News
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Employment status tax issues
Abbey Tax Protection has issued a timely reminder of HM Revenue & Customs continued interest in the status of self-employed persons
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VAT returns and online filing
HM Revenue & Customs are now issuing letters to all those businesses who they consider will be required to file and pay their VAT returns on line
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HMRC Offshore disclosure amnesty
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The deadline for notifying HM Revenue & Customs (“HMRC”) of your intention to make a disclosure in respect of accounts and/or assets held offshore closed on 4 January 2010.
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Pre Budget Report 9 December 2009
Click the following link to view the latest Budget report:
The 2009 Pre Budget Report.pdf
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Pierce Photographic Competition Winners 2009
To view our winners click on the image below:-
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Intrastat Changes 1 January 2010
EU legislation requires the UK to collect information on the intra-EU trade in goods for statistical purposes and sets minimum requirements for the quantity of trade covered. HM Revenue and Customs have just released Brief 69/09 which explains how businesses trading with other EU Member States could be affected by changes they are introducing from 1 January 2010.
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VAT from 1 January 2010
Businesses are reminded not to forget to invite the VAT-man to their Hogmanay celebrations: not out of any sense of feeling sorry for them but as from midnight on New Year’s Eve the standard rate of VAT reverts to the 17.5% rate.
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VAT changes from 1 January 2010: get ready now
A number of significant changes to the VAT rules on cross border transactions come into effect on 1 January 2010. The changes affect:
- Suppliers of services to customers in other EU member states
- Recipients of services from suppliers bases in other EU member states
- Anyone wishing to reclaim VAT incurred in another EU member state where they are not registered for VAT in that state;
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VAT payments - change of HMRC bank account details
On 8 July 2009 HM Revenue & Customs' (HMRC) bank account details for paying VAT change. You will need these new account details when making a payment to HMRC.
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National Minimum Wage
The Government has announced new National Minimum Wage rates to take effect in October 2009. The rates are as follows:
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Do or Die - Dealing with the Upturn
The future is in your hands.
By Paul Warren
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VAT input tax claims – EC VAT – Time Limit
Businesses that have incurred VAT on expenditure in other member states of the EC may be interested to know that there is a mechanism under which this can be reclaimed from the authorities in the member state concerned.
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Still think you don’t need a VAT Healthcheck?
Think again.HM Revenue and Customs (HMRC) new penalty regime comes into force for VAT returns due to be submitted on or after 1 April 2009, so for any business which submits returns on the normal quarterly basis the return for the period ended 31 March 2009 and all subsequent returns will come within this.
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The New HM Revenue & Customs Penalty Regime
The Finance Act 2007 swept away the old regime for charging penalties on tax lost due to taxpayer “error”. Where in the past it was possible for the astute tax practitioner to be able to negotiate penalties down to a very low level by agreement this facility has been withdrawn.
The new regime also provides for penalty levels to be equalised across all of the major taxes, whether this is corporation tax, income tax, PAYE or VAT. Equally importantly the aim of the new penalty regime is to improve compliance and to encourage taxpayers to take more care with their tax affairs rather than punish innocent errors made in good faith.
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Options To Tax - The 20 Year Rule
If you own a property and submitted an Option to Tax election back in 1989 and are currently thinking to sell it you may want to wait until after 1 August 2009.
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The 2008 Pre Budget Report
Click the following link to view the latest Budget report:
The 2008 Pre Budget Report.pdf
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Correction of Errors on VAT Returns
Starting from VAT periods commencing on or after 1 July 2008 the limit for correction of errors (previously called “voluntary disclosure”) on VAT returns has increased from £2,000 to at least £10,000.
Read more.. - Could you be in for VAT windfall?
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HM Revenue and Customs Interest Rates - Full Update
New rates of interest on direct and indirect taxes and national insurance contributions paid late and overpaid are announced today. These new rates of interest, which take effect from 6 November 2008, are set out below and are as a result of the recent movement in market rates.
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HM Revenue & Customs Interest Rates
Quarterly instalment payments, and early payments of corporation tax not due by instalments
New rates of interest are announced today [16 October 2008]. They cover quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999. These new rates of interest, which take effect from 20 October 2008, are set out below and are a result of the recent movement in market rates.
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