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Cash basis for small businessesMarch 5, 2015
The cash basis scheme was launched in 2013 to help sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is open to businesses with a turnover of 81,000 or less. The threshold to use the scheme mirrors the VAT registration
Upper Tribunal examines church conversionMarch 5, 2015
The Upper Tribunal recently heard a case that concerned the development of a nursing home on the site of a church. The site consisted of the main church building, which had been extended to the rear at some time in the past, a presbytery with access into the church on the north side of the church
VAT notes – new edition publishedMarch 5, 2015
HMRC has published the latest quarterly edition of VAT notes which includes a summary of recent changes to the VAT rules. The main topics covered in the latest edition are as follows: VAT Mini One Stop Shop (MOSS) – The new place of taxation rules for supplies of cross border telecommunications,
Minimum Wage offenders namedMarch 5, 2015
The Government has published a list of 70 employers that have failed to pay their employees the Minimum Wage. This brings the total number of businesses that have been named and shamed to 162 since new rules were introduced in October 2013. The Government also announced an increase in HMRC’s 9.2
Tobacco fraudsters arrestedMarch 5, 2015
Five members of a criminal gang that illicitly produced and sold tobacco and cigarettes have been arrested. The arrests took place in Northern Ireland as part of an investigation into a suspected 110 million tobacco fraud. HMRC officers together with representatives from the Police Service of
Late filing of Self Assessment tax returnsMarch 5, 2015
Taxpayers that have not yet filed their 2013/14 Self Assessment returns will have been charged an automatic 100 penalty for late submission. The penalty applied from 1 February 2015 even if no tax was due or the tax due was paid on time. However, taxpayers who were meant to file online by 31
More Equitable Life policy holders locatedFebruary 26, 2015
The Equitable Life Payment Scheme (ELPS) was set up by the Government in 2011 to make fair and transparent payments to policy holders affected by the near total collapse of the insurer Equitable Life. The scheme was due to close in April 2014 but was extended until at least the middle of 2015 to
Advisory fuel rates for company carsFebruary 26, 2015
The new advisory fuel rates from 1 March 2015 are listed below. 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, where the rate could change if fuel prices fluctuated by 5%
Annual Investment AllowanceFebruary 26, 2015
The Annual Investment Allowance (AIA) is designed to give 100% first year tax relief for qualifying expenditure on plant and machinery. It can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property business or a furnished
Solicitors' tax campaign deadlineFebruary 26, 2015
Affected solicitors who want to make use of the Solicitors’ Tax Campaign, launched in December 2014, must advise HMRC by 9 March 2015 of their intention to take part in the disclosure opportunity. The Campaign provides an opportunity for solicitors to disclose undeclared income and bring their tax
New marriage allowance launches in April 2015February 26, 2015
A new allowance for some married couples, that was announced by the Prime Minister David Cameron in 2013, comes into force on 6 April 2015. The new marriage allowance affects married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the
PAYE filing penaltiesFebruary 26, 2015
Employers will not incur automatic PAYE filing penalties for delays of up to three days with effect from March 2015. HMRC has said that going forward late payment penalties will continue to be reviewed on a risk-assessed basis rather than being issued automatically. However, there is no change in
PAYE – Week 53 paymentsFebruary 19, 2015
Employers and employees that are paid weekly, bi-weekly or four weekly and whose final payday of the 2014/15 tax year falls on 5 April 2015 are reminded that there is a possibility that they may underpay tax for the current tax year. This can happen where a ‘week 53 payment’ is received. As the
Genuine HMRC emailsFebruary 19, 2015
HMRC has issued an advisory note to let employers know that it is in the process of emailing an employer alert. These emails are titled Important information for employers and refer to Employer Bulletin 52, finishing the old tax year and starting the new tax year. These emails are genuine and
