The standard rate of VAT was reduced from 17.5% to 15% for the 13 month period 1 December 2008 to 31 December 2009. HMRC have confirmed that the standard rate of VAT will revert to 17.5% from 1 January 2010. The government have confirmed that legislation will be introduced to counter schemes which purport to apply the 15% […]

A package of measures is being introduced to simplify and modernise the VAT system for cross-border trading and to counter fraud across the EU. The measures include: changes to the basic place of supply of services rules changes to the time of supply rules European Sales List (ESL) reporting for supplies of cross-border services a […]

As you are no doubt aware, shares in Bradford & Bingley plc were taken into public ownership last year. HMRC have issued guidance relevant to former shareholders and employees who were members of employee share schemes. The guidance sets out the capital gains tax and income tax implications for former shareholders and employees who were […]

The budget should have done more to ensure a scheme designed to help businesses with cash flow problems worked. Philip Munk, Partner of TWP, says the government’s £1.3 billion Enterprise Financial Guarantee scheme is doing little to persuade banks to lend to smaller firms, and the budget has done nothing to change the situation. The […]

Alistair Darling made a late change to the impact of business rate rises which were due to take effect in England from 1 April 2009.Business rates were due to go up by 5% from 1 April 2009. However under the new scheme the rise will be restricted to 2%, with businesses being able to spread […]

In his Budget, the Chancellor announced two changes to tax relief on pension contributions for individuals with income above a certain level.From 6 April 2011 it is intended that tax relief on pension contributions will be restricted for individuals with an annual income of £150,000 or more. Relief will be tapered away so that for […]

Over the next few years, the government will be changing the way business owners have to manage and pay some taxes, and making it compulsory to file certain returns and forms online.The taxes that are moving to compulsory online filing are:  end-of-year and in-year PAYE (Pay As You Earn) forms for employers VAT Corporation Tax […]

Additional capital allowances are to be available for expenditure incurred by a business in the 12 month period (starting 1 April 2009 for companies and 6 April 2009 for individuals and partnerships). Most businesses have since April 2008 been able to claim the new Annual Investment Allowance (AIA) on the first £50,000 spent on most […]

Under current rules businesses already have a number of mechanisms to relieve trading losses against other income including past trading profits. Unincorporated businesses can offset unlimited trading losses against income in the preceding year and in the early years of business trading losses may be carried back for three years. The main relief for companies […]

HMRC bank account details for paying self employed Class 2 and voluntary Class 3 National Insurance Contributions have changed. HMRC have advised that individuals will need to use the new account details when making a payment. Their advice is that where an individual pays by Internet, telephone banking or CHAPS: “HMRC is now using the […]