VAT Agenda

VAT claims under ‘Fleming’

In 1996 the government reduced the time limit for claiming overpaid VAT to 3 years from the date of the overpayment. A similar 3 year time limit was also introduced for input tax claims in 1997. Both provisions had retrospective as well as prospective effect. Neither provisions contained transitional provisions to allow claims to be made for a limited time period under the old rules before the new time limits came into effect.

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Changes to the VAT rate

We know that you will be very busy at the moment supporting your clients with all the new changes.

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The interaction between the “Error Correction Procedure” and the new Penalty Regime

Since 01 July 2008 we have had in place the new rules for what was the ‘Voluntary Disclosure of Errors’ regime now renamed as the ‘Error Correction Procedure’ (ECP).

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Tribunal Reform Project

You may be aware that a review has been taking place to overhaul the tribunal procedures to make a simpler and less costly way to resolve disputes.

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Employment Taxes Specialist

I am pleased to let you all know that we have been joined at Elysian Associates by John Harling who is a leading employment taxes specialist.

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Vat Package

The EC VAT Package will modernise and simplify the rules relating to cross-border supplies of services and recovery of input tax. The changes will come into effect in national legislation between 1 January 2010 and 1 January 2015.

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Changes to Partial Exemption – Standard Method – from 01 April 2009

HM revenue and Customs have announced changes in their Information Sheet 04/09 to the Standard Method for calculating partial exemption.

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Changes to the Tour Operators Margin Scheme (TOMS)

I am sure that TOMS puts fear into the hearts of most tax professionals and we are no exception but we do have access to the Country’s foremost expert on the subject and he can be made available to you if the need arises.

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Car dealers – margin scheme

Since 1995 HMRC have allowed a concession where a car dealer has failed to maintain the necessary records in order to support the margin scheme. Under the concession even where a dealer did not hold the necessary information HMRC would still allow VAT to be accounted for on notional profit margins.

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New Series of VAT numbers

The current series of VAT numbers has been in use since the 01 April 1973 and not surprisingly the available numbers within the series will shortly be used up.

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