Blog

Requirement to correct tax due on offshore assets

A new legal requirement is included in the Finance (No. 2) Act 2017 that creates an obligation for anyone who has undeclared UK tax liabilities that involve offshore matters or transfers to disclose the relevant information about this non-compliance to HMRC by 30 September 2018. Failure to disclose the relevant information to HMRC on or…
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This takes the biscuit

In a recent hearing before a tax tribunal, HMRC led the charge to insist that bicarbonate of soda (BoS) was a chemical not a food of a kind used for human consumption. Why was this important? HMRC had issued an assessment amounting to £291,000 to hapless food company, Phoenix Foods Ltd, as they had treated…
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Intellectual property and Brexit

The Intellectual Property Office has issued commentary on the future of intellectual property (IP) issues following Brexit. We have copied in blow some of their comments to clarify various issues for companies with existing registered IP, or that have applications in progress. Trade marks The UK system for protecting trade mark rights is not affected…
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Additional support for Carillion subcontractors

A further package of support for the businesses and workers affected by Carillion’s liquidation was announced Saturday 3 February, by Business Secretary Greg Clark. Through delivery partners that include all the major high street lenders, the British Business Bank will provide support to make available up to £100 million of lending to small businesses who…
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Text message scammers scuppered by HMRC

HMRC has stopped thousands of taxpayers from receiving scam text messages, with 90 percent of the most convincing texts now halted before they reach their phones. The milestone comes during Take Five To Stop Fraud Week, with the tax authority working to raise awareness of the tell-tale signs of fraud ahead of the Self-Assessment deadline.…
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Tax Diary February/March 2018

1 February 2018 - Due date for corporation tax payable for the year ended 30 April 2017. 19 February 2018 - PAYE and NIC deductions due for month ended 5 February 2018. (If you pay your tax electronically the due date is 22 February 2018) 19 February 2018 - Filing deadline for the CIS300 monthly…
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What is in a name

A company, Casio Services Ltd (CSL), had been registered with Companies House since June 2016, and after that confirmation by Companies House the directors would no doubt have felt that they could trade with the registered name with no restriction. Unfortunately, Casio Electronics Co Limited (CECL), a previously registered business disagreed. CECL were not happy…
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Unexpected VAT charge for UK importers

With no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. Consequently, UK importers would be required to make an up-front VAT payment in addition to any customs duties. This VAT payment will rank as input VAT that can be reclaimed from HMRC. However, a problem will arise…
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Biker club wins VAT case

Many clubs offer members a range of services for their membership fee. For example, membership may include a members’ magazine. Ordinarily, a magazine subscription should be zero rated for VAT purposes, but when the magazine element is bundled into a general club subscription - that is standard rated for VAT - problems can arise. HMRC…
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Getting ready for Making Tax Digital

As our regular readers of our newsletter will be aware, the government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original plan, to have most self-employed traders and landlords uploading accounts and VAT data from April 2018, was scrapped. The new plan, delayed until April 2019, requires traders registered for VAT, and…
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