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Update on MOSS system for VAT accounting

According to the European Commission’s latest report fewer than 7,000 businesses across the EU have registered for the ‘Mini One Stop Shop’ (‘MOSS’) system for accounting for VAT, and only 500 from outside the EU. The deadline for registrations was 10 February. (more…)

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Property – how to achieve your ideal world

Join us for breakfast on Friday 24 April as we discuss issues, pitfalls and opportunities in the property sector, with experts from Burgess Hodgson, Furley Page, Strutt & Parker and Lee Evans Partnership.

Topics covered will include:

  • an outline of the potential pitfalls and opportunities available to the sector, including the supply of Kent housing land for developers,
  • the VAT implications of dealing in land and property,
  • the legal ‘Top Tips’ relating to Promotion Agreements for developers,
  • and cost savings for developers on viability and planning issues.

(more…)

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Women win battle of sexes with tax returns

Women are more likely than men to send in their tax return on time, an HM Revenue and Customs (HMRC) analysis has revealed.

For every 10,000 tax returns received last year by HMRC from men, 394 were after the relevant deadline – 31 October for paper submissions and 31 January for online returns. This compares to 358 late returns for every 10,000 received from women. (more…)

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VAT and prompt payment discounts

Many businesses making supplies to customers will be tempted to persuade those customers to pay as quickly as possible for those supplies, after all, lengthy delays can be costly in financial terms and also in terms of maintaining good commercial relationships.

One way of incentivising customers to pay quickly is to offer them a discount based on how long it takes them to pay. For example a 10% reduction if payment is received within 14 days can make a significant difference to the customer, and help to ensure that cash-flow is kept relatively healthy. (more…)

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SMEs urged to sign up for new online VAT service

Small businesses supplying digital services are being urged to sign up for a new online VAT service to cut down on red tape.

From October 20, businesses supplying digital services across the European Union will be able to register for the new service which means they do not have to register VAT separately in each country where they do business. (more…)

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Fraud major driver of ‘tax gap’

Almost five times more tax revenue is lost as a result of illegal activity than through tax avoidance.

This is the observation of the Chartered Institute of Taxation of official figures that come from the Government’s annual estimate of the ‘tax gap’. (more…)

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Warning over new HMRC ‘phishing’ scam

A new ‘HMRC’ email scam is doing the rounds suggesting that taxpayers have been taken out of Self-Assessment and need to click to sign up again.

It’s the latest in a series of HMRC email scams aimed at taxpayers, the majority of which are designed to trick people into providing personal details. (more…)

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Burgess Hodgson announces new taxation consultant

Burgess Hodgson has announced that David Marcussen (pictured right) has joined the firm as a consultant specialising in taxation. (more…)

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How to reduce your tax bill the right way

The government has raised almost £24bn in additional tax to the year ended March 2014, as a result of a crackdown on tax avoidance, which we first reported in January this year.

With more and more celebrities being highlighted in the media as not paying their fair share of tax, Burgess Hodgson Associate Simon Bailey considers the difference between tax evasion and tax avoidance, and where the line between the two becomes blurred, as well as some legitimate ways to reduce your tax bill. (more…)

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HMRC publishes rules for accelerated tax payment

HMRC has published details of the new rules governing the use of accelerated payments.

Under the new scheme individuals and businesses who use tax avoidance schemes will have to make upfront payments of tax in case of dispute. (more…)

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