In surely a victory for common sense, the VAT courts have now officially agreed that the “snowball” products produced by Scottish bakers Thomas Tunnock and Lees of Scotland are to be classified as cakes and are therefore free of VAT. It could be said that the law on VAT on food in the UK is symbolic of how different we are to other parts of the world.Read More
As we embark on potentially our final round of annual SRA Accounts Rules 2011 audits, following the Solicitors Regulation Authority (SRA) publication of its consultation paper “Proportionate regulation: changes to reporting accounting requirements”, we are still finding issues with Rule 17. This rule relates to the collecting of fees from clients.Read More
Recent changes in the “Permitted Development” rules may have created a VAT problem which will require clarification from HMRC.
The rules allow certain types of comparatively minor building development to be carried out without the need to obtain planning permission from the local planning authority.Read More
The government’s Chief Executive of the Education Funding Agency (‘EFA’), Peter Lauener, has written to all Academies with an update, drawing attention to important points arising from recent work and from the hearings of the Public Accounts Committee. He outlines the requirements of the current financial framework, touching on fraud and irregularity, transactions with connected parties and special payments outside of the usual planned activity of academy trusts.Read More
The answer when it comes to tax is ‘sometimes’. They say there are two certainties in life; tax and death. We can’t do much about death, but tax we can help with, ensuring that the amount of cake you retain to enjoy is as big as possible!
If the cake represents profits generated by your business, you have probably always been told to retain a slice to pay your tax liability, whether you trade as a company, sole trade or partnership.Read More
The 10 Peaks Challenge is well known by those in the know. Visiting the summit of 10 of the Lake District’s mountains in one day – climbing a total of about 2,500 metres and walking a total of over 26km in the process.
However, it’s fair to say that not all of the Larking Gowen team were in the know.Read More
Food Glorious Food – are HMRC artfully dodging the issue?
The Court Of Appeal has this week rejected the latest attempt by a Subway franchisee (Sub One) to recover VAT they say has been overpaid on sales of toasted sandwiches and a product called a Meatball Marinara. There are over 1,200 other Subway franchisees and lots of other catering providers who have claims with HMRC that depend on this litigation, so, quite a queue of prospective Oliver’s standing in front of Mr Bumble the VATman asking for some more (cash).Read More
As reporting accountants, we not only review for non-compliance when we complete our Solicitors Accounts Rules review but we also look for improvements that can be made in order to help cash flow and enhance management information.
Housekeeping often takes a secondary place in firms due to the time constraints on all staff.Read More
In this blog we consider the current consultation by HMRC, where they propose to charge capital gains tax to non-residents when they sell residential property in the UK.
When it comes to non-residents (that is, people who do not live in the UK) the tax implications can quickly become very complicated and this new proposal will add another layer to that complexity.Read More