The latest Tax News, VAT News, HMRC News and Fee Protection Insurance News from the experts at Vantage Fee Protect.
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Updated: UK VAT Deferral
Last week the Chancellor of the Exchequer announced that there will be a deferral of VAT due to be paid between 20 March 2020 until 30 June 2020, see here. This essentially means that businesses will automatically qualify to defer payment of the VAT due on their VAT returns for the VAT periods ending February,…
Coronavirus – Job Retention Scheme
On Friday 20 March, the Chancellor announced an intervention to protect the jobs of those facing likely redundancy as a result of the impact Coronavirus is having on the UK. The unprecedented intervention from the Government was initially thought to cover only those business forced to shut by the various restrictions that have been implemented…
Coronavirus: UK VAT Deferral
Last week the Chancellor of the Exchequer announced that there will be a deferral of VAT due to be paid between 20 March 2020 until 30 June 2020, see here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses This essentially means that businesses will automatically qualify to defer payment of the VAT due on their VAT returns for the VAT periods ending…
Late registering for VAT?
The date at which a business is required to be registered from is a matter of legal fact which is not subject to any time limit. Therefore, if a business exceeded the VAT registration threshold that was in force 15 years ago and thus was required to be registered from that time, HMRC can register…
What is IR35?
IR35 is a set of tax rules which form part of the Finance Act. The original part of legislation came into force in April 2000 and is correctly known as the Intermediaries Legislation. IR35 takes its name from the original press release published by the then Inland Revenue informing of its creation. IR35 is a…
The effects of Brexit on VAT
11pm on 31 January 2020 will see the UK officially leave the EU and no long be an EU Member State. The Withdrawal Agreement the UK agreed with the EU provides for a transition period from the day of Brexit up to 31/12/2020 but allowing that transition period to be extended if required. We have…
History of Goodwill
We are often asked for the various dates relating to amortising goodwill for tax in companies. So here is a summary: From the 1ST April 2002: Creation, acquisition or enhancement of goodwill could be amortised for tax. Although connected parties transferring goodwill on incorporation could only amortise for tax if the goodwill if had been…
Why am I being asked by HMRC to provide a security payment for my VAT?
If HMRC think that you may not comply with your VAT obligations based on your compliance history in either your current or a previous business, then you as a taxable person may receive a Notice of Requirement for a security payment to be made. The legislation for this s Schedule 11 para 4(2)(a) VATA 1994…
Pension Annual Allowance and the over 55s and Pensions Recycling
Since 6th April 2015 it has been possible for those over 55 to flexibly access their defined contributions pension schemes (money purchase schemes). Normally 25% of the pot will be taken as a tax free lump sum and the balance receivable as a taxable pension. Careful planning could present an individual with an opportunity to…
Extension to Entrepreneurs Relief – Investors Relief
When Business Asset Taper Relief was abolished on 5 April 2008 and Entrepreneurs Relief succeeded from 6 April 2008 there were definitely some that lost out. This was especially the case for individuals who held shares in what had previously been a ‘personal company’, the introduction of Investors’ Relief may go some way to redress…
Brexit is coming, are your clients ready?
As we all know the time frame for leaving the EU remains 31 October 2019, only a few weeks away from publishing this article, and despite the current wrangling’s in the UK Parliament the reality is that if the EU simply say ‘no’ to any further delay we will leave the EU on 31 October…
HMRC Challenges Private Sector Personal Service Companies (PSC)
By now you may have already heard that HM Revenue & Customs has written to around 1,500 PSC’s providing services to pharmaceuticals giant GlaxoSmithKline (GSK), advising them to check whether they are complaint with IR35 rules. For those of you that have no clients providing services to GSK this is what the letter said: “Dear…
Structures and Buildings Allowance (SBA)
The Chancellor announced on 29 October 2018 the introduction of a new capital allowance for new on-residential structures and buildings (SBA). After consultations the draft legislation has been published for the new Structures and Buildings Allowance which differs from the original proposals announced in October 2018. Core structure and timing of relief. This remains as…
Vantage Portal Accountancy Software
Say hello to your new Accountancy Portal Vantage are delighted to confirm the launch of our new Accountancy Portal. At Vantage we have invested heavily in our software platforms and this launch marks the beginning of a series of technological releases that will revolutionise the way in which our accountancy clients administer their Tax Fee Protection…
An Option to Tax can’t apply to a residential building, can it?
Although it is common to refer to a property when notifying an Option to Tax (OTT), an OTT actually applies to the land and includes the building standing on the land. It also applies to any buildings that are subsequently built on that land. The OTT provisions do not differentiate between commercial or residential land…
Tax Advice on The Increase
Twice as many calls, same great service No doubt many of our clients are relieved that the 31st January deadline has now passed and are looking forward to workloads returning to normal levels! As you would expect the calls to our tax advice line increase significantly during January, with call volumes almost double the number…
Business Property Relief on Furnished Holiday Lettings
Business Property Relief In a recent tax case, the Personal Representatives of Grace Joyce Graham (deceased) v HMRC [2018] TC06536, it was held that inheritance tax business property relief was available on furnished holiday lettings. Business property relief (BPR) IHTA 1984 S103 to 114 Business property relief is available on the value of transfers of…
Taxation of Cryptoassets
HMRC updated the guidance on the tax treatment of cryptoassets, such as bitcoins, on 19th December 2018. The paper sets out HMRC’s view - based on the law as it stands at the date of publication – about how individuals who have cryptoassets are taxed. It does not explicitly consider the tax treatment of cryptoassets…
Brexit and the VATMOSS
What happens when we are no longer an EC Member State? Unless something dramatic happens in the next few months the UK will leave the EU on 29 March 2019 but, at present, no-one knows whether we will leave with or without a deal or, if we do leave with a deal, whether that deal…
What are the VAT Differences Between Publications?
EU Council addresses VAT differences between electronic publications and physical publications The e-publication directive has been adopted by the EU Council after an agreement was reached on 2 October 2018. Effective from 6 November 2018, the Council is allowing alignment of VAT rules for electronic and physical publications. This has opened up the possibility for…
Definition of a dwelling amendment
HMRC have updated their VAT Notice 708. The latest amendment issued on 20th July 2018 has been released to include a clarification of the definition of a dwelling. Paragraph 2.1 has been amended to show that a dwelling can consist of more than one building. The wording used by HMRC has to be applauded as…
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