This is an important subject area that many people, especially non-business people, struggle with in knowing the facts.
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There have in fact been a few changes made as part of an EU-wide package introduced in what is being called the ‘VAT Package’ that came into effect on 1st January, and comprising four elements: [click to continue…]
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As you are all no doubt already aware, the standard rate of VAT was increased back up to 17.5% on 1st January 2010.
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Following-on from the regular initiatives to encourage businesses to move away from paper returns of all kinds in recent years, HMRC have finally set some dates for the compulsory electronic submission of VAT returns, and payment of VAT liabilities.
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One of the aims of HMRC introducing the new PAYE service during July 2009, which saw the merging of 12 regional databases into a single national computer system, was to allow for the implementation of new rules outlined in Finance Act 2009 sch56 regarding late payments of PAYE. [click to continue…]
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For any small business, there is very little positive about making a loss over the course of an accounting period, except perhaps in allowing the possibility of claiming back some or all of the tax it has paid in the previous (profitable) period by way of making a ‘carry-back’ claim, under the Income Tax Act 2007 s64.
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Trusts are routinely used in helping individuals manage wealth and mitigate certain tax liabilities, including for capital gains. There are many pitfalls however in what is a relatively complicated and difficult-to-understand subject area, and so professional help and advice is essential. [click to continue…]
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Sch. 36 Finance Act 2008 has given HMRC new and more extensive powers to request information from taxpayers and also to allow HMRC officers to knock on the door of all businesses without warning, with effect from April 2009.
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Best4business Accountants are very pleased to announce news of a new sponsorship deal with local football team Destiny FC. Formerly known as Voy Rangers, and playing in the Essex Sunday Football Combination Division 4, Destiny FC has ambitious plans for promotion for the coming season. [click to continue…]
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For most businesses that are registered, the VAT paid on business expenditure is recoverable directly from HMRC through their VAT returns. But that only applies to UK VAT; HMRC will not repay VAT suffered in another country (including EU countries). [click to continue…]
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