Health and wellbeing tax plan

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HMRC have initiated a campaign aimed at chiropodists, psychologists and homeopaths who might not have declared all of their income, offering the standard time-limited disclosure opportunity in which to bring tax affairs up to date. However, the campaign does not cater for doctors and dentists, who were covered by a previous disclosure scheme, nor does […]

Raising invoices whilst awaiting VAT registration number

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When your turnover level reaches the VAT threshold or you apply for voluntary VAT registration Application for registration for VAT is taking at least 3 weeks from the date of application to provide a VAT registration number. Ensure your invoicing procedure takes the date of supply into account when you have a gap between date […]

Sole traders – some notes from HMRC

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HMRC have reminded sole trader taxpayers some interesting points: Simplified expenses Fixed rate deductions rather than actual expenses:- business mileage, use of home, private use of business premises. Business mileage –       you can claim actual costs and capital allowances or fixed rate per mile for the lifetime of the vehicle. Car 45p first 10,000 […]

VAT incurred EU States

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Businesses that have incurred VAT in other EU member states should now be thinking about making their claims under the EU VAT refund provisions.  VAT incurred during 2012 must be claimed by 30 September 2013 or will be lost. Claims can be made by businesses that: • are VAT registered in the UK; • are […]

Further HMRC taskforces announced

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Following on from our previous post, HMRC have announced a further four new taskforces whose remit will be to investigate tax evasion in specific commercial and geographical sectors. The new taskforces will investigate the following sectors and regions: Construction industry in London (expecting to raise £3 million) Security guards, bouncers and their employers in London […]

New HMRC taskforces

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HMRC has announced four new taskforces to investigate tax evasion in specific commercial and geographical sectors, bringing together various compliance and enforcement teams for ‘intensive bursts of targeted activity’. The new taskforces are localised and cover the following regions: Holiday industry in Blackpool, Lake District, North Wales, Devon and Cornwall Restaurants in Yorkshire and Humber […]

Gift aid in charity shops

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HMRC have highlighted the contents of their guidance on claiming Gift Aid on donations of goods to charity which are then sold by the charity, which perhaps suggests that the correct procedures have not always been followed. You must get the procedures correct, and as an example Gift Aid applies only to gifts of money […]

Company car advisory fuel rates

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These are reviewed each quarter on 1 March, 1 June, 1 September and 1 December. They have shown very little change in recent times, but the new rates from 1 June 2013 do show a reduction in some situations with the previous rates in brackets where a change applies: engine size petrol diesel LPG 1,400 […]

Do you let property furnished or unfurnished?

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This has always been an important distinction, as only furnished lettings entitle you to the valuable annual wear and tear allowance of 10% of the rents. Now it is definitely worth reviewing whether you could show the property is furnished given that the renewals basis for replacing items in commercial or residential properties let unfurnished […]

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