7 August 2011

Paper VAT Returns

From March 2012 all VAT registered business will have to file their VAT Returns electronically. That means the end to the paper VAT 100 forms.

Angus Nicolson

1 August 2011

Tax Return penalties increased

From January coming, the penalties for late filing of tax returns will increase and the ability to mitigate penalties where no tax is due will be removed.

Angus Nicolson

19 July 2011

DIY Housebuilding

A DIY Housebuilders Claim was rejected by HMRC on the grounds that the planning permission prohibited separate disposal of the house so it did not meet the definition of “dwelling” for the purposes of the refund scheme. The appeal was dismissed.

Angus Nicolson

19 May 2011

Mileage rates

The Inland Revenue have increased the tax and NI free rate of Approved Mileage Allowance Payments. From 2011/12 the new rates are:- For the first 10,000 miles – 45p (up from 40p) For all subsequent miles – 25p (unchanged).

Angus Nicolson

7 April 2011

New tax codes

From 6 April, if you have new employees without a P45 or a P46 you will have to use code 0T, rather than BR.  This means that these employees will have no allowances, and although the effect is generally the same for most employees, higher paid employees will pay more tax.

Angus Nicolson

24 March 2011

Late filing of Tax Returns

Beware, there is a new penalty regime in force for late filing of personal income tax returns for 2011/12. The current regime is that the penalty for late filing is the lower of £100 and the tax due.

Angus Nicolson

6 February 2011

Tax investigations

We have noticed a large increase in tax enquiries originating from one simple, but highly effective, check being made by the Inland Revenue.

Angus Nicolson

12 October 2010

VAT errors

The new procedures for dealing with and correcting VAT errors often need explaining. However, they are actually quite straight forward. You require to complete form VAT652 unless you meet certain qualifying conditions to self-correct.

Angus Nicolson

5 October 2010

Managed Service Companies

Managed Service Companies are expected to come under severe attack by the Inland Revenue over the coming months and years. These are companies which advertised and operated the administration of a personal company of an individual, for a weekly or monthly fee.

Angus Nicolson

22 September 2010

Norwegian tax statements

We have been advised by the Norwegian tax authorities that the annual statements showing tax due or tax overpaid will be issued on 22 October 2010.

Angus Nicolson

19 August 2010

New tax mandates

The Inland Revenue have just announced that they are moving staff from the central agent authorisation team in Longbenton, Newcastle, to “higher priority work”.

Angus Nicolson

3 August 2010

Norwegian Tax Returns

The ability to file Norwegian Tax Returns electronically on-line has been suspended whilst the submitted returns are processed and refunds or demands issued.

Angus Nicolson

29 June 2010

Post-Budget tax planning

The reduction in the Annual Investment Allowance from £100,000 to £25,000 – increased from £50,000 by Alasdair Darling only in March – is a major blow for small business who need to make significant capital purchases, as any fishing boat owner will testify.

Angus Nicolson

13 January 2010

Tax-free meal expenses

With the need to complete P11Ds looming, it is important that all employers understand just what expenses they can pay tax-free without having to make any reports to the Inland Revenue.

Angus Nicolson

29 December 2009

VAT rate changes in Sage

With the Standard Rate of VAT changing back on 1 January, Sage users may find the following short movie very helpful in reminding them how to change the VAT Rate on their system.

Angus Nicolson

28 December 2009

New PAYE penalties

The new penalties for late payment of PAYE and CIS will come into force on 5 April 2010, and will affect the PAYE due on 19 May 2009.In essence the penalties will arise if you are late in making any payments of PAYE, but if there is only one late payment in the year then the penalty will be waived.

Angus Nicolson

17 December 2009

Abolition of cheques

So the long forecast demise of cheques will now happen in 2018. Probably. It is clear that private consumers are expected to move to the use of cards and other similar methods over the next number of years. Whilst that may be fine for the vast majority, there are still many, many people who do not want or cannot get a debit card.

