Category: Tax

If you identify an error in an earlier VAT return, you can correct it by including the net effect in the latest return, providing that the error is no more than the greater of £10,000 and 1% of the Box 6 figure (total sales ex. VAT) on your VAT return for the period that you … Continued

As mentioned in the tax diary, the deadline for filing 2013/14 returns of benefits and expenses paid to employees is 6 July 2014. Significant penalties can be incurred for incorrect returns, so great care is required. The most common benefits in kind that need to be reported are company cars and loans of over £5,000 … Continued

The VAT fuel scale charges (in respect of petrol and diesel supplied for private motoring) have decreased for return periods. This reduction is to commence on or after 1 May 2014 and follows the recent reductions in the price of petrol and diesel. The new quarterly charges range from £156 a quarter (inclusive of £26 … Continued

In addition to the benefit in kind charged on directors and employees who are provided with a car for private use, there is a further taxable benefit should their petrol or diesel be paid for in respect of private journeys. Like the car benefit, the fuel scale charge is based on the official CO2 emissions … Continued

The Government has recently proposed a measure to give HMRC the power to recover unpaid tax over £1,000 from taxpayers’ private bank accounts. This new power will only be used where the taxpayer has ignored several demands for payment and the taxpayer’s bank account should not be reduced below £5,000 by HMRC. It would appear … Continued

There have been a number of high-profile celebrities who have been involved in tax avoidance schemes that have been successfully challenged by HMRC in the courts. New legislation in the latest Finance Bill will require “followers” of schemes that have been successfully challenged by HMRC to amend their tax returns in the light of the … Continued

If you are constructing a new dwelling, it is always worth checking that the conditions are met to allow the property to be treated as new build. If the conditions are not met HMRC will reject any claim for VAT made under the DIY House Builders scheme. This is also an important point for builders … Continued

If you are constructing a new dwelling, it is always worth checking that the conditions are met to allow the property to be treated as new build. If the conditions are not met HMRC will reject any claim for VAT made under the DIY House Builders scheme. This is also an important point for builders … Continued

The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK or abroad and to get the best possible terms to pay the tax you owe. If you owe tax on your letting income you’ll need to tell … Continued

The Audit Commission has claimed that fraud in the care system has almost doubled in a year as middle-class families attempt to hide their assets from HMRC. The watchdog recorded an 82% rise in the amount lost to councils last year as families avoided nursing-home fees or failed to report the death of a loved-one … Continued