VAT Agenda

Changes to Tax Penalties 1

A new penalty regime enacted by the Finance Act 2007 will come into force for Returns covering periods on or after 1 April 2008 and filed after 1 April 2009. The new regime applies to ALL taxes.

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Changes to Tax Penalties 2

Further to the announcement that new Penalties are to be introduced by HMRC for the financial year commencing April 2008 the following are the proposed changes. These are still however, the subject of consultation.

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New addresses for VAT Registration forms

As you are probably aware HMRC are currently experiencing difficulty in processing its backlog of VAT registration applications, currently estimated at 3 months. As a result of this there has been some reorganisation of the offices dealing with the various applications as follows.

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Unannounced Customs visits

We have learned that HMRC are carrying out unannounced visits to the home addresses of small businesses in the construction industry.

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VAT and Housing

New VAT rates have been announced which will affect construction contractors and property owners.

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HMRC Refunds SCAM

We have become aware of an email purporting to be from HMRC which advises that the recipient is due a tax refund (normally of a few hundred pounds) and requests the usual details so that a refund can be made.

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Compound Interest on VAT claims!

It may be possible to claim compound interest on overpaid VAT where a taxpayer mistakenly pays too much VAT, particularly where there was no error of the part of HMRC. It is important to act as soon as possible, so if any of your clients have in the last 6 years overpaid or under recovered VAT through his/her own mistake perhaps by a simple oversight or accounting system error they are entitled to make a claim for compound interest to HMRC. This is even possible where simple interest has already been paid. See Sempra Metals tax case.

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Happy New Year to you all

Further to my note in November The House of Lords has now released its decision regarding the three year capping cases in respect of Conde Nast and Fleming.

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VAT Errors 2

HMRC have at last increased the ridiculously low threshold at which you have to notify them of a VAT error, currently £2000.

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VAT Errors 1

Further to my note in May regarding the Disclosure of Errors, HM Revenue and Customs have issued a Business Brief 38/2008 regarding default interest on net errors of £2000 or less separately notified using the Voluntary Disclosure of Errors regime.

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