Filed under: VAT
Now as the tax year draws to a close, it is a good time to ensure that you have considered all the options when it comes to reducing your tax bill with tax planning. In this article we look at what you could be thinking about now to legitimately reduce your liabilities. (more…)
February 26, 2013
There have been a number of developments and potential rebate opportunities relevant for VAT registered businesses recently. Firstly, let’s start with the good news and an opportunity we have identified for some business owners to reclaim VAT paid out over the last 4 years. This could be a possibility if you have a VAT registered business and also own residential rental accommodation under the same VAT registered entity. (more…)
January 22, 2013
Carousel fraud hit the news headlines again last month after the directors of one British company were convicted for faking £1.7m worth of sales from 4m mobile phone handsets through ghost companies in a highly complex, £176m VAT scam. During ensuing police raids, thousands of pounds in cash were discovered literally stuffed into drawers and cupboards. (more…)
September 4, 2012
What else is new on the property tax front? Back on our own shores, other property tax changes to be aware of relate to the rules concerning the amount of VAT payable or reclaimable for property developments. If you are interested in developing a property or building a new home, it is worth taking expert VAT advice and understanding how you might be able to reclaim some of the VAT paid out before you start the project. (more…)
July 26, 2012
At the start of 2012 the rules concerning whether VAT should be payable on some types of salary sacrifice schemes were clarified and it is important to get correct VAT advice on this matter. This arose because of a case which found it was incorrect to make a distinction between on the one hand salary sacrifice (non VAT-able prior to Jan 2012) and on the other, deductions from wages which were VAT-able depending on what the deductions are. A number of clients have asked us questions about this recently and so we thought it important to explain what the latest arrangements are for employers and how they might impact their staff. (more…)
June 30, 2012
There have been some new developments to VAT regulations in the last few weeks that are important to be aware of. In some cases these represent potential opportunities to claim a VAT rebate. Our resident VAT compliance expert explains in full…..
May 21, 2012
As announced in the 2012 Finance Bill, there have been a number of important changes to VAT rules, which it is important clients are aware of.
1. VAT and Academy schools
We have recently come across a number of academies who have applied for VAT registration without taking proper advice in relation to the implications and without weighing up the pros and cons of what VAT registration means for them. It is actually possible for schools with academy status to reclaim VAT incurred on non-business activities without the need for VAT registration and all the complications that come with it.
February 24, 2012
If you make deductions from employee wage packets did you know that in some instances VAT is payable on those deductions? Additionally, there are important changes to the VAT payable on salary-sacrifice schemes, which come into force on 1 January 2012.
November 30, 2011
Whatever your circumstances it’s imperative to know what you should do if you have a tax shortfall to declare. The good news is that HMRC has several initiatives up and running aimed at helping you out; the bad news is that it is more determined than ever to crack down not just on tax evasion but on poor record keeping as well. (more…)
November 18, 2011
HMRC recently announced that since their pilot exercise was so successful they are going to extend their Business Records Checks programme. It was inevitable it would be deemed successful, ‘Record checks’ are effectively a euphemism for ‘getting fast access to accounts to check for tax shortfalls’.
The pilot programme involved visits to SMEs to ensure that their business records were adequate. Around 44 per cent of businesses visited had ‘issues’ with record-keeping, while around 12 per cent of those visited had seriously inadequate records. (more…)
October 14, 2011