Angus Nicolson

12 December 2009

VAT rate returns to 17.5%

The standard rate of VAT will return to the rate of 17.5% from 1 January 2010.For most traders the process will simply be a reverse of the steps you took when the VAT rate was reduced to 15%. Our instructions covering the change in December 2008 can be accessed here.

Angus Nicolson

14 October 2009

Scam email

If you receive an email that looks like this, please ignore it as it is a scam to obtain your credit card details.

Angus Nicolson

30 September 2009

Seafarers’ Earnings Deductions

From September 2009, new rules have come into force, as a result of Tribunal decisions, which extend the range of duties which can qualify for SED.

Angus Nicolson

1 August 2009

iXBRL compliance

The new format for compulsory filing of Corporation Tax returns from 1 April 2011 will be in iXBRL.We are proud to be able to confirm that we are already iXBRL compliant and will be able to file all corporate tax returns electronically from that date.

Angus Nicolson

20 May 2009

Annual Investment Allowance

The Budget has seen the re-introduction of first year allowances (FYAs) for purchases of qualifying plant and machinery. Allowances of 40% will be available to companies, partnerships and individuals carrying on qualifying activities in excess of the annual investment allowance.

Angus Nicolson

21 April 2009

Inland Revenue bank accounts

During 2009 the Bank of England will no longer handle the Inland Revenue transactions. The bank accounts will in future be operated by the Royal Bank of Scotland and by Citibank.

Angus Nicolson

6 April 2009

VAT – electronic filing

From 1 April 2010 electronic filing of VAT Returns will be mandatory for all businesses with a turnover in excess of £100,000. All businesses registering for VAT after that date will have to file electronically, no matter what there turnover is.

Angus Nicolson

21 February 2009

Employer compliance review – CIS

We have recently been involved in a dispute with the Inland Revenue over the non-deduction of CIS by a contractor when paying a supplier. The Inland Revenue asserted that the supplier was a sub-contractors in terms of the legislation and consequently CIS deductions should have been applied.

Angus Nicolson

23 December 2008

Christmas closing

The office will close at 1pm on Tuesday 23rd and re-open on Monday 5th January. We would like to wish all our clients best wishes for Christmas and a happy and prosperous New Year.

Angus Nicolson

25 November 2008

VAT changes

The change in the Standard Rate of VAT from 17.5% to 15% is temporary – it lasts from 1 December 2008 to 31 December 2009. But how do you change your computer system to reflect the change in the legislation from next week?

Angus Nicolson

24 September 2008

Seafarers 183 day rule change

A recent tax case that was heard by the Commissioners earlier this year (known as “Pride of South America”) has confirmed that the Inland Revenue are widening the definition of what they will classify as offshore installations for Foreign Earnings Deduction purposes.

Angus Nicolson

14 August 2008

Directors NI400

There are special rules for directors National Insurance. In practice this only affects the employee contributions, as there is no upper limit on employer contribution, as the table below demonstrates.

Angus Nicolson

18 May 2008

Mini-Budget changes

The impact of the removal of the 10% tax rate has led the Chancellor of the Exchequer to announce that the Personal Allowance will be increased by £600, but the higher rate threshold has been reduced to compensate for this.

Angus Nicolson

1 May 2008

Changes to VAT Threasholds

With effect from 1 April 2008, the VAT Registration limit has increased to £67,000 and the de-Registration limit has increased to £65,000.

Angus Nicolson

5 March 2008

Increase in National Minimum Wage

From October 2008, the National Minimum Wage will increase from £5.52 to £5.73 (up by 3.8%).The rate for 18-21 year olds will increase from £4.60 to £4.77 and for those under 18 from £3.40 to £3.53.

Angus Nicolson

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Glasgow
31 Lynedoch St.
G3 6EF

Kilmarnock
71 King Street
KA1 1PT

Stornoway
49-50 Bayhead
HS1 2DZ

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