The latest Tax News, VAT News, HMRC News and Fee Protection Insurance News from the experts at Vantage Fee Protect.
Latest News Articles
Flat Rate Scheme
Flat Rate Scheme - changed from 1 April 2017 – Limited Cost Traders With effect from 1/4/2017 HMRC introduced new rules to the Flat Rate Scheme (FRS) to try to reduce what they see as significant financial benefits received by some businesses using the scheme. Under the new rules businesses will have to use a…
The Caring Government? Targeting care homes
Project to target care homes Most people can understand that H M Revenue & Customs (HMRC) will target tax avoidance schemes used by the rich and famous but did you know that there is also a project to target care homes? At a PAYE inspection the HMRC officer confirmed that there is a project targeting…
Vantage Fee Protect will be exhibiting at Accountex 2017
Accountex - Stand No. 570 We are getting prepared for Accountex 2017 which is only weeks away and wanted to let you know that we will be on Stand No. 570. We hope that if you are attending that you will come and say hello. Paul Rigney and Paul Clegg, who are manning the stand,…
Insurance Premium Tax Rate Change
Insurance Premium Tax Rate Changes from the 1 June 2017 As you are no doubt aware, from the 1st June 2017 the rate for Insurance Premium Tax (IPT) will increase from 10% to 12%. What does this mean for Tax Fee Protection Insurance? If your scheme incepts or renews after the 1st June 2017 the…
Capital Allowances – Claims on property transactions
Benefits of correctly identifying Capital Allowances on embedded items Despite recent changes in tax legislation commercial property remains an attractive investment, although few owners fully understand the requirements and potential benefits of correctly identifying Capital Allowances on embedded items, especially when entering into a property transaction. Often it is possible to enhance the selling price…
Enhancements to the Vantage Fee Protect Tax Advice Line
Vantage brings tax advice line in-house .. Vantage Fee Protect continues to go from strength to strength, with more and more accountants choosing Vantage as their Fee Protection Insurance provider. Accountants are drawn towards our simplified and transparent approach, innovative on-line tools, significant policy enhancements and expert claims handlers delivering 99% first time acceptance. At…
Digital Tools Revolution for HMRC
Investments in digital tools Often our accountancy clients ask us for articles that they can pass on to their clients, which provide an update on the current HMRC approach to compliance work. The following gives an interesting insight into HMRC’s use of digital tools, their undoubted effectiveness and the impact that it has had in…
Tax investigations – Will more of your clients be investigated?
HMRC’s software leads to a rise in tax investigations Tax investigations of old used to take weeks or months to conduct due to the inordinate amount of time that it took the tax inspector to obtain information. This has now radically changed with HMRC’s award winning software. Connect, as it is called, does just that…
Let Property Campaign – Landlords’ voluntary disclosure
Let Property Campaign - ‘bring your tax affairs up to date’ Let Property Campaign is a scheme by HMRC, aimed at landlords who owe tax through letting out residential property. According to HMRC the Let Property Campaign gives the taxpayer, “an opportunity to bring your tax affairs up to date and to get the best…
Fee protection insurance – Vantage Fee Protect is IFA’s preferred partner
Tax fee protection insurance - IFA members now have access Vantage Fee Protect is delighted to announce that it has partnered with the Institute of Financial Accountants (IFA) as their preferred partner for tax fee protection insurance. The IFA was established in 1916, and is an internationally recognised professional accountancy membership body. It is part…
Vantage Fee Protect welcomes new operations director
Vantage Fee Protect is delighted to announce that Steve Wade has joined them this week Steve, who has worked for Vantage previously as underwriting and compliance manager, has now returned to take up the role of operations director for the fee protection insurance offering. He said, “I am really looking forward to getting back on…
Client Confidentiality – Production orders & accountant’s dilemma
Could client confidentiality be put at risk? An accountant receiving a production order from HMRC faces a dilemma over their duty to clients and client confidentiality in particular. HMRC issued nearly 1,500 production orders under Schedule 36 FA 2008 last year, and a total of around 8,000 in the last five years. HMRC require information about…
Tax Avoidance – Accountants face tougher penalties
HMRC strengthening tax avoidance sanctions and deterrents HMRC published a “consultation document” on “strengthening tax avoidance sanctions and deterrents”. Under the proposed new rules, accountants and advisers who assist their clients to avoid tax could face penalties. This could be up to 100% of the tax avoided. “These tough new sanctions will make would-be enablers…
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