Specialist Tax News

VAT on private school fees – any planning?

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The Institute of Fiscal Studies (IFS) indicates charging VAT on private schools would generate revenue of £1.6bn per year, which Labour claim would fund 6,500 extra teachers. Many parents have been asking if there is any planning to avoid the 20% increase in private school fees. However, the actual increase may not technically be a […]

Specialist Tax News

“Tax point” for VAT

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The time of supply is the earlier of: the date when the supply is ‘really’ made, referred to as the basic tax point; the date when a tax invoice is issued in respect of the supply; and the date when payment is received for the supply. There are a number of refinements to be borne […]

Specialist Tax News

Form P11D deadline is 6 July

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As mentioned in the diary of main tax events, form P11D for reporting benefits provided to employees and directors needs to be submitted online by 6 July. The most common benefits provided are company cars, private healthcare and loans at less than the 2.25% HMRC official rate of interest. Where company cars are provided it […]

Specialist Tax News

VAT on the costs of selling of a subsidiary

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When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply. In a recent case a hotel group argued that a subsidiary was sold in order to finance the completion of construction of […]

Specialist Tax News

Diary of main tax events July/ August 2024

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Date What’s Due 01/07 Corporation tax payment for year to 30/9/23 (unless quarterly instalments apply) 05/07 Last date for agreeing PAYE settlement agreements for 2023/24 employee benefits 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2023/24 06/07 Deadline for forms P11D and P11D(b) for […]