Technical updates
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Technical Updates
VAT Update July 2015
A PARTNERSHIP V HMRC FTT: TC04358
This case is a useful reminder that the recovery of input VAT is driven by underlying contractual arrangements.
The partners were in dispute and took advice separately, from different firms of solicitors, regarding issues concerning an outgoing partner. The solicitors duly invoiced various partners and groups of partners with whom they…
Summer Budget 2015 Update
Note: This update was written on 23 July 2015. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.
Cross-Border VAT Changes from 1 January 2015
Fundamental changes to the way VAT is accounted for first took hold on 1 January 2010 when the first and most significant of changes collectively known as the “VAT package” came into force. These changes will now be a matter of routine for all who deal regularly with cross-border VAT issues. In recent years additional changes have come into force and on 1…
2015 Budget Update
Note: This update was written on 30 March 2015. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.
New Charity SORPS
Non-company charities with annual gross income of £250,000 or more and all charitable companies must prepare an annual report and accounts in accordance with the Statement of Recommended Practice (SORP). For accounting periods commencing on or after 1 January 2015, the old SORP issued in 2005 is replaced by two new SORPs: the SORP (FRSSE) for small charities and…
2014 Budget Update
Note: This update was written on 30 March 2014. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.
Autumn Statement 2013
Note: This update was written on 3 December 2013. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.
Loans from Close Companies - Trouble Ahead?
HM Revenue and Customs announced on 20 March 2013 a consultation on reforming the rules governing the taxation of close company loans to their participators. In addition, Finance Act 2013 introduced specific legislation to counteract three loopholes that have been commonly used by company directors since the inception of the rules in 1965.