uk vat

UK VAT Registration

UK VAT registration requirements If an overseas online retailer sells goods which are already located in the UK at the time the goods are sold then they must register for VAT in the UK and pay UK VAT to HMRC. HMRC have informed online marketplace providers running shopping websites for their online sellers that they could be held jointly and severally liable for the online sellers’ VAT if the seller…

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hmrc enquiries

How have HMRC Enquiries Changed?

HMRC enquiries in the past Many years ago, HM Revenue & Customs (HMRC) started HMRC enquiries by agreeing a date and time for a visit and then arriving with a blank questionnaire. They would then interview the main directors/ shareholders and review a sample of business records to try to find any potential errors. Tax enquiries were usually full enquiries often based on a reduction in sales/ turnover or a…

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hmrc database errors

Error in Tax Return Software Force Paper Filing

This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution HMRC’s own database software contains errors for 2016-17, which in turn has been replicated by all commercial software, because in order to get the returns to file electronically, suppliers must pass the HMRC flags including those which are incorrect. The problems stem from the interaction between the separate allowances for savings and dividends, the personal allowance…

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Making tax digital

Making Tax Digital

This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution Following on from last month’s special update regarding MTD, we now turn our attention to the proposed penalty regime which will apply to taxpayers who do not comply when they should. The government has already confirmed that taxpayers will be given a ‘grace period’ of a minimum of 12 months from when they become subject to…

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residential landlords

Residential Landlords

This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution Residential landlords – the squeeze on mortgage interest relief is now with us, so many clients will be asking ‘is Incorporation the answer’? We are now ‘live’ in terms of the 6 April 2017 commencement of the restrictions on mortgage interest relief for residential landlords (Section 272A ITTOIA 200S), originally announced back in Budget 2015. The…

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company losses

Company Trading Losses

New Changes On Company Trading Losses Carried Forward The government has announced that corporate losses arising on or after 1 April 2017 can be carried forward against total profits of the company or can be group relieved. So the previous restriction of corporate trading losses to be carried forward against the same trading profit has been removed now. Where your company operates more than one type of trade, or you…

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Charles Little - KSK

HMRC on the Prowl

Affluent Team by Charles Little Director at Keens Shay Keens Ltd With the conclusion of the 2015/16 tax filing season it is appropriate to now look ahead to the new fast approaching tax year. Amongst HMRC’s new teams is what is dubbed the “Affluent Unit” which our profession sees as scrutinising the financial affairs of middle class families. We believe that the unit has taken on 368 new inspectors to…

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Tax questions and answers

Resource Section has the Answers

Topical tax and VAT issues from the advice line Our clients will be aware that complimentary to their Qdos Tax Fee Protection insurance, they have access to telephone advice.  The advice lines give unlimited access to our tax and VAT consultants, who between them have many years’ experience working in both private practice and /or for HMRC.  They will consequently answer your questions with insight and opinion. Our consultants produce…

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flat rate scheme

Flat Rate Scheme

Flat Rate Scheme – changed from 1 April 2017 – Limited Cost Traders With effect from 1/4/2017 HMRC introduced new rules to the Flat Rate Scheme (FRS) to try to reduce what they see as significant financial benefits received by some businesses using the scheme. Under the new rules businesses will have to use a new FRS percentage of 16.5% when calculating the VAT due on their sales if they…

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care homes and HMRC

The Caring Government? Targeting care homes

Project to target care homes Most people can understand that H M Revenue & Customs (HMRC) will target tax avoidance schemes used by the rich and famous but did you know that there is also a project to target care homes? At a PAYE inspection the HMRC officer confirmed that there is a project targeting care homes. There are a couple of areas that HMRC are looking at in detail,…

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