Blogs
VAT – Artificial Separation of Business
Basically an anti-avoidance provision, this rule is aimed at preventing avoidance of VAT by the maintenance or creation of any ‘artificial’ separation of business activities carried on by two or more persons. Schedule 1 to Value Added Tax Act 1994 (VATA 1994) deals with disaggregation of businesses as follows: Para
Controlled Foreign Company (CFC) Rules – Part I
The Finance Act 2012 (FA 2012) – Schedule 20 effectively changed the course for CFC rules by inserting a new Part 9A in to the Taxation (International and Other Provisions) Act (TIOPA) 2010. The new rules apply to accounting periods of a CFC commencing on or after 1 January 2013.
Taxation – Non-domiciled UK residents
Unlike some other tax jurisdictions, residence, ordinary residence and domicile status assume considerable significance when it comes to an individual’s liability to UK tax. UK residents not domiciled in the UK (‘non-doms’ for short) are treated to some special rules on their overseas income and gains. Whilst the Finance Act
Reasonable excuse and HMRC
HMRC defines a ‘reasonable excuse’ as some unexpected or unusual event beyond your control and provides a few examples on its website such as: a) a failure in the HMRC computer system, b) taxpayer’s computer breaking down before or during the preparation of the online return, c) a serious illness
IR35 and the business entity tests
Intermediaries Legislation or IR35, as it is widely known, was first introduced as a legislation by the Finance Act 2000 (Sch 12) in April 2000. Later, this was included in chapter 8 under Part 2 of the Income Tax (Earnings and Pensions) Act 2003 when tax law rewrite committee compiled
IR35 in reverse now!
The Government is consulting on a proposed legislation to require larger organisations to place all ‘controlling persons’ on the payroll and not to allow payments through personal service companies (psc) without deducting tax at source. The effect of this legislation would be that the whole amount paid by the engaging
VAT is the problem??
The UK VAT regime is characterised by a complex piece of legislation comprising the Act (VAT Act 1994) and myriad other regulations, notices, and extra statutory concessions. To confound the situation, tribunals and courts often contribute their own bit through various interpretations and judgements. If that isn’t enough there are
