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Recent blog posts

Notifying HMRC and paying VAT on vehicles brought into the UK Notifying HMRC and accounting for VAT when buying new or second-hand vehicles from within the EU or outside the EU for use in your business

Motor dealers and VAT: buying vehicles for resale or other use How to notify HMRC and account for your VAT when purchasing new or second-hand vehicles for resale, rental, demonstrators or courtesy cars

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Posted by on in VAT

Readership

This brief is relevant to those carrying on a trade or property business. It applies both to individuals and companies incurring expenditure on repairing business assets.

New guidance

HM Revenue & Customs (HMRC) is publishing revised draft guidance on what is a repair for direct tax purposes.

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Posted by on in ICAEW

This ICAEW Tax Faculty guide summarises the different methods of paying tax over to HMRC. It is not intended to cover other means of paying tax such as coding adjustments. It also touches briefly on what taxpayers can do if they cannot pay.

Links to the relevant sections of the HMRC website are provided. Full information on how to pay all taxes and duties can be found on HMRC’s website page Paying HMRC, see hmrc.gov.uk/payinghmrc 

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Posted by on in Charities

Your charity or Community Amateur Sports Club (CASC) may be able to benefit from this new scheme that provides top-up payments on those small cash donations where it is difficult to collect a Gift Aid declaration. Follow the links below to find out if you are eligible, what you are entitled to and how to claim.

The Gift Aid Small Donations Scheme: the basics Read this guide first if you want a short overview of the Gift Aid Small Donations Scheme (GASDS).

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Posted by on in Taxation

Two Ghanian nationals who worked as financial advisers have been found guilty of two counts of conspiracy to cheat the Public Revenue. The fraudsters who tried to claim almost £145,000 in a gift aid scam have been jailed for two years.

Tagged in: HMRC Tax
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Posted by on in Taxation

A new online tax guide designed specifically for dentists has been launched by HMRC. The guide was published following a HMRC campaign that targeted non-compliant dentists and doctors and has been developed to ensure that dentists are properly aware of their responsibilities.

Tagged in: Consultancy HMRC Tax
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Posted by on in Taxation

HMRC have recently confirmed that the Disadvantaged Areas Relief (DAR) is to be abolished for Stamp Duty Land Tax (SDLT) transactions with an effective date on or after 6 April 2013. The DAR extended the zero rate of SDLT to residential property in designated disadvantaged areas from £125,000 to £150,000 where the effective date of the transaction is on or after 1 December 2003 and before 6 April 2013. The DAR will continue to apply for transactions with an effective date before 6 April 2013.

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Posted by on in Budgets

Caught between a rock and a hard place, George Osborne pleaded his case for continued austerity in his fourth Budget whilst maintaining the UK economy was on track to recovery.

Overall his budget was fiscally neutral – any tax savings to be funded by decreases in public expenditure.

There were a few surprises including: the £10,000 tax free personal allowance, brought forward to April 2014; financial support for prospective home owners; if you are a beer drinker, there will be a 1p reduction in beer duty and the September increase in petrol duty has been scrapped.

Tagged in: Budget Year Ends
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Posted by on in Taxation

HRMC have announced that second home owners are to be the latest group to be targeted for tax evasion. A new campaign known as the Property Sales Campaign has been launched. The campaign is aimed at those selling homes in the UK or abroad where Capital Gains Tax should have been paid on any profits made. There is usually an exemption from Capital Gains Tax on the sale of a property which has been used as the main family residence known as Private Residence Relief. However, the sale of a second home such as a holiday home or a property that was bought as an investment and rented out either in the UK or overseas may be subject to Capital Gains Tax.

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Posted by on in Payroll

The introduction of the new system where HMRC collect Real Time Information (RTI) for PAYE, represents a fundamental change in the way employers interact with HMRC. The new system involves employers sending HMRC information about tax and other deductions each time a payment is made as part of the payroll process, rather than at the end of the year as is currently the case. The majority of employers are expected to join the scheme in April 2013 with some of the largest employers being gradually phased in until October 2013 in time for the national introduction of Universal Credit by the Department for Work and Pensions (DWP).

Tagged in: HMRC Payroll
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