Employment intermediariesFebruary 19, 2015
From 6 April 2015, employment intermediaries must return details of all workers they place with clients where they don’t operate PAYE on the workers’ payments. The return will be a report (or reports) that must be sent to HMRC once every 3 months. HMRC have put these new rules in place to decrease
Air Passenger Duty changesFebruary 19, 2015
Air Passenger Duty (APD) is a departure tax levied on most air travel. The number of APD bands will be reduced from four to two for travel on or after 1 April 2015. This measure will lower the costs of travelling to many countries including Australia, China, India and Brazil. Each geographical
HMRC wins important Court of Appeal decisionFebruary 19, 2015
HMRC has welcomed a unanimous decision by the Court of Appeal to uphold the decisions of the First-tier Tribunal and the Upper-tier Tribunal both of which ruled in favour of HMRC. The ruling related to a particular scheme known as the Eclipse 35 partnership that was the subject of the Court of
Changes to the way Class 2 NICs are collectedFebruary 19, 2015
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. From April 2015, the way Class 2 NICs are collected is changing. Currently, payments for Class 2
Last chance to plan for 2014-15February 19, 2015
There are a number of tax planning opportunities that will cease to exist once the clock passes midnight, 5 April 2015. For businesses whose year end coincides with the 5 April 2015 (or 31 March 2015) these opportunities included: The timing of capital purchases: equipment, vehicles and so
List of deliberate tax defaulters updatedFebruary 12, 2015
HMRC has updated its list of deliberate tax defaulters. The list includes over sixty individuals, businesses and companies and includes the amounts on which penalties are due and the amount of penalties charged. The details of a tax defaulter details will be held on HMRC’s website for a maximum of
Tribunal examines MTIC fraud claimsFebruary 12, 2015
Missing Trader Intra-Community (MTIC) fraud focuses on the sales of mobile phones and computer software. MTIC fraud also known as 'carousel fraud' usually involves the small high value goods such as computer chips or mobile phones which are imported free of VAT from other EU member states. The goods
New measures to tackle property fraudFebruary 12, 2015
A new counter-fraud security measure has been introduced by the Land Registry for companies who own registered property and are concerned it might be subject to a fraudulent sale or mortgage. The new property alert service can be used to monitor any property in England or Wales that is registered
Tax-free childcare schemeFebruary 12, 2015
The new tax-free childcare scheme moved a step closer when the legislation to enact the scheme received Royal Assent in December 2014. The scheme will support working families with their childcare costs and will launch in autumn 2015, the exact date has not yet been confirmed. The new scheme will
Sale of pensioner bonds extendedFebruary 12, 2015
The Chancellor, George Osborne has announced that the cap on the amount of pensioner bonds that the Treasury will issue of 10bn has been lifted. Instead, the bonds will now remain on sale until 15 May 2015 with an unlimited amount available until then. There are two bonds available, a one-year
Bank fine cash for Royal Navy familiesFebruary 5, 2015
The Government will use some of the money collected from the LIBOR fines to help Royal Navy personnel in Argyll and Bute. The Government will contribute 2 million to the Royal Navy and Royal Marines Charity in Argyll and Bute, which provides support for Naval families who live in married quarters
National Minimum Wage blitzFebruary 5, 2015
HMRC together with Hackney Council, Home Office Immigration Enforcement and the police have been tackling businesses in Hackney. A total of seven businesses were targeted for failing to pay the National Minimum Wage (NMW) as well as other tax irregularities and illegal activities. The businesses
Tax codes to use from 6 April 2015February 5, 2015
The P9X form used to notify employers of the tax code changes for employees has been updated and will take effect from 6 April 2015. The basic personal allowance for the tax year starting 6 April 2015 will be increased to 10,600 and the tax code for emergency use will be 1060L. As a result of the
