Blogs

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

Accounting and reporting for Value Added Tax (VAT) can be an overly complex area for small businesses particularly when there are cross-border transactions involved. But taxpayers are legally obliged to submit accurate VAT returns whether filed monthly or quarterly. The VAT rules provide for two alternative ways of correcting VAT

The last leg of the reform of the capital allowances regime began with the amendments introduced in FA 2008 will take effect now from 01 April 2011 with the industrial buildings allowances, hotel buildings allowances and agricultural buildings allowances being unavailable from that date. First Year Allowance has already been