Charities are certainly adapting to changing funding environments. In seeking to reduce reliance on grant funding, many charities have looked to increase enterprise trading and charging for services. But the tax impacts of developing new opportunities and even delivering the same services under different arrangements have sometimes been overlooked – these need to be on a charity’s radar.Read More
When acting for a potential buyer in respect of a property purchase, it is normal for a solicitor to engage with a third party to conduct searches. These will determine whether any restrictions apply over the property, and provide other relevant information of interest to the buyer.
Local councils are often instructed to carry out these searches, and in the past there has been no requirement for them to add VAT to their fees.Read More
Much has been said about HM Revenue & Customs’ plans to bring the way they collect tax information up to date by embracing technology. The changes, referred to as Making Tax Digital, are being billed by HMRC as a “digital revolution” that will “transform the experience of millions of taxpayers”.Read More
The Chancellor announced proposed changes to the Flat Rate Scheme legislation as part of November 23’s Autumn Statement, potentially affecting some of the smallest VAT registered businesses in the country.
Currently traders such as consultants, engineers, IT contractors and ‘labour only’ builders can use flat rates as low as 12%.Read More
Motor dealerships in East Anglia are currently exposed to potential VAT bills as HM Revenue & Customs (HMRC) actively conduct targeted systems based audits in the region.
Using a specially trained computer audit team, HMRC utilise the motor dealer’s computer system to produce exception reports.Read More
Since I was a lad I have, on and off, been a racing cyclist. I won a few races, became a club champion and once, memorably, rode 237 miles in 12 hours. Things change over the years, however, and recently I have not been able to ride without suffering some niggling pains. Despite all my years of cycling experience I haven’t been able to sort out the current problem myself.Read More
When purchasing a commercial property there are many considerations to be taken into account. Matters such as the chosen business vehicle, legal agreements, stamp duty and corporation tax are often high up on the list of things to consider. Unfortunately VAT can be sometimes forgotten about until the last moment, or not even considered at all – a potentially costly mistake.Read More
The recent taxation changes regarding buy-to-let property have not been favourable. There has been the introduction of the additional 3% Stamp Land Duty Tax on acquiring a second property and the significant reduction in capital gains tax rates announced in the 2016 Budget did not apply to residential property which make both buying and selling a buy-to-let more expensive.Read More
Lenin once said: “There are decades where nothing happens; and there are weeks where decades happen.”
I guess that after the referendum vote that is particularly true, and who could have predicted the political ramifications that have been played out since the results were announced.
At the moment we just do not know what the long term impact on the nation’s businesses will be, although many commentators are speculating what might or might not happen.Read More
The Court of Justice of the European Union (CJEU) has recently overruled UK court decisions in the cases of Bookit Ltd and National Exhibition Centre Ltd. The issue at hand was whether amounts charged to those using credit or debit cards to book admissions to events and cinema screenings etc. could be treated as a separate supply exempt from VAT, or whether the liability should follow that of the underlying transaction.Read More