Developer wins Tribunal caseFebruary 5, 2015
The VAT DIY Housebuilder’s scheme is a scheme designed to ensure that a homeowner building a home can benefit from the special VAT rules which allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The use of the scheme allows homeowners to be in a
Self Assessment online filing statisticsFebruary 5, 2015
HMRC has issued a press release detailing the number of online filings made for the 2013-14 Self Assessment returns. The use of the online service continues to grow year on year. This year a total of over 8.75 million online filings were made by the 31 January 2015 deadline. A further almost 1.49
Rental deposit loan schemeFebruary 5, 2015
The Government has backed a new scheme that will see help offered to many potential tenants by providing the opportunity to get a loan from their employers to help pay the deposit necessary to rent a home. The scheme works in a similar way to the season ticket loan programme that allows employers to
Coastal Communities FundJanuary 29, 2015
The Coastal Communities Fund (CCF) was established in 2012 with the aim of encouraging the economic development of UK coastal communities by awarding funding to create sustainable economic growth, new jobs and creating new opportunities in local areas. Since the fund started grants have been awarded
The Liechtenstein Disclosure FacilityJanuary 29, 2015
The Liechtenstein Disclosure Facility (LDF) provides a framework to assist UK taxpayers with investments in Liechtenstein - that have not been taxed - to make a full disclosure to HMRC. The agreement allows penalties on unpaid tax to be capped at 10% of tax evaded over the last ten years. The LDF
Diverted Profits TaxJanuary 29, 2015
As part of the Autumn Statement measures, the Chancellor announced the introduction of a new Diverted Profits Tax (DPT) to counter the use of aggressive tax planning to avoid paying tax in the UK. The DPT has been coined as the 'google tax' but the net is spread much wider than technology companies.
Non-UK domiciled individuals consultationJanuary 29, 2015
A new consultation has been launched jointly by HM Treasury and HMRC. The consultation follows the Government’s announcement during the Autumn Statement on plans to enforce a three-year minimum claim period for the remittance basis charge. Comments were requested by 16 April 2015. The changes seek
EC approval for Rural Fuel Duty reliefJanuary 29, 2015
The European Commission (EC) has approved an extension of the Rural Fuel Duty relief scheme that has cut fuel duty in remote island communities by 5p per litre. The scheme currently applies to the sale of unleaded petrol, diesel, biodiesel, bioblend and bioethanol blend in the Inner and Outer
Wealth unit raises 137mJanuary 29, 2015
HMRC’s Affluent Unit was set up in October 2011 to examine the tax affairs of taxpayers who had wealth of at least 2.5 million and an annual income of 150,000 or more. In 2013, the Affluent Unit doubled in size and grew to look at taxpayers whose wealth was over 1 million. The Affluent Unit is
Research and Development (R&D) tax creditsJanuary 22, 2015
Research and Development (R&D) tax credits were introduced for Small and Medium Sized Enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief that were introduced to encourage innovation and enterprise within the UK economy. Small and Medium-sized
Death taxes on ISAsJanuary 22, 2015
One of the more welcome announcements as part of the Autumn Statement in December 2014 was a new measure concerning the inheritance of Individual Savings Accounts (ISA). With effect from 3 December 2014, if an ISA (also known as ‘New ISAs’) saver in a marriage or civil partnership dies, their spouse
New phishing email publishedJanuary 22, 2015
HMRC has warned of a new email phishing scam. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link from within the email can result in
Scottish taxation changesJanuary 22, 2015
The Scotland Act 2012 came into law on 1 May 2012 and gives the Scottish Parliament the power to set a Scottish rate of Income Tax which will be administered by HMRC for Scottish taxpayers. The Act also fully devolves the power to raise taxes on land transactions and on waste disposal to landfill to
Claiming a repayment of tax from HMRCJanuary 22, 2015
