HMRC has launched an online tax registration service to allow registration for all main business taxes (self assessment, corporation tax, PAYE for employers and VAT) in a single website visit.
The Expenses and Benefits from Employment Toolkit and the National Insurance Contributions and Statutory Payments Toolkit have been updated and can be used for 2011/12 tax returns. Access the HMRC toolkits via the link on this page.
HMRC have announced an extension to its Alternative Dispute Resolution (ADR) Scheme, following a successful initial trial period.
The essence of the scheme is to offer an is for an "independent HMRC facilitator" to offer a mediation-based approach to resolving a tax disputes which arise during the course of a compliance check, before an assessment or appealable decision is issued. Its aim is to reach a quick and fair conclusion the dispute and to avoid the need for either party to take the case to Tax Tribunal.
Enterprise Investment Scheme - the tax reliefs condensed
EIS is an important investment incentives. The tax reliefs are highlighted here while the business rules can be found in Enterprise Investment Scheme (EIS) –The Rules Condensed
From 1 March statutory instrument 2012 number 266 The enactment of extra-statutory concessions order 2012 comes into force. On the same date extra statutory concession (ESC) C16 is effectively withdrawn.
The Upper and First-Tier Tribunals – What is a Reasonable excuse?
The First-Tier Tribunal has made a number of decisions lately which have shown an appreciation of the reality of business life. In Enersys Holdings UK Ltd it was concluded that a Tribunal does have power to strike down a penalty if it is “not merely harsh but plainly unfair” In the face of increased penalties from HMRC, the Tribunals have brought a welcome balance of reason. This page examines some successful and unsuccessful appeal cases.
Draft guidance has been made available that is intended to apply from 6 April regarding the transfers of pension savings to qualifying recognised overseas pension schemes (QROPS).
Draft guidance has been made available that is intended to apply from 6 April regarding the transfers of pension savings to qualifying recognised overseas pension schemes (QROPS).
The First-Tier Tribunal has made a number of decisions lately which have shown an appreciation of the reality of business life, as this example highlights.
Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.
Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.
Broadly speaking, benefits in kind are calculated at their ‘cash-equivalent value’ which is defined as the ‘expense incurred in or in connection with provision of the benefit’, inclusive of VAT.
Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.
When an employee is provided with fuel for private purposes, an additional benefit arises. Fuel benefit is arrived at by multiplying a fixed base figure, £20,200 for 2012/13, by the same percentage rate used to calculate the car benefit.
Broadly speaking, benefits in kind are calculated at their ‘cash-equivalent value’ which is defined as the ‘expense incurred in or in connection with provision of the benefit’, inclusive of VAT.
The provision of a car to an employee, which is ‘available’ for private use, represents a taxable benefit. Note, the car only has to be available for private use for a benefit to arise.
HMRC has announced that its latest campaign will target individuals and businesses who have income above the VAT threshold but who have not registered for VAT. This campaign will start in June/July 2011.
