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What are the VAT consequences of an out of court settlement?
A recent case Decided by the First Tier Tax Tribunal highlighted how HMRC can sometimes misread the facts and thereby seek to apply the law inappropriately. In this instance, they sought to apply the bad debt relief legislation when there was no bad debt to apply it to! A business provided legal services to a…
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Are fines being issued for Pensions Auto Enrolment?
You can bet they are! The Pensions Regulator (TPR) has already issued its first fines to non-compliant employers for failing to meet their auto-enrolment duties, in what is widely seen as just the start of what may be a deluge of penalties under the new regime. The latest bulletin issues by the Regulator entitled ‘Compliance…
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The Dangers of using Tax Schemes
H M Revenue and Customs (HMRC) have today issued a list of the top 10 things that tax scheme promoters don’t tell businesses before they sign up to tax schemes. The list sets out HMRC’s assessment of the risks that people face when they sign up to a tax avoidance scheme, including not only the…
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A taxpayer win in respect of the VAT consequences of an out of court settlement
A recent case Decided by the First Tier Tax Tribunal highlighted how HMRC can sometimes misread the facts and thereby seek to apply the law inappropriately. In this instance, they sought to apply the bad debt relief legislation when there was no bad debt to apply it to! A business provided legal services to a…
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Auto Enrolment Trouble ahead!
October 1st 2014 marked the second anniversary since the introduction of auto enrolment for larger companies. Since then 786 firms have been investigated by the regulator but unfortunately the regulations have continued to change which is resulting in significant confusion and misunderstanding for businesses. To emphasis the point that auto enrolment is difficult, The Pensions Regulator (TPR) has released…
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Safeguarding Client Money
The Solicitors Regulation Authority (SRA) had been planning to abolish the requirement for legal practices to submit an annual independent accountants’ report detailing how they have managed client money during the year. Following consultation and the receipt of many concerns from within the profession (and their clients!) the SRA have now announced that the requirement…
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VAT Repayments Handicap Golf Clubs
And so the saga goes on! Despite the European Court having ruled back in December 2013 that VAT should not be levied on green fees charged by not for profit members’ clubs, here we are, almost 12 months later, not much further forward. The reason is that HMRC is having a serious case of the…
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Did you know that until recently, snowballs were standard rated for VAT purposes? It’s true, honestly.
Of course the snowballs in question are not the sort that are made out of snow, and if current weather predictions are correct, you will be able to throw until your arms get tired this winter. They are the items made from marshmallow, covered in chocolate and sprinkled with coconut. Given that a tax tribunal…
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HMRC error affects 5 million taxpayers (again)
In a leaked email, HMRC has admitted that over 5 million taxpayers may have had their liabilities calculated incorrectly. Despite subsequent adjustments and assessments, and in many cases refunds issued, they may still have paid the wrong amount. As an interim measure HMRC have stopped sending tax repayments until the crisis is resolved. Some months…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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