An updated version of the form P50 entitled 'Claim for repayment of tax when you have stopped working' has been published. The form can be used by individuals to claim back excess tax that has been paid when taxpayers have stopped working. The form can be used in the following circumstances: By
Launch of basic fee-free bank accountsJanuary 15, 2015
The Government has published a list of nine banks that have agreed to offer basic bank accounts. This follows a new agreement that was reached last month between the Government and the banking industry to establish a new basic bank account. These new accounts will help people who do not have a bank
Tribunal examines entitlement to Private Residence ReliefJanuary 15, 2015
In general there is no CGT on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as Private Residence Relief. In general, taxpayers are entitled to full relief from CGT where all the
Shared Parental Pay and LeaveJanuary 15, 2015
Any of our readers or their partners anticipating the arrival of a baby on or after 5 April 2015? New legislation has come into force that allows working parents far greater choice in how they share the care of their child and take time off work during the first year of their child’s life. The rules
Best tax return filing ratesJanuary 15, 2015
HMRC has released an interesting analysis showing that women are more likely than men to send in their tax return on time. The statistics were compiled by analysing the filing of 2012-13 tax returns up to the end of July 2014. The paper return for that year was due to be filed by 31 October 2013 and
New pension service launchedJanuary 15, 2015
A new free and impartial pensions guidance service, Pension Wise, has been launched. The new service is being run jointly by The Citizens Advice Bureau (CAB) and The Pensions Advisory Service (TPAS). The launch of this new service follows the launch of wide-ranging changes for individuals that have
Small businesses affected by VAT rule changeJanuary 15, 2015
The way that VAT is applied on the sale of certain Business to Consumer digital services in the EU changed on 1 January 2015. The place of supply is now determined by the location of the customer who receives the service rather than the location of the supplier. The new rules have been introduced
Finding your National Insurance numberJanuary 8, 2015
HMRC has issued a tweet to remind people how to find a lost National Insurance number. Anyone who has lost or forgotten their National Insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. If the National Insurance number still cannot be
Class 2 National Insurance ContributionsJanuary 8, 2015
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
Self Assessment deadline approachesJanuary 8, 2015
Taxpayers are reminded that the deadline for submitting 2013/14 Self Assessment tax returns online is 31 January 2015. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the
Money launderers jailedJanuary 8, 2015
The money laundering rules are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists. Failure to comply with the money laundering regulations could result in a civil financial penalty or
New savings club for children launchedJanuary 8, 2015
The Government has announced it will fund a pilot scheme, to the tune of 150,000, to set up savings clubs in primary schools in a bid to help prevent children racking up debts later on in life. This follows a proposal by the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings to
Rise in online tax returns filed over ChristmasJanuary 2, 2015
Taxpayers are reminded that the deadline for submitting 2013/14 self assessment tax returns online is 31 January 2015. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of self assessment liability for the
HMRC warns of fraudulent activityJanuary 2, 2015
HMRC has published updated guidance on phishing and bogus emails. The new 11 page PDF document includes examples of emails, letters, text messages, and bogus calls used by scammers and fraudsters to get your personal information. Phishing emails are emails sent by fraudsters who try and trick
SDLT avoidance caseJanuary 2, 2015
The Upper Tribunal (UT) has upheld a ruling against a Stamp Duty Land Tax (SDLT) avoidance scheme that was used by the buyers of Chelsea Barracks in January 2008. The Chelsea Barracks was sold to a company by the name of Project Blue Ltd (PBL) that is now owned by the Qatari government. The site is
