Changes to VAT Place of Supply Rules for Digital Services

From 1 January 2015 the taxation location of digital services supplied to private individuals (B2C) is set to make a significant change from the location of the supplier of these services, to the location of the individual consumer purchasing them. Known as the European Union (EU) VAT place of supply of services rules, these new changes will specifically relate to the sale of broadcasting,…

Annual Investment Allowance Increased to £500,000

Announced as part of Budget 2014 back in March of this year, Chancellor of the Exchequer George Osborne has once again increased the Annual Investment Allowance (AIA) temporarily between 1 April 2014 (for corporation tax, 6 April 2014 for income tax) until 31 December 2015. In a bid designed to stimulate business investment across the economy by increasing the time businesses have to make…

Tax Tips and News for September 2014

This issue … Late Filing Penalties, Redress Payments, VAT On Multi-products, Travel Question, September Questions and Answers, September Key Tax Dates Late Filing Penalties From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI "late", or don't submit it at all for a month in which you paid your employees.…

Contractors Now Receiving Accelerated Payment Notices (APNs)

Back in July 2014 HMRC published a list of over 1,000 schemes that they deemed to be tax avoidance vehicles, claiming that they will soon start sending out Accelerated Payment Notices (APNs) to taxpayers, including contractors and freelancers, who have invested in these schemes. Under the new rules associated with APNs it’s mandatory for contractors who receive one of these letters to pay any…

Small Business, Enterprise and Employment Bill Summary

The Small Business, Enterprise and Employment Bill has been drawn up to “reduce the barriers that can hamper the ability of small businesses to innovate, grow and compete,” with the overarching role of the bill designed to remove and reduce unnecessary regulation that gets in the way of doing business. Leading the Bill, Matthew Hancock, Minister of State for Skills and Enterprise claimed in an…

Tax Tips and News for July 2014

This issue … RTI Penalty Notices; VAT on Digital Services; PAYE Reconciliations; Scary Letters; July Questions and Answers; July Key Tax Dates Real Time Information (RTI) Penalty Notices As an employer you may have received an RTI penalty warning letter accusing you of not submitting all of the RTI returns required for 2013/14. However, that letter may be incorrect. HMRC has admitted…

Four Million UK Residents Regularly Work from Home

The number of home-workers across Britain has reached a new milestone: four million and counting.  The number of people who work from home is up 500,000 since 2007, with 62,000 new home-workers being added over the course of the last year alone. Analysing data freely available from the Office for National Statistics (ONS), the Trades Union Congress (TUC) concluded that not only has there been…

Ten Summarised Points from 2014 Budget

Yesterday, Wednesday 19 March 2014, Chancellor George Osborne delivered his fourth full budget to the House of Commons since the Conservatives came into power in 2010; a budget that has been seen as pivotal given that it will be Mr Osborne’s last before next year’s General Election. Below we’ve summarised ten key talking points from Budget 2014, placing focus on areas that affect your personal…

Tax Tips and News for March 2014

This issue ... Budget News, Business Journeys, RTI Penalties, Let Property Campaign, VAT on Books and Leaflets, March Question and Answer Section, March Key Tax Dates 2014 Budget News Summary This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo…

Pension Fees Cap Delayed Until 2015

Pensions minister Steve Webb has confirmed his proposed pensions fee cap, due to come into force from April, will by delayed by at least a year, stating it would “only right and fair to give employers a minimum of 12 months' notice of the changes”. Under the proposed cap, legislation which Mr Webb is pushing forward under a previous promise of a "full frontal assault" on excessive pension…