Blogs

There are changes to the tax relief that you can claim on pension contributions. Typically you can save 100% on your contributions made to any registered pension schemes before the age of 75. The amount you can contribute every year is subject to what is called annual allowance. For the

Businesses becoming obliged to register for VAT must notify HMRC within 30 days. Failure to do so will invite a penalty. A business is obliged to register for VAT if the any of the following conditions are met: If you make taxable supplies in the UK and at the end

The European Court of Justice (ECJ) has ruled in favour of HMRC in a joined case involving two companies that claimed input VAT on payments made to operate a customer loyalty programme. The ruling is likely to disappoint taxpayers as originally the court of appeal had decided in their favour

Reconciliation of HMRC’s PAYE records has revealed that about 1.45 million people have underpaid and another 4.3 million have overpaid PAYE taxes during 2008-09 and 200-10. The resultant repayments are likely to be about £ 400 to each of the 4.3 million people together with £2 billion worth of tax

The European Court of Justice’ (ECJ) ruling in the case of EMI (C-581/08, EMI Group Ltd v The Commissioners for Her Majesty’s Revenue & Customs) may mean that free promotional samples distributed to public are entitled to a VAT rebate. EMI distributed free music recordings to promote new releases between

The deadline for the submission of 2009 cross-border VAT refund claims to EU Member States has been extended as the VAT refund portals of a number of member States have not been functioning properly. Necessary legislation to this effect is expected early October and will apply retrospectively from 1 October.

HMRC is considering plans to overhaul the PAYE system with a view to moving to a ‘real time’ PAYE regime. Under the proposed system employers paying electronically would send HMRC details of employees’ pay and deductions of tax, NIC and student loan repayments together with information about the payees’ identities.

One of the key factors that determine the tax liability of a company in the UK is whether it is tax resident in the UK. For companies incorporated in the UK it is straight forward; they are. However, companies incorporated overseas could also be held to be tax liable in

Currently, small companies pay corporation tax (SPR) at the rate of 21% (20% from 01 April 2011) on their profits compared to the main corporation tax rate of 28%. SPR applies to companies where the annual profit does not exceed £300,000. Where the profits exceed this level but do not