HMRC campaigns updateJanuary 2, 2015
HRMC has recently published an update on the amount of tax they have collected since the introduction of the current batch of targeted campaigns against tax avoidance which began with the Offshore Disclosure Facility (ODF) in 2007. The ODF (and subsequent New ODF) targeted taxpayers with unpaid
HMRC website moves to GOV.UKJanuary 2, 2015
The HMRC website has a new homepage. Since 16 December 2014, the main address for HMRC has been redirected to the GOV.UK portal. This move is in line with the Governments digital strategy that will see the transition of all central government websites to GOV.UK. However, not all of the content on
New joint venture to target 20bn in debtsJanuary 2, 2015
For a number of years, HMRC and other Government agencies have been working with private sector organisations to collect debt owed to the Government. Following a review of the debt collection services a new joint venture has been launched with the private sector. A new company, called Integrated
Accelerated Payment Notices updateDecember 18, 2014
The 2014 Finance Act gave HMRC significant new powers to demand upfront payment of disputed tax from taxpayers using avoidance schemes. This is facilitated by the use of an Accelerated Payment Notice (APN) when HMRC have an open appeal or enquiry and either: the taxpayer is using certain
Guidance for small businesses on VAT rule changeDecember 18, 2014
As many of our readers will be aware there are significant changes to the VAT place of supply rules for businesses supplying digital services. The changes come into effect on 1 January 2015. Currently these supplies are taxed in the Member State in which the business is established. However, from
National Insurance Contributions for under 21sDecember 18, 2014
New guidance has been published for employers regarding the abolition of National Insurance Contributions (NICs) for employees between the ages of 16 and 21. The changes will apply from 6 April 2015. From 6 April 2015, employers with employees under 21 years old will no longer have to pay Class 1
HMRC re-launch service to help small businessesDecember 18, 2014
HMRC has re-launched a digital interactive publication known as Supporting Small Business. The publication contains links to new products and services for small businesses. It also explains how HMRC is delivering new and enhanced digital services, delivering better help, support and guidance,
Date announced for Budget 2015December 18, 2014
The Chancellor has announced that the 2015 Budget will be held on Wednesday, 18 March 2015. The announcement was made during an evidence session on the Autumn Statement of the Treasury Committee. HM Treasury also tweeted the news. The Budget will be George Osborne’s sixth and follows on from his
Pensioner bonds to be launched this monthDecember 18, 2014
The Treasury has confirmed the interest rates for the new National Savings and Investments (NS&I) product called pensioner bonds. The new pensioner bonds will offer greater certainty and a better return for pensioners many of whom rely on savings income and have been hit by low interest rates
NISA limits set to increaseDecember 11, 2014
The New ISA (NISA) was announced by the Chancellor as part of the 2014 Budget announcements and came into effect on 1 July 2014. The NISA introduced major changes to the old ISA system by introducing equal limits for cash and stocks and shares. This allows savers the ability to transfer funds from
Goodwill and Entrepreneurs’ ReliefDecember 11, 2014
A new measure was announced as part of the Autumn Statement. Entrepreneurs’ Relief (ER) will no longer be available to reduce Capital Gains Tax (CGT) on disposals of the reputation and customer relationships associated with a business (the ‘goodwill’) to a close company to which the seller is
EU VAT refund schemeDecember 11, 2014
HMRC has recently released an updated version of VAT Notice 723A which provides more details on submitting a claim for a refund of VAT incurred in other EU countries. The notice also explains the procedure for businesses established outside the EU submitting a claim for VAT incurred in the UK. The
UK to repay final debts of First World WarDecember 11, 2014
