Blogs

In line with the provisions of the current Value Added Tax 1994, Schedule 1 to 3A, Schedule 11 paragraph 7(1), and VAT Regulations 1995 (SI 1995/2518) regulation 5 and Schedule 1 apply equally to UK and non-UK established businesses. This allows businesses not established in the UK but make taxable

HMRC piloted a business records check (BRC) scheme whereby small and medium sized businesses were to be fined up to £ 3,000 for keeping sub-standard books. The first phase of the scheme began in April 2011, examining companies’ proof of expenses and income dating back years. The original plan was

A partnership tax return for the year ending 05 April needs to be filed on or before the following 31 October if a paper return and on 31 January if filed online. Whilst HMRC does provide online software for individuals and companies it doesn’t provide one for filing the partnership

(For an indepth understanding of the CFC rules please see our blog http://www.taxpartnersuk.com/blog/controlled-foreign-company-cfc-rules-part-i/) The current law on Controlled Foreign Companies (CFC) charges UK resident companies with tax on profits of certain foreign subsidiaries in which they have a ‘controlling’ interest. A CFC is an overseas company controlled by UK residents

Generally when an employment is terminated the employee is given certain terminal benefits. These could include redundancy payments, payment in lieu of notice and other statutory payments. If these payments were made after a P45 had been issued the tax code used for deducting PAYE used to be BR which

Thousands of HMRC staff are planning to strike work on 31 January 2012, the deadline for filing self-assessment tax return online. The strike action has been called by the Public Commercial Services (PCS) union against HMRC’s plans to improve the way it handles peaks in phone calls to its contact

Income tax If a person, who has not received a notice to deliver a tax return from HMRC under s.8 of the Taxes Management Act 1970 (TMA) but is otherwise chargeable to income tax, has an obligation under s.7(1) of TMA to notify HMRC that s/he is chargeable to income

Each year HMRC carries out a reconciliation of PAYE collected from each employee with the tax due from him/her. A P800 tax calculation is sent out to the taxpayer if there is an over/under payment of tax. If the underpayment is below £50 (which was temporarily raised to £300) no

[2011] UKFTT 760 (TC) – TC01597 – 24 Nov 2011 Capital Gains Tax, as a matter of law, applies only to a person resident in the UK at least for part of a tax year. Section 2 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) states: “… a