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Getting the VAT treatment right

A Sorry Tale of Misunderstanding

There are three rates of VAT:

  • Standard rate of 20%;
  • Reduced rate of 5%; and
  • Zero rate.

There are also exempt supplies which do not attract VAT, but these are not the same as zero-rated supplies.

For the majority of contractors, the VAT treatment of their sales is straightforward enough, but there may…

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Disincorporation relief close to extinction

Pecuniary liability

OTS warning over neglecting relief

Disincorporation relief was introduced as a temporary measure from 1st April 2013 following recommendations by the Office of Tax Simplification (OTS) to remove the tax barriers when the owners of small companies want to transfer the business to a sole trader or partnership.

The relief allows transfers of land and goodwill to be made at cost or written down…

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Get the shareholding details right

business expenses

Confusion as to who owns shares will prove costly

When establishing a company, it is important to identify who owns the shares and get the correct paperwork put in place. Failure to do so can result in an unexpected tax bill and worse, as proved to be the case in the First Tier Tax Tribunal case of Terence Raine v HMRC (2016).

Mr Raine, a 69-year…

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Can HMRC ever be world class?

HMRC penalties

Revenue set out strategy for becoming top organisation

HMRC has recently published their corporate strategy to become a “world-class organisation” underpinned by the values of professionalism, integrity, respectfulness and innovation. Still, a long, long way to go then!

The department has three strategic objectives:

1. Maximise revenues and cracking down on avoidance and evasion

Taxpayers are divided by type and size into…

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Simplifying corporation tax

tax-treatment

OTS proposes changes to reduce tax burdens

The Office of Tax Simplification (OTS) has recently published its recommendations for making corporation tax (C.T) easier in its report, ‘Simplification of the corporation tax computation’.

To date, there has been little focus on making C.T operate more simply for the benefit of the vast majority of companies. To address this, the OTS has made some…

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