Correcting VAT errors

with No Comments

If you make a mistake on a VAT return it is important to put it right as quickly as possible.  If the mistake is less than £10,000 net effect of VAT, the correction can be on your next VAT return.  However that method of correction does not “notify HMRC of the mistake” and hence could […]

VAT returns and accounts

with No Comments

HMRC recently investigated a company (and won a substantial case against the company) when they noticed that the VAT returns submitted had different figures from the accounts. Completing VAT returns correctly involves more work than simply clicking submit within an online bookkeeping system.  The figures in the VAT return should always be checked to the […]

Radio presenter wins IR35 personal service company case

with No Comments

The extension of the “off-payroll” working rules to the private sector is planned for April 2020 but in the meantime tax tribunal decisions are still being decided against HMRC. In a recent case involving a radio presenter working for TalkSport, it was decided that the presenter would not have been an employee if directly engaged. […]

Gifting rules and inheritance tax

with No Comments

Only one in four people making financial gifts are aware of the risks of inheritance tax (IHT), highlighting the threat of unexpected tax bills for gifters for non-compliance. Gifts valued at less than £250 individually, totalling less than £3,000 per year, or to help with certain people’s living costs are exempt from IHT. Most other […]

Get ready for the “off-payroll” working rules

with No Comments

Where large or medium-sized organisations are paying workers via personal service companies or agencies they will need to operate new procedures from 6 April 2020. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act criteria […]

Disguised remuneration loan charge review

with No Comments

The Chancellor, Sajid Javid has commissioned a review of the Loan Charge to consider whether the policy is an appropriate way of dealing with disguised remuneration loan schemes used by individuals who entered directly into these schemes to avoid paying tax. The disguised remuneration Loan Charge was introduced to tackle contrived schemes where a person’s […]

Tax rules, loopholes and spirit of the law

with No Comments

It is informative to reflect that “when I were a lad” (a trainee accountant) the letter of the law was all that seemed to matter.  If we could find “a way” of saving tax then ‘yuppie’ smiles all round.  These days context, intention and substance are more important than raw legal documentation.  And quite rightly […]

1 2 3 4 63