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As of 1st December 2012 any business which is not established or located in the UK and which sells goods or services to UK customers will have to register and account for UK VAT, regardless of the value of those sales. Previously such businesses were only required to register when the value of the goods […]

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Almost before George Osborne sat down after delivering his 2012 Budget speech, many of his own Conservative MPs – on the back benches and in the cabinet – were putting up howls of anguish at some of the measures, such as the so-called “pasty tax”, the “granny tax”, taxes on caravans and listed buildings, and […]

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Watching George Osborne’s 2012 Budget speech on TV I cringed at some of the ideas that he came up with, not because they might not have points to recommend them, but because Osborne didn’t seem to realise that they gifted the opposition, the media, and some of his own party, opportunities to mock and attack […]

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Her Majesty’s Revenue & Customs have announced a new hit list of potential tax cheats who they are targeting for investigation. High on that list are teachers who make extra cash from giving private lessons, people selling goods on eBay, Amazon or other internet sites, personal trainers and tradesmen and businesses who hide their true […]

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On Tuesday 4th January 2011 the Standard Rate of Value Added Tax is increasing from 17.50% to 20%. This change will mean a lot of extra work for VAT registered businesses and any non registered business or private individuals should consider whether there are any steps they can take to try and pay at the […]

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It has long been accepted that businesses can and do make mistakes on their VAT returns from time to time. As long as the amount of VAT in question was under £2,000 they didn’t have to declare the error but could just correct it on the next return they filed. If the amount involved was […]

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Before the recent election all the three main parties were saying that they “had no plans to increase or extend VAT”. In fact the Labour Party actually ruled it out, but then they knew full well that the chance of them being in power, even with Lib Dem support, was fairly negligible. So it proved. […]

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I attended a very interesting meeting last night organised by the Isle of Man Junior Chamber of Commerce (“JCC”) at the Hilton Hotel. A packed audience was addressed by Chief Minister Tony Brown on the subject of the recent change to the VAT agreement the island has with the UK. This change is likely to […]

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It has long been suspected that there is widespread under collection of VAT throughout the European Union. But until now no one realised just how big the figures were. Talk about pouring cash down the toilet! There are a number of reasons for the shortfall some relating to systematic fraud (such as “carousel fraud” on […]

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HM Revenue & Customs are facing a flood of legal claims that will blow another massive hole in the public finances. In the past few weeks thousands of High Court claims have been lodges by companies and local councils relating to millions of pounds of interest wrongly charged by HMRC. When HMRC makes a repayment […]

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Amid much hype and to no-one’s surprise, yesterday Alistair Darling cut the standard rate of VAT to 15% with effect from the 1 December 2008. The cut is temporary and so on 1st January 2010 the standard rate will return to 17.5%. The 15% rate will apply to the supply of goods and services currently […]

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For years now the European Union severely limited the ability of national governments to reduce VAT rates – which fact seemed to have escaped Tony Blair who promised cuts during the 1997 General Election though he “found out” later. Good excuse not to keep your manifesto promises eh? However following a meeting earlier this month […]

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As from 1st of October 2007 there were changes made to what information you need to include on a VAT invoice. If you don’t comply then HM Revenue and Customs can hit you with pretty massive fines. Although fines are unlikely to be levied for non compliance in the first year, business owners cannot be […]

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COMPANY CAR: If you have a company car which you can also use for private use then as from 1st July 2008 the following rates apply for reimbursement of fuel costs for business mileage:   These rates don’t often change but you should be aware that they may and they will if VAT rates change. […]

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