T.A.N.K
The Tax Advice Network Knowledge base is where members share articles and knowledge that they expect will be of interest to users of our website. You are welcome to contact the relevant member via their profile, via our local rate central phone number 0845 003 8780 or our landline number 01635 574 160. Our professional operators will put you straight through.
Articles
Wedding Venue Hire - VAT Exemption in Doubt?Exempt hire of wedding venues under further threat following decision in Best Images Limited.
Getting their own back...A useful and tax efficient route for shareholders.
Companies have been able to purchase their own shares since 1982, and the process can be a useful and tax-efficient exit route for shareholders where there is no third party interested in acquiring the shares, or where other shareholders wish to purchase them but cannot afford to do so, or perhaps on the death of a shareholder.
Download the full article here>
Tax Newsletter 19 Aug 10Any tax exemption will eventually be twisted to achieve the maximum benefit for employees and employers, and so it is with the cycle to work scheme. If you have clients that use this scheme check out the new HMRC views referenced below. We also have news of new guidance on VAT relating to financial services, and a welcome development in online filing for LLPs.
Tax Newsletter 12 Aug 10The terrible floods in Pakistan have thrown a spotlight on the work of charities who provide relief in such remote areas. If you act for a charity you need to understand the new fit and proper persons test for charity managers, which we outline below. HMRC have also updated their guidance on what qualifies as a van as opposed to a car, and have expanded the free training courses available to taxpayers and agents, which you may want to take advantage of.
Tax Newsletter 05 Aug 2010
After the practical points below I have put the Spotlight on one of our tax adviser members, offered a new item for the Tax Fun spot and provided another 'Did you know...?' thought about the Tax Advice Network. You are welcome anytime to join us. Simply check out the list of membership benefits on this one page chart and choose the option that best suits you. --> Chart
Customs duty and customs compliance impact on businesses in hidden ways.
Sourcing, purchasing, terms of trade, the nature and location of manufacturing and processing operations, storage and warehousing of goods, market selection, methods of of distribution, licence, royalty and transfer pricing agreements all impact upon the exposure of a business to customs laws and liability customs duties.
Once a business sees the impact, it can take steps to minimise the customs duty liabilities and manage the customs compliance risks.
Tax Newsletter 22 July 2010Many businesses have made time to pay arrangements with HMRC, but this may not be the end of their tax debt problems, as we outline below. We also try to answer some of your clients' questions about the proposed NIC holiday and have news about the refund scheme for VAT incurred in other EU countries.
Should he have known?spread of MTIC VAT fraud to other sectors; HMRC's appproach and implications
TO PAY OR NOT TO PAY…Risks of failure to submit VAT return and then paying lower assessment; civil penaltiesl; liability potentially on directors
Penalties - Enforcement and Incentives!Increased scope for imposition of penalties and when they may apply
Tax Newsletter 15 July 2010The full version of this weekly newsletter always has a clear focus on practical, timely and commercial practical tax tips and advice. Sadly you are no longer eligible to receive complimentary copies of the full newsletter. Find out how to secure your weekly entitlement here. This will also enable you to access full copies of this and all previous newsletters too.
Tax Newsletter 8 July 2010The second Finance Bill for 2010 was published on 1 July, and it contains two nasty surprises for taxpayers who have, or are about to, exchange shares for qualifying corporate bonds (QCBs). We explain the traps below so you can advise your clients without delay. We also alert you to the dangers of HMRC Business Assurance visits.
Tax Newsletter 1 July 2010Many young people will be leaving school or college around now to take their chances in the jobs market. Parents of those young adults need to inform HMRC for tax credit and child benefit purposes, so we have summarised what needs to be done so that you can help your clients do the necessary. We also have updates on the new HMRC guidance concerning non-statutory business clearances, and the continuing issues with the NIC and PAYE service (NPS).
Tax Newsletter 25 June 2010Unless you're very unlucky or a sadist your inbox probably receives fewer Budget updates than mine. As long time subscribers will know I work on the assumption that most recipients of our newsletters have enough pre-existing access to budget summaries. So we don't publish one ourselves.
Online filing is gradually becoming compulsory for more types of tax forms. The first deadline for filing VAT returns online is almost here, so this week we examine some practical issues with online filing for both VAT and CTSA returns. We also have news about payslips for the 31 July income tax payments.
And further to previous news, the Chancellor's Budget next week is now to be at the more usual time of 12.30 rather than 3.30 as originally announced by the Treasury.
We are now into the P11D season, so we have two practical points relating to benefits that must be reported even if your client does have a dispensation. One of these includes reference to a new HMRC disclosure opportunity announced earlier this week. We also update you on the new PAYE payment warning letters.
After the practical points below I have put the Spotlight on one of our tax adviser members, offered a new item for the Tax Fun spot and provided another 'Did you know...?' thought about the Tax Advice Network.
Tax Newsletter 02 June 2010Welcome to this abbreviated version of our full professional members' newsletter
It pays to be on top of the latest HMRC view of the CGT reliefs and exemptions, so this week we include updates on recent changes in the areas of private homesand share for share deals. We also set out the new advisory fuel rates, with a word of caution of when these rates can and cannot be used
Tax Newsletter 27 May 2010The new Coalition Government's tax policies are still causing concern, so this week we cut through the spin around the 'jobs tax'. We also have cautionary tale about mistakes in PAYE, and a warning about a new standard VAT letter that may hit your desk soon.
In a discretionary nil-rate band will trust the testator wished his widow to be the prime beneficiary during her lifetime. To reduce administration, the trustees wish to lend the capital to the widow free of interest. There could be hidden problems with this approach. Could the trust fund be appointed to the widow absolutely ?
('Taxation' : Readers' Forum : Query T17598 (20th May 2010)