In an historic announcement, the Chancellor has said that the Treasury will repay all the nation’s First World War debt by redeeming the outstanding 1.9 billion of 3% War Loan on Monday 9 March 2015. The Bond was issued in 1932 by the then Chancellor Neville Chamberlain to refinance debts run up
Reduced charges for calling HMRCDecember 11, 2014
Increasingly, HMRC has been moving away from 0845 numbers to 03 numbers. 03 numbers are non-geographic but are usually charged at the same rates as 01 and 02 numbers and are free with some telephone packages. All HMRC helplines now have 03 numbers, and the majority of calls are made using those
Solicitors’ tax campaign launchedDecember 11, 2014
A new tax campaign aimed at providing solicitors with an opportunity to regularise their tax affairs has been launched by HMRC. The Solicitors’ Tax Campaign offers a chance for solicitors to disclose undeclared income and bring their tax affairs up to date. As a first step, solicitors who want to
Gambling tax reforms have begunDecember 4, 2014
New changes to the basis of taxation for gambling duties from 'place of supply' to 'place of consumption' came into effect on 1 December 2014. The introduction of a place of consumption tax means that remote gambling operators will be required to pay tax on the gross gambling profits generated from
Help to Buy Schemes updateDecember 4, 2014
The Help to Buy mortgage guarantee scheme was launched on 8 October 2013 and was extended a few months later. The scheme allows qualifying buyers with a deposit of between 5% and 20% to apply for a mortgage on a home (old or new) worth up to 600,000. The scheme is open to first-time buyers as well
Place of supply rules Q&ADecember 4, 2014
Big changes to the VAT place of supply rules for businesses supplying digital services came into effect from 1 January 2015. Currently these supplies are taxed in the Member State in which the business is established. However, the place of supply will be determined by the location of the customer
New reporting proposals to tackle late paymentDecember 4, 2014
The Government has launched a new consultation on proposals that will oblige large and listed companies to publish detailed information about their payment practices and performance. The proposed changes will provide for a new robust reporting regime, making it easier for small businesses to access
Overseas shopping limitsDecember 4, 2014
Here is a useful reminder for travellers of their duty and tax free allowances whilst travelling over the Christmas 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
Self Assessment deadlinesDecember 4, 2014
Taxpayers are reminded that the online filing deadline is 31 January 2015. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the 2013/14, plus any payment on account due for the
Autumn Statement - 3 December 2014December 3, 2014
George Osborne has delivered his last Autumn Statement of this Parliament. As expected, he was bullish about the state of the nation’s finances and seems committed to maintaining a steady reduction in borrowing. Nevertheless, the temptation to include a few sweeteners, prior to the 2015 general
Equitable Life Payment Scheme updateNovember 27, 2014
The Equitable Life Payment Scheme (ELPS) was set up by the government following the almost total collapse of the insurer Equitable Life some 15 years ago. The ELPS was launched in October 2010 to make compensatory payments to certain classes of policy holders. The payments were based on 'relative
Holiday pay and overtime caseNovember 27, 2014
A recent decision of the Employment Appeal Tribunal (EAT) in the case of Bear Scotland Limited and others v. David Fulton and others has been widely reported in the press. The case which could have widespread implications found that guaranteed and non-guaranteed overtime should be included in the
Coding out debts deadlineNovember 27, 2014
New legislation recently came into effect that will allow for a significant increase in the coding threshold for taxpayers. From 2015-16, the amount of debt that can be coded out in a year increases from 3,000 to 17,000 based on a graduated scale. The maximum coding out allowance will only apply
Keeping a copy of HMRC guidanceNovember 27, 2014
The Low Income Tax Reform Group (LITRG) was established in 1998 to improve the policy and processes of the tax, tax credits and associated welfare systems for the benefit of those on low incomes. The LITRG have a number of websites that provide guidance for groups such as students and the disabled.
