Trinity Mirror has successfully appealed against an HMRC penalty for being a day late with their VAT return and payment in 2008, saying they felt the charge was not compliant with EU principle of proportionality and considered it more severe than the gravity of the infringement warranted. In the first tier tax tribunal, Judge Dr… Read more »
Posts By: ilyas Patel
HMRC – New Powers
In the March Budget HMRC were given powers to take money from bank accounts on debtors who owe more than £1000 in taxation, but both a tax reform group and ACCA feel that this could lead to an abuse of power. In the Budget papers it said that the change would bring the UK in… Read more »
Budget 2014
Welcome… Welcome to The 19th March Budget edition of Tax Tips & News. In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses. We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary. Please contact us for… Read more »
HMRC – Asset seizure in order to pay VAT bills
The amount of companies that have had assets seized rose significantly during 2008 and 2013 with £3,657 having assets seized compared to just 263 in 2008/9. HMRC have used their powers of distraint to seize and sell goods or assets such as vehicles, machinery or IT equipment from business premises at public auction in order to… Read more »
Bitcoin VAT to be abandoned
H M Revenue & Customs have confirmed that the plan to attach VAT to the trading of Bitcoins is to be scrapped. Although some tax authorities have concerns over the scope of the virtual currency, such as Russia who has made Bitcoin transactions illegal and China who has banned their banks from handling Bitcoin trades,… Read more »
Bedroom Tax Loophole
The Government announced in January 2014 that bedroom tax cuts to housing benefit should not have been applied to certain people. The loophole applies to those people who have been claiming housing benefit, continuously for the same home for the past 17 years. People affected include those who have been working for low wages or… Read more »
Flooded Businesses – Tax Deferral
As part of a package of initiatives to help local economies recover from the disruption caused due to wet and stormy weather of the last couple of months, David Cameron, Prime Minister has said the government is to offer a tax deferral scheme for affected businesses. At a recent conference held at number 10, David… Read more »
GROWTH VOUCHER SCHEME
Preston accountants to give free advice to small businesses under new scheme Small businesses could get up to £2000 under government initiative Free advice will be available to small businesses worth up to £2000 from Ilyas Patel Ltd, a member of global accountancy body ACCA (the Association of Chartered Certified Accountants) under a new initiative… Read more »
Start Up Loans – Lancashire
If you are aged over 18 with a viable business plan, you could apply for a government-backed Start Up Loan to help you start your business. Lancashire Community Finance is one of the local partners and has provided nearly £40,000 and practical advice to business start ups in Preston. Those taking advantage of the support… Read more »
Reclaiming VAT on Property Renovations, Conversions and Extensions
When buying a new home from a builder or developer you are not required to pay VAT on top of the purchase price because these such dwellings are exempt of VAT. H M Revenue & Customs recognise that it is unfair to charge VAT to builders who build their own house/home, therefore it has put in place certain… Read more »
