Link4Business

Pouring Cash Down the Toilet – £18 Billion Shortfall in British VAT During 2006

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 mobile [...]

New Penalty Regime for UK Taxpayers

Her Majesty’s Revenue & Customs (HMRC) recently published details of a new one penalty system for inaccurate tax documents and returns. This new system replaces the previous wide variety of penalties.
The new system relates to returns and documents for the period starting on or after 1st April 20098 which are due to be filed on [...]

What do the Changes in VAT Mean for You?

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 charged [...]

EU Could Allow Darling to Cut VAT Rates Below 15%

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 the [...]

Customs Duty Cut for Internet Shoppers

From next month, internet shoppers in the United Kingdom will no longer have to pay customs duty on purchases made from non-European Union websites with a value of under £105.
Currently customs duties are payable on goods bought online from non-EU countries worth £18 or more. But from December 1, a new £105 (€150) limit will [...]

HMRC Advisory Fuel Rates

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:
 

Engine Size

Petrol

Diesel

LPG

1400cc or less

12p (11p)

13p (11p)

7p (  7p)

1401cc to 2000cc

15p (13p)

13p (11p)

9p (  8p)

Over 2000cc

21p (19p)

17p (14p)

13p (11p)

 
PRIVATE CAR: 
If you use your [...]