Charities and householders owning listed buildings will remember the 2012 Budget for scrapping a valuable relief for alterations to some listed buildings. The argument the Treasury put forward was that there was an “anomaly” in that repairs to listed buildings carried the full 20 percent rate of VAT whereas approved alterations were free of VAT.Read More
As reported in recent articles on our legal blog, the SRA has been through a period of consultation considering removing the requirement for reporting accountants to complete an accountants report for firms of solicitors.
The SRA board met on Wednesday 17 September, and have now announced their decision.Read More
We have previously blogged and written about the upcoming (and significant) changes to VAT occurring from 1st January 2015, where VAT on Business to Consumer (B2C) supplies of telecoms, broadcasting and electronic supplies will be taxed where the customer belongs. This will require all businesses, even those operating below the £81,000 threshold, to pay tax and keep up to date with all the VAT rate changes in 28 member states.Read More
Today sees thousands of pubs across the UK reduce their prices by 7.5% as part of a well orchestrated campaign led by the French VAT campaigner Jacques Borel, who has been paid by JD Wetherspoon and other major pub chains to further the campaign. This is a separate campaign to the Cut Tourism Tax campaign.Read More
Recent experience has brought to light an issue with HMRC trying to collect national insurance contributions (“NIC”) from landlords on the rental income they receive. HMRC appear to be writing to certain landlords asking them to consider whether or not NIC should be payable and, annoyingly, it seems these letters are not being copied to us as agent.Read More
The United Kingdom is all one happy family again… ok, maybe not entirely, but the reality is that the way that the UK deals with taxation is going to change, and it’s not going to be easy. David Cameron has promised Scotland new tax powers and one would think that similar conversations may now take place with regard to Wales and Northern Ireland too.Read More
Following on from our last legal blog, I wanted to expand on the topic of Professional Indemnity Insurance (“PII”) with some practical tips.
PII is a significant expense in every solicitors profit and loss account and as we approach the traditional renewal date of 1 October it is a good time to look at any potential savings; although ideally this should have already been reviewed!
The SRA have removed the requirement that policies must begin on 1 October and cease on 30 September and so insurers can now offer multi-year policies of variable duration.Read More
I’ve decided that it’s time to wade my size 11′s in to the independence debate. In two weeks’ time Scots will be asked the simple question, “should Scotland become an independent country?”.
The hard-nosed economic argument is clear: as we’ve seen with the Eurozone, having countries with separate fiscal plans using the same currency can be very problematic.Read More
A previous edition of our legal blog highlighted the SRA’s attempts to reduce regulatory burden with specific reference to changes to professional indemnity insurance (“PII”).
However, the SRA have now confirmed that it will not be able to reduce the minimum terms of the PII cover in time for most firms to renew this year.Read More
Last week HMRC released two new consultations on “offshore tax evasion”; the first introducing a new criminal offence and the second ‘strengthening civil deterrents’. At first glance they do not seem that exciting but there are potential consequences for people with assets abroad.
We were told in April this year by David Gauke, Financial Secretary to the Treasury, that the Government intended to introduce a new criminal offence for people who do not declare offshore income.Read More