New safeguards for debt recoveryNovember 27, 2014
HMRC has agreed to introduce significant safeguards to its plans for the introduction of Direct Recovery of Debts (DRD) that was announced as part of the Budget measures earlier this year. The new DRD powers will allow HMRC to recover Income Tax debts directly from taxpayer’s bank and building
Let property disclosure campaignNovember 27, 2014
HMRC’s Let Property Campaign targets landlords who have undeclared income from residential property lettings. The campaign offers the opportunity for landlords to come clean about any outstanding liabilities because of misunderstanding the rules or due to deliberate evasion. HMRC has estimated that
Man jailed for failure to spot money launderingNovember 27, 2014
A man who ran a money-exchange shop in the West Midlands has been jailed for 12 months for his failure to comply with the Money Laundering Regulations (MLR). The regulations are designed to put in place certain controls to prevent businesses being used for money laundering by criminals and
Autumn statement 2014November 20, 2014
The Autumn Statement is due to take place on the first Wednesday of next month (3 December 2014). The statement will be used to give an update on the state of the economy and provide an update on the government’s plans for the economy based on the economic and fiscal forecasts published by the
The Social Investment Tax Relief (SITR) schemeNovember 20, 2014
The Social Investment Tax Relief (SITR) scheme is a tax relief scheme to encourage individuals to support social enterprises and to assist social enterprises accessing new sources of finance. The scheme can be used for investments made on or after 6 April 2014. Individuals making an eligible
Aggregates Levy – Northern IrelandNovember 20, 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
Gambling tax reforms to come into effectNovember 20, 2014
The introduction of changes to the basis of taxation for gambling duties from 'place of supply' to 'place of consumption' will come into effect from the beginning of next month. With a place of consumption tax basis, remote gambling operators will be required to pay tax on the gross gambling profits
Band Aid anniversary single launchedNovember 20, 2014
The Government has announced that they are to waive the VAT on sales of the Band Aid anniversary single that was launched earlier this week. This announcement closely follows that made recently by the Chancellor in relation to waiving the VAT on the sale of the poppies used within the First World
Government seeks to increase Gift Aid donationsNovember 20, 2014
HM Treasury has recently confirmed that the Gift Aid model declaration form is to be improved in order to stop charities losing out on Gift Aid. The National Audit Office (NAO) estimates there are donations of around 2.3 billion where Gift Aid is not used. Whilst not all of these donations will be
Class 3A National Insurance ContributionsNovember 20, 2014
A new class of National Insurance was first announced in the Autumn Statement in December 2013. The new class of voluntary National Insurance Contributions – Class 3A is aimed at existing pensioners and those workers reaching the state pension age before 6 April 2016 to have the opportunity to gain
Pre-registration input taxNovember 13, 2014
There are special rules that determine the recoverability of VAT incurred before a business registers for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and supply of services, but VAT can only be reclaimed if the pre-registration
Scottish carrier bag charge introducedNovember 13, 2014
A charge for single use carrier bags has been introduced in Scotland. With effect from 20 October 2014 a minimum charge of 5p has been introduced on single use carrier bags supplied in Scotland. From this date, single use carrier bags will no longer be given away free when people buy goods. This
Government to waive VAT on Tower of London poppiesNovember 13, 2014
The Government has announced that they are to waive the VAT equivalent of the estimated 1.1 million from the sale of the poppies used within the First World War commemorative installation at The Tower of London. The Government will use some of the money collected from the LIBOR fines imposed on the
Employment allowance - six month updateNovember 13, 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 through the regular payroll processes. The maximum amount
VAT on Christmas partiesNovember 13, 2014
Now is the time that many businesses are preparing for Christmas parties for staff as well as for customers and prospective clients. VAT incurred on Christmas parties for staff can be recovered subject to the usual rules. If staff partners/spouses or clients are also invited to the event the input
Collecting tax credit overpaymentsNovember 13, 2014
HMRC has issued a news briefing to advise a change to the way it collects some tax credit overpayments. There has been a lot of adverse press coverage criticising HMRC for the way it collects tax credit overpayments. Until very recently HMRC did not have the capabilities to collect old debts from
Personal tax summaries are in the postNovember 6, 2014
HM Treasury have now prepared the first batch of personal tax summaries which will be sent to taxpayers across the UK from 3 November 2014. The annual tax summary will show individual taxpayers how much Income Tax and National Insurance Contributions they paid in 2013-14 and includes a table and
Avoid the Self Assessment rushNovember 6, 2014
The deadline for submitting 2013-14 Self Assessment tax returns online is 31 January 2015. All filings should now be made online as the deadline for submitting paper returns, 31 October 2014, has passed. Taxpayers that still submit a paper return after the deadline will receive an automatic 100
VAT tax scheme failsNovember 4, 2014
The Upper Tribunal has decided that a circular scheme set up on behalf of Huddersfield University to ultimately, avoid the VAT costs on a refurbishment project was abusive. The scheme will now be disregarded for VAT purposes. The University had entered into a circular and self-cancelling lease and