CURRENT ISSUES
Shipleys provides insight and analysis on the current issues facing clients in their personal and business affairs.
To download copies of these briefings simply click on the image or the title link.
If you would like further advice on any of these topics please get in touch with your usual Shipleys contact or email advice@shipleys.com
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VAT |
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HM Revenue & Customs is continuing to update the penalty regime in respect of indirect taxes and is introducing a 'VAT and Excise Wrongdoing Penalty' with effect from 1 April 2010 |
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Tax |
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The Chancellor’s Pre-Budget Report in December 2009 gave the personal allowances, income tax bands and NIC rates and thresholds for 2010/11. In light of these, individuals and trustees may wish to take action by 5 April 2010 to save tax. Some of the main issues to consider are set out in this article. |
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VAT |
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This summary outlines the problems relating to reclaiming foreign VAT and how to overcome them. |
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Tax |
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The Chancellor on 9 December 2009 announced a number of detailed tax and NIC changes, generally maintaining tax rates and allowances but introducing a swingeing short-term tax on bank bonuses. |
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VAT |
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The return of the UK standard rate of VAT to 17½% on 1 January 2010 has been widely criticised, this article highlights some of the finer points. |
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VAT |
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VAT Registered businesses should be aware of the rules relating to the increase of VAT back up to 17½%. |
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Charities & Non Profit |
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A summary of recent changes affecting charities and Non-Profit organisations including information about Gift Aid, Fraud and Public Benefit Reporting. |
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Financial Services |
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The FSA has proposed amendments to its Collective Investment Schemes Sourcebook (COLL) which are in part aimed at removing inconsistencies between COLL and the IMA SORP which have emerged since the implementation of the SORP from January 2009. |
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VAT |
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A summary of the cross- border VAT changes that are coming into place from the 1 January 2010, relevant to any business that makes intra EU supplies of services or has incurred VAT in other EU countries. |
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Tax |
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Individuals with unpaid taxes linked to offshore accounts or assets are being given a second and final chance to settle their tax liabilities at a favourable penalty rate. |
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Charities & Non Profit |
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This summary examines the seven key principles of good governance discussed in the "Code of Good Governance" for the Voluntary and Community Sector. |
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VAT |
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HM Revenue & Customs has announced plans to phase out paper VAT returns with effect from 1 April 2010. From that date all new VAT registrations and all existing VAT registrations with turnover of more than £100,000 will be obliged to file online. |
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VAT |
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If you occasionally import or export goods to or from the EU, new VAT rules apply from 1st July 2009. |
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Tax |
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A summary outlining major tax changes that apply from 6 April 2008 and affect those resident in the UK but not domiciled or not ordinarily resident |
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Tax |
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From 6 April 2006 the Government replaced the eight existing pension regimes This summary explores the new rules and finds that they are not so simple, as evidenced by the huge amount of primary and secondary legislation that has emerged. |
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Tax |
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The rules regarding pre-owned assets are very complicated but their effect is to impose an income tax charge on the perceived benefit from the 'pre-owned' asset. Read our detailed analysis here. |
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Financial Services |
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The IMA SORP 2008, issued on the 10 November 2008, replaces the SORP 2005 and is applicable to accounting periods beginning on or after 1 January 2009. The main changes and areas of particular interest are summarised here. |
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VAT |
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If your annual turnover (excluding VAT) is £1,350,000 or less you may be eligible to calculate your VAT payments using the cash accounting VAT scheme. |
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VAT |
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The VAT penalty system and the VAT error threshold have both been amended resulting in a regime that requires fewer errors to be separately disclosed to HM Revenue & Customs but a greater risk of being penalised for making mistakes. |
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Tax |
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A summary of how the new 18% flat rate of Capital Gains Tax, which applies to disposals from 6 April 2008 by individuals, trustees and executors will affect investors. |
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Tax |
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On 25 July 2007, The House of Lords found in favour of the taxpayers Mr & Mrs Jones in the widely publicised tax case known as "Arctic Systems". |