VAT to be charged at point of sale on voucher sales
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Insight
Welcome to our regular
e-newsletter, 'Insight', highlighting current issues that could be affecting you and/or your business, as well as technical updates to recent changes in tax legislation. |
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For further information on any of these topics please get in touch with your usual contact at Henderson Loggie.
If you're not currently one of our clients and would like further information please contact our enquiries team. |
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Full Article
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VAT Changes to Single Purpose Vouchers
HMRC announce that VAT will now be charged on single purpose vouchers at the point of sale, rather than redemption. This applies whether the voucher is issued by the person from whom it can be redeemed or a third party.
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Tax Credits
Since Tax credits awards are based around the tax year, now is a good time to review your position, before the deadline for renewals and claims of 31 July 2012. We highlight some key considerations.
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PAYE and Self Assessment Taxpayers
As we are now settling into the new tax year, we highlight a few matters that individual taxpayers may wish to consider to ensure their tax affairs are in order.
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Penalties for Errors
Behaviours HMRC can attribute to penalties can result in up to a 100% penalty.
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PAYE Penalties
Employers, ensure you keep on top of your PAYE filing and payment obligations, to minimise your exposure to the punitive penalty regime.
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Single Compliance Process
HMRC is currently piloting a new enquiry process, with the aim of improving the quality of their enquiry work.
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NI Holiday for New Employers - Reminder
This valuable NI saving has just 15 months to run.
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Capital Allowances - Fixtures
New legislation has been introduced to ensure that expenditure on fixtures can only be written off once against taxable profits over its economic life.
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Research & Development Tax Reliefs
Research and Development (R&D) Tax Reliefs are available to companies and organisations that are subject to Corporation Tax. The relief may reduce the tax liability or result in a cash tax credit.
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Small Donations to Charities
Relief from Gift Aid declarations for small donations. Charities will be able to claim top-up payments on up to £5,000 of small donations without needing Gift Aid declarations.
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Community Amateur Sports Clubs
If your sports club wishes to benefit from tax advantages, read on to find out more about Community Amateur Sports clubs.
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Full Article
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