Finding simple solutions to those taxing problems
Brian McGuire outlines