamMay 14, 2014
HMRC continues to warn taxpayers to be aware of the problem of fraudulent phishing emails. The emails typically look to obtain taxpayers personal and or financial information such as passwords, credit card or bank account details. The phishing emails often include a link to a bogus website
 
       
National Insurance employment allowanceMay 14, 2014
Following the Royal Assent of the National Insurance Contributions Act 2014, the 2,000 NIC Employment Allowance can now be offset against Class 1 secondary NICs from 6 April 2014. The allowance can be claimed as part of the normal payroll process through RTI using either an employer’s own payroll
 
       
Finance Bill 2014May 8, 2014
The Finance Bill 2014 was presented to Parliament on 25 March 2014. The Bill contains the legislation for many of the tax measures that have been announced by the Government. The Bill had its second reading on 1 April 2014 and the Public Bill Committee is expected to report by 17 June 2014. The
 
       
Double Taxation update – priorities for 2014/15May 8, 2014
The Government has recently announced their priorities for Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs) in the period to 31 March 2015. This is part of an annual review designed to meet the needs of individuals and businesses who receive income from outside the
 
       
New Agent Dedicated LineMay 8, 2014
HMRC has announced that a new Enforcement & Compliance, Debt Management & Banking (DMB) Agent Dedicated Line was launched on 28 April 2014. The helpline is intended for the sole use of agents with queries about debt management and banking. The helpline can be contacted on 0300 200 3887 and
 
       
Chattels and CGTMay 8, 2014
A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of chattels. Chattel is a legal term which defines an article of movable personal property. Chattels with a predictable useful life of 50 years or less are normally exempt
 
       
Cash basis for small businessesMay 8, 2014
Small businesses with a turnover of less than 81,000 should consider the use of the cash basis scheme for simpler accounting. The scheme has been available since 6 April 2013. The use of the scheme focuses on using a cash basis enabling sole traders and other unincorporated businesses to simplify
 
       
Landlords targeted by HMRCMay 8, 2014
A new scheme aimed at landlords who may owe tax due to misunderstanding the rules or deliberate evasion was launched last Autumn. Unusually, the campaign does not currently have a finish date and will run until at least March 2015. HMRC will allow landlords to come forward voluntarily throughout the
 
       
Aggregates LevyMay 1, 2014
The Aggregates Levy is relevant to quarry operators and other extractors of rock, sand and gravel, including operators of dredgers, importers of aggregate and others who commercially exploit aggregate as well as other businesses involved in the construction industry and users of minerals for
 
       
The Child Trust Fund (CTF)May 1, 2014
Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account provided they met the necessary conditions. Children born after the later date are no longer eligible for CTF payments. HMRC has recently published the latest edition of the CTF Bulletin.
 
       
HMRC Agent updateMay 1, 2014
HMRC has released the latest bi-monthly issue of the 'Agent Update' publication that includes summaries of recent changes and updates that have been announced. The document which is aimed at taxation and accountancy practitioners includes links to more detailed information on each of the topics
 
       
Renewing tax credit claimsMay 1, 2014
Families and individuals that receive tax credits must renew their tax credit claims by 31 July 2014. HMRC has begun sending tax credits renewal packs to about 5.8 million households. The packs are being sent out between April and June. Taxpayers are being urged to renew as soon as possible in order
 
       
HMRC debt collection visitsMay 1, 2014
If HMRC is unable to collect outstanding debts, taxpayers may be visited by debt management and banking field force collectors. These visits can take place at a taxpayer’s home or business premises. Advance warnings are made to taxpayers informing them that a visit may take place to arrange
 
       
The Annual Investment AllowanceMay 1, 2014
The Annual Investment Allowance (AIA) allows businesses to write off 100% of the cost of qualifying equipment, up to the allowed maximum, against taxable profits. It can be claimed by: An individual, partnership or company carrying on a trade, profession or vocation. A UK non-residential
 
       
The Construction Industry SchemeApril 24, 2014
The CIS is a set of special rules for tax and National Insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’. The scheme applies mainly to contractors and sub-contractors involved in construction
 
       
VAT Retail Export SchemeApril 24, 2014
There is a special VAT refund scheme called the VAT Retail Export Scheme or Tax-Free Shopping that allows individuals not resident in the EU to obtain a VAT refund on goods bought in the UK and taken out of the EU. The scheme does not apply to services, for example hotel bills. The Government
 
       
National Insurance holiday scheme returnApril 24, 2014
The NIC holiday scheme that was officially introduced on 6 September 2010 ended on 5 September 2013. The scheme was designed to help new businesses in qualifying regional areas to create jobs by reducing the costs of employing staff. The scheme was only open to qualifying new businesses outside
 
       
Fraudulent emails from 'HMRC'April 24, 2014
Taxpayers are reminded that the problem of fraudulent emails continues. The emails are part of a 'phishing' exercise that uses bogus e-mails and websites to trick taxpayers into supplying confidential or personal information. These emails aren’t genuine HMRC messages and should be disregarded. The
 
       
HMRC targets taxpayers with second incomesApril 24, 2014
A new campaign to target individuals in employment who have an additional untaxed source of income has been launched by HMRC. The Second Incomes Campaign offers individuals the opportunity to inform HMRC that they have undeclared income from an supplementary income stream. The HMRC guidance lists