Beyond Compliance: Technical & Advisory Insights

In yet another case allowing the appeal against HMRC’s P35 late filing penalty the First-tier Tribunal has once again decided in favour of the tax payer (HD Response International v HMRC [2011] UKFTT 472 (TC) – TC01322) The facts and circumstances of the case were similar to an earlier one

Continuing with our previous example (http://www.taxpartnersuk.com/news_detail.php?news_id=66) we would now consider situations where the following services should choose FRS over the standard rate: Services VAT Flat Rate Any other activity not listed elsewhere 12.00 Boarding or care of animals 12.00 Business services that are not listed elsewhere 12.00 Estate agency or

The VAT flat rate scheme (http://www.taxpartnersuk.com/news_detail.php?news_id=19) offers taxpayers with the option of using a simplified VAT accounting scheme called the Flat Rate Scheme (FRS) provided their businesses turn over less than £150,000 in a year. The rate of VAT payable to the government under FRS would differ depending on the

‘Residence’ for the purpose of UK taxation is not currently defined by law and its interpretations are largely based on judicial pronouncements. Normally a person is regarded as resident in the UK if s/he is physically present in the country for 183 days or more in a tax year, which

HMRC exempts the benefits from tax salary sacrifice arrangements like cycle loans where an employer lends or hires cycles or its safety equipment to employees provided the following conditions being satisfied: · the cycles or equipments are generally available to all employees of the employer whether or not the employees

The UK FHL taxation has been a subject of debate particularly after the UK rules were found to be in breach of EU law. Finance Act 2011 has, therefore, now introduced changes to the rules from April 2011 tightening the qualifying criteria, restricting loss relief and re-confirming the extension of

Case decided by First-Tier Tribunal (HOK Ltd v HMRC, TC01286 – 25 July) Every employer has to submit end-of-year PAYE returns in form P35 and P14 to reach HMRC by19 May. If the returns are filed late, a penalty of £100 per 50 employees for each month or part month

As promised in the March 2011 Budget the Government announced a consultation in June 2011 seeking to change the remittance basis rules for non-domiciled UK resident tax payers. Remittance Basis Charge (RBC) applies when non-domiciled tax payers who: a) have been tax resident in the UK for at least seven

Key 2011 budget proposals affecting businesses are as given below: Annual investment allowance (AIA) reduced to £25,000 from 1 April 2012 for businesses within the charge to corporation tax and 6 April 2012 for businesses within the charge to income tax. AIA gives businesses relief from full tax on most