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Can’t pay your VAT ontime?
Neither it seems could several other businesses if some of the recently reported Tribunals are anything to go by. No less than eight first tier tribunal reports were published on 1 November in respect of appeals against default surcharges. As these businesses found out, just failing to submit either your VAT return, VAT payment or…
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Minimum Wage Increase
There has been much press commentary recently regarding HMRC’s pursuit of football clubs who stand accused of paying certain “employees” below the National Minimum Wage (NMW). This action is being taken due to complaints HMRC has received from ball-boys and club mascots who receive no payment for their time. All employers are required to pay their…
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Charity Guidance on Public Benefit
The Charity Commission has published its new public benefit guidance, after being ordered by the Charity Tribunal to rewrite it after the independent schools case. The new version is split into three short guides: • Public benefit: the public benefit requirement • Public benefit: running a charity • Public benefit: reporting The guides explain what…
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Compulsory online VAT filing is Illegal!
Three VAT registered businesses have won their appeals against HMRC’s requirement that they file their VAT returns online. All of the appellants ran their own small businesses. Two of the appellants experienced disabilities which made it excessively difficult or impossible for them to use a computer. A third lived in a remote area of…
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Should you complete a Tax return?
It’s a question we’re often asked as Accountants “Do I need to complete a self-assessment tax return?” Usually the answer is a simple “Yes” or “No” but a recent change in legislation coupled with an apparent change of heart of H M Revenue and Customs has introduced a third answer. “Maybe.” The element of doubt…
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Charities Update
A couple of recent changes have come to our attention that we felt deserved highlighting for anyone working with, or on behalf of charities: 1. From 1st October, charities have to submit gift aid repayment claims using the Charities Online Service as Form R68i will become redundant. HMRC say it will reduce repayment times from an…
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Tax, Lies and Videotape
On Monday 16 September Panorama showed another programme about tax avoidance. This time the focus was on tax advisors who HMRC believe continue to cross the line on acceptable tax planning ideas for their clients. Tax has never been so high profile with the media as it is now. In addition to media and public…
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Are you missing out on Tax Relief?
HMRC have stated that they believe many more businesses could be claiming research and development tax relief. In the last year the tax authorities have issued guidance which confirms that relief may be available in wider circumstances than previously understood and also removed some previous restrictions to making claims. Now is the time to review…
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Changes to Inheritance Tax & Loans
Generally speaking, debts of a person’s estate are deductible for Inheritance Tax (IHT) purposes – though there are some circumstances where specific debts cannot be deducted such as where the deceased had previously made a gift to the person who made the loan. Following this year’s Finance Act, which became law on 17 July, there…