Tag: VAT
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.
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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.
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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
New guidance issued by HMRC suggest it will soon become more expensive for workers to buy a bike through the cycle to work scheme and so less attractive. (more…)
August 30, 2011
In the past few weeks HMRC has launched yet further initiatives designed to identify businesses with tax shortfalls and this time, it’s restaurant owners and VAT dodgers who are in the spotlight. These campaigns are big business for HMRC; over the course of their previous campaigns, £500m has been recouped, with an extra £100m due from taxpayers who did not take advantage of previous disclosure opportunities.
Yields of this magnitude are undoubtedly very pleasing for the Government, who has set aside £900m for its efforts to tackle tax evasion. A return on investment of this level demonstrates an excellent result and shows tax payers are keen to take advantage of the chance to ‘come clean’ with minimal penalties payable.
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July 18, 2011
If you aren’t going abroad this year for financial reasons, TaxTalk might just be giving you an unexpected opportunity to get out into the sunshine. It could be possible to reclaim VAT paid out on overseas business activities and this extra windfall might mean the extra you need for that trip to the sunshine – genuine business related trips only mind!
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June 24, 2011
Last week, the new Conservative LibDem coalition government was announced amid a flurry of guarded excitement and scepticism. The coalition has been quick to stamp out suggestions that their political differences will be too marked to produce effective financial policy and so far, the speed with which agreements have been reached is impressive and very positive in terms of their quality.
Continue May 19, 2010
We predicted it would be a controversial pre-budget report and it lived up to expectations, with some headline measures that are clearly designed to win over the hearts and minds of Labour’s core supporters. But in spite of this, most observers would agree that overall, it was a pretty good result for Surrey’s business owners.
Continue December 11, 2009
VAT should be scrapped on energy-efficient household appliances, the British Retail Consortium (BRC) has said.
In its Pre-Budget submission to the Chancellor, the BRC is calling for the tax to be removed from ‘green’ appliances to help curb carbon emissions and cut fuel bills.
It claims the move, which would cost around £507 million per year in lost VAT receipts, could reduce the UK’s CO 2 output by 1.3 million tonnes each year by 2020.
Continue August 19, 2009
