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HMRC IR35 forum minutes

by | Sep 25, 2014 | IR35, PSC

Minutes of the May HMRC IR35 forum are now out https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/356504/140721_IR35_Forum_Minutes_-7_May_Final__4_.pdf Useful background for our PSC clients.  Nothing revolutionary.

A challenge to filing VAT online

by | Aug 30, 2014 | ACCA, business issues, VAT

It has been mandatory for businesses to file online VAT returns from 1 April 2012 – but not every business agreed. L.H. Bishop Electrical Co. Ltd was the business that first had an issue with online filing and contacted HMRC, which lead to a first-tier tribunal,...

Two EU countries announce rises in VAT rates

by | Aug 23, 2014 | ACCA, VAT

Both Luxembourg and Portugal have announced that they will be raising their respective standard rates of VAT from the beginning of 2015. Portugal will be raising it by 0.25% to 23.25% and Luxembourg by 2% to 17%. Even after the proposed increase Luxembourg will...

HMRC Direct Recovery Powers – sign the petition

by | Aug 21, 2014 | fairness

You may have heard that there are proposals out from Government / HMRC to grant HMRC a so called “direct recovery” power. In essence this would allow HMRC to debit a tax payers bank account for any unpaid tax arrears, without oversight or prior notice. There would be...

The non-resident landlord scheme – Under which circumstances should tenants pay their landlord’s rent direct to HMRC?

by | Aug 20, 2014 | ACCA, personal taxatation, property taxation, residence and non residence

There is an obligation on letting agents and tenants to operate the non-resident landlord scheme (NRL scheme) under certain conditions. Letting agents of a non-resident landlord must: deduct tax from the landlord’s UK rental income; and pay the tax to HMRC. Tenants...

New UK GAAP: deferred tax

by | Aug 10, 2014 | ACCA, financial reporting

FRS 102 and new UK GAAP are getting closer with the implementation date of 1 January 2015 now less than six months away. Changes could impact on profits and net assets. It is important to get to grips with the main areas that will change under the new GAAP.  Apart...

Preparing firms for flexible working

by | Aug 7, 2014 | ACCA, business issues

Employees now have the right to request flexible working. What does this mean for small businesses? There have been changes to the right to flexible working from 30 June 2014. The changes are hard to miss with both politicians and business communities publically...

Savings All Round

by | Aug 7, 2014 | personal finance, Tax Help for Old People

The spring budget stated that millions of us would benefit from changes to our savings. Well, they started in June and continue through to April 2015. These changes are designed to help those on lower incomes and we thought this month’s article would serve as a timely...