Legislation updates
January 5, 2012

Contractual Disclosure FacilityA new Contractual Disclosure Facility (CDF) was launched by HMRC on 31 January 2012. The CDF is a facility for taxpayers to disclose serious tax fraud to HMRC. The CDF is only suitable for taxpayers who want to admit to... New tax investigation campaigns
February 15, 2012

Three new campaigns are to be launched targeting tax evasion in the UK. The current round of HMRC’s campaigns against tax avoidance goes back to the Offshore Disclosure Facility (ODF) in 2007, that targeted taxpayers with unpaid taxes linked to ... P45 form to stay
February 15, 2012

The Government recently published a consultation document on the major changes planned to the way PAYE information is collected. This will see the introduction of a new system where HMRC collects real time information (RTI) for PAYE. The system will ... Self assessment online filing statistics
February 15, 2012

A press release detailing the number of online filings made for the 2010/11 self assessment returns has been issued by HMRC. The use of the online service continues to grow year on year. This year a total of over 7.65 million online filings... Employment related loans
February 8, 2012

The official rate of interest on an employment related loan is to remain at 4% with effect from 6 April 2012. A change in the rate is only made in the event of significant changes in interest rates. The interest rate is used to calculate the benefit ... The Annual Investment Allowance
February 8, 2012

The Annual Investment Allowance (AIA) was first introduced in The 2008 Finance Act and the legislation was incorporated into the Capital Allowances Act 2001. The AIA is designed to give 100% first year tax relief for qualifying expenditure on plant a... Tribunal – VAT bad debt relief
February 8, 2012

The VAT bad debt relief rules seek to deal with issues that can arise when an invoice has been issued to a customer and no payment has been received after a significant period of time has elapsed. The relief allows businesses to claim bad debt r... Submitting online VAT returns
February 1, 2012

From 1 April 2012 all VAT Returns must be submitted online and payment must be made electronically. This measure completes a process started 1 April 2010 when VAT registered businesses with a turnover exceeding £100,000 and all newly VAT registered b... Commonwealth games tax break announced
February 1, 2012

The Chief Secretary to the Treasury, Danny Alexander, has announced a tax break for athletes that take part in the 2014 Commonwealth games in Glasgow. The move means that athletes from outside the UK will be exempt from UK income tax on any payment i... PAYE penalties
February 1, 2012

The tax office has now begun to issue penalty notices to employers that have not filed their starter and leaver forms online in the period 6 October 2011 to 5 January 2012. The penalties for failing to file online range from £100 up to a maximum of £...