Business and Other Briefings
HMRC: HM Revenue & Customs (HMRC) is urging businesses to get ready for major changes to VAT & PAYE coming in this spring. HMRC recently launched a ‘super podcast’ covering the VAT & PAYE online filing changes, as well as changes to corporation tax filing & payment coming in next year.
HMRC: New rules for businesses who want to reschedule large tax debts under HMRC’s Business Payment Support Service (BPSS) come into effect in April 2010. The BPSS gives viable businesses, experiencing temporary difficulties paying their taxes, the opportunity to reschedule their tax payments to a more affordable timetable, as part of a ‘time to pay’ arrangement. These arrangements can cover PAYE, National Insurance, VAT or any other HMRC taxes.
From April 2010, businesses seeking time to pay arrangements on tax debts of £1m or more must provide an Independent Business Review (IBR) in support of their request. Typically, an IBR will include a review of a number of important areas, including: current trading and financial position; profit and cash flow projections; business and financial strategies; management systems; and funding and banking arrangements.
IS: Business Minister, Ian Lucas, has taken steps to ensure confidence in the ‘pre-packaged administration sale process’ with a range of possible new measures aimed at making the system more open. He was reacting to an Insolvency Service report (19 March 2010) which revealed that in a third of cases, insolvency practitioners were failing to fully comply with the industry’s own rules on transparency.
In a consultation (closes on 24 June 2010), the Minister puts forward options including strengthening the laws surrounding the use of ‘pre-packs’. He is also seeking views on automatic scrutiny of all ‘pre-packs’ by the Official Receiver, a trusted and independent public official.
Press release ~ Consultation/Call for evidence Improving the transparency of, and confidence in, pre-packaged sales in administrations ~ Insolvency Service ‘Report on the Operation of Statement of Insolvency Practice 16 July – December 2009’
This Brief gives details on the handling of postal services Input Tax claims following the decision of the European Court of Justice in the case of TNT Post UK Ltd.
Excise duty: Relief scheme for biodiesel produced from waste cooking oil.
Changes to implement ECJ decision in Canterbury Hockey Clubs C-253/07 mainly affecting affiliation fees.
HMRC announces that the Corporation Tax Act 2010 (CTA 2010) and the Taxation (International and Other Provisions) Act (TIOPA), produced by the Tax Law Rewrite project, come into force for corporation tax purposes for accounting periods ending on or after 1st April 2010 and for income tax and capital gains tax purposes for the tax year 2010 – 11 and subsequent tax years.