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How to reduce or avoid HMRC VAT penalties

by | Jul 21, 2019 | ACCA, VAT

VAT penalties can be confusing, but depending on the type of compliance breach they either follow the same penalty regime which applies to direct taxes or a VAT specific penalty regime. Penalties can be issued for: failure to notify of VAT liability late filing HMRC...

Taxing times for children?

by | Jul 15, 2019 | ACCA, personal taxatation

A detailed look at taxation and children. Subject to some exemptions, a child may have taxable income which is chargeable; however, the child will have full entitlement to personal allowances and reliefs. The rights and obligations of a child with taxable income rest...

Pension drawdown – allowances

by | Jul 12, 2019 | ACCA, pension reform, pensions

The MPAA in summary.  Where taxpayers have accessed a pension, the amount they can pay into a pension and still get tax relief is the Money Purchase Annual Allowance (or MPAA) which for the tax year 2019-20 is £4,000. Where it’s exceeded it should be entered on the SA...

VAT – Reimbursement or disbursement

by | Jul 8, 2019 | ACCA, VAT

Knowing the difference is important in getting the right VAT treatment. The difference between reimbursement and disbursement is significant from the VAT point of view as reimbursements are subject to VAT, while disbursements are outside the scope of VAT. If a...
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