The latest Tax News, VAT News, HMRC News and Fee Protection Insurance News from the experts at Vantage Fee Protect.
Latest News Articles
Taxation of Capital Gains
Taxation of capital gains – scope extended by HMRC HMRC extends the scope of the UK’s taxation of capital gains accruing to non-UK residents to include gains on disposals of interests in all UK property. This measure was announced at Autumn Budget 2017 and a consultation ran from 22 November 2017 to 16 February 2018…
VAT Recovery on Cars
Could Coca-Cola allow for VAT recovery on cars? The First-Tier case of Noel Payne, Christopher Garbett and Coca-Cola European Partners GB Ltd (TC06082) has been raised by clients when enquiring about VAT recovery on cars and vans. While it’s slightly unusual to discuss the decision made in an Income Tax Tribunal, the issue in this…
DPB Licence – important changes
Does your practice operate under a DPB licence? There are some important changes around the corner for practices that operate a Tax Fee Protection Insurance scheme under a DPB licence. In this respect the ICAEW have just issued DPB update 11, which can be viewed by clicking here – The changes come into effect on…
Do you know your P11D deadline?
P11D deadline - due at HMRC by 6 July 2018 The P11D deadline for the year ended 5th April 2018 is 6th July 2018, when P11Ds should be received by HMRC, together with P11D(b)s in respect of Class 1A National Insurance that is owed. The employees should be given a copy of the information…
Vantage Fee Protect – Keeping your data safe
In order to ensure that Vantage Fee Protect is GDPR ready we have employed an external consultant to undertake a review of all our data handling processes and procedures. The review has considered in detail our ‘customer journey’ mapping out the when data is collected, how it is processed, who has access to it and…
Payments In Lieu of Notice – a taxable PENP
Payments in Lieu of Notice to employees will alter From the start of 6th April 2018, the tax treatment of Payments in Lieu of Notice (PILON) to employees will alter due to Finance (No 2) Act 2007 which received Royal Assent on 16 November 2017. Clause 5 of the Act inserts the new sections 402A to…
Oil and gas contractor clients VAT repayment
Your contractor clients may be due a significant refund of VAT if in the past 4 years they have: Contracted in the oil & gas sector Registered and paid Flat Rate VAT (FRV) at 14.5% This is based on the decisions made in the Tribunals of Idess Ltd and SL Subsea Engineering Ltd. As a…
Vantage Fee Protect – Financially strong and committed to the long term . . . .
We are aware of statements made by some of our competitors with regards to the financial standing of Vantage Fee Protect that are both factually incorrect and intended to be damaging to our business. We are also aware that it has been falsely communicated to clients that Vantage Fee Protect is up for sale or…
Your Fee Protection Insurance provider can’t offer terms?
Our insurer is Tokio Marine HCC one of the world’s largest insurers who have a market capital of $31 billion and are rated AA- (very strong) by Standard & Poor’s. If your existing provider can’t offer terms, don’t worry as we can: Provide you with competitive renewal terms. Provide ‘rescue packages’, including insuring pro rata…
Not Just Hot Air – We’re Going Places
Why not join the hundreds of accountants who chose Vantage Fee Protect as their Fee Protection Insurance provider last year? 2017 proved to be another successful year for Vantage Fee Protect with hundreds of accountants choosing us as their Tax Fee Protection Insurance provider. 78% of new Vantage clients chose to switch to us from…
Employment Allowances Claims
Changes that Impact on Employment Allowances Claims Many accountants deal with companies that have single directors on the payroll and are paid at a rate above the Secondary Threshold for Class 1 National Insurance contributions. Due to a change in the legislation from 6th April 2016 unless the company has another employee who is also…
Umbrellas – are they exempt?
Are umbrellas VAT exempt? OK, so in this instance the term “umbrella” is used in regard to umbrella companies working in the medical personnel supply industry and recent contact from such a company suggests that HMRC may be taking a closer look at supplies of medical staff made by umbrella companies. Generally speaking, the supply…
New Tax Allowance for Trades and Property Income
Tax allowance was originally announced at Budget 2016 The tax allowance was originally announced at Budget 2016 and was one of the several processes dropped from the Finance Act 2017 due to not enough time for deliberation in parliament. It was reinstated as part of Finance (No. 2) Bill 2017, published in September 2017 and the Finance…
UK VAT Registration
UK VAT registration requirements If an overseas online retailer sells goods which are already located in the UK at the time the goods are sold then they must register for VAT in the UK and pay UK VAT to HMRC. HMRC have informed online marketplace providers running shopping websites for their online sellers that they…
How have HMRC Enquiries Changed?
HMRC enquiries in the past Many years ago, HM Revenue & Customs (HMRC) started HMRC enquiries by agreeing a date and time for a visit and then arriving with a blank questionnaire. They would then interview the main directors/ shareholders and review a sample of business records to try to find any potential errors. Tax…
Error in Tax Return Software Force Paper Filing
This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution HMRC's own database software contains errors for 2016-17, which in turn has been replicated by all commercial software, because in order to get the returns to file electronically, suppliers must pass the HMRC flags including those which are incorrect. The problems…
Making Tax Digital
This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution Following on from last month's special update regarding MTD, we now turn our attention to the proposed penalty regime which will apply to taxpayers who do not comply when they should. The government has already confirmed that taxpayers will be given…
Residential Landlords
This article has been provided by Alan McCann (DTE) Head of Tax Dispute Resolution Residential landlords - the squeeze on mortgage interest relief is now with us, so many clients will be asking 'is Incorporation the answer'? We are now 'live' in terms of the 6 April 2017 commencement of the restrictions on mortgage interest…
Company Trading Losses
New Changes On Company Trading Losses Carried Forward The government has announced that corporate losses arising on or after 1 April 2017 can be carried forward against total profits of the company or can be group relieved. So the previous restriction of corporate trading losses to be carried forward against the same trading profit has…
HMRC on the Prowl
Affluent Team by Charles Little Director at Keens Shay Keens Ltd With the conclusion of the 2015/16 tax filing season it is appropriate to now look ahead to the new fast approaching tax year. Amongst HMRC’s new teams is what is dubbed the “Affluent Unit” which our profession sees as scrutinising the financial affairs of…
Resource Section has the Answers
Topical tax and VAT issues from the advice line Our clients will be aware that complimentary to their Vantage Tax Fee Protection insurance, they have access to telephone advice. The advice lines give unlimited access to our tax and VAT consultants, who between them have many years’ experience working in both private practice and /or…
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