In a radio report on Monday 25 July, HM Revenue & Customs admitted that they had failed to send out approximately £500,000 reminders for tax payments due on 31 July. One of the stated reasons was that they had failed to order sufficient paper although one spokesman did say that it was; “more complicated than [...]
Filed under: Taxation | Tagged: HMRC, tax | Leave a Comment »
Where a business incurs VAT on expenditure in an EU member state where it is not established, it can recover the VAT directly from that member state (the member state of refund). The previous system, known as the 8th VAT Directive refund system, was a lengthy, burdensome, paper-based system which has been replaced with a new system which applies to all [...]
Filed under: Taxation, VAT | Leave a Comment »
HM Revenue & Customs (“HMRC”) intends to implement the new late filing/payment penalties and interest provisions later this year. HMRC expects that new SA penalties for sending in late tax returns will be introduced from October 2011 so that they will apply to late returns for 2010/2011 and subsequent tax years. The new penalties for late payment are expected to apply to late balancing payments from [...]
Filed under: Taxation | Leave a Comment »
Insurance companies which provide cover to businesses against the costs of HM Revenue & Customs enquiries are reporting an increase in the number of “IR35″ cases being taken up for review. The IR35 rules are so called after the press release announcing their introduction and can apply where freelance workers trade through an intermediary, usually a [...]
Filed under: Taxation | Leave a Comment »
The Government’s interesting announcement that they intend to introduce a new rate of corporation tax to be levied on profits from new products developed and generated in Britain, being called “the patent box” is an interesting concept, albeit one that does exist in certain other European countries.
Filed under: Government, Taxation | Tagged: Corporation Tax, Patent Box, R & D | Leave a Comment »
The Office for Tax Simplification (OTS) has announced 4 new appointments all of who come from large organisations. I have no doubt that the standard of tax at Deloitte, BDO and PWC is of the highest order but in reality, do these people have a proper understanding of the tax issues affecting small business and [...]
Filed under: Small business, Taxation | Leave a Comment »
The business model of UK Inc is an interesting one to consider. Unlike most organisations, it is almost completely unable to influence the top line, as much of its revenue, the tax take, is dependent on the performance of businesses and individuals over which it has little control. Of course, it can, through pricing i.e. [...]
Filed under: Government, Miscellaneous, Taxation | Tagged: Government Expenditure, Government mismanagement, Sir Philip Green, Spending Review | Leave a Comment »
For the last few years, Westbury have taken out a group insurance policy covering clients against the cost of dealing with a tax investigation. Tax enquiries usually require a considerable amount of our time and consequently additional fees. Providing clients with this cover negotiated through PFP, ensures that in the event of an investigation or [...]
Filed under: Taxation | Leave a Comment »
For years I have been involved with the UK tax system wearing my hat as a partner in an accountancy firm. Over that time, I have met with many fellow professionals who have all publicly acknowledged both between themselves and to their clients, the complexity of the UK tax system. Of course this was done [...]
Filed under: Government, Taxation | Leave a Comment »
So it wasn’t leaves on the line or the wrong type of weather but actually the recent flurry of snow around the country has, according to the Daily Telegraph, persuaded HMRC in their wisdom (!) to consider not charging late payment fines to tax filers if their submission was delayed due to adverse weather conditions.
Filed under: Government, Taxation | Leave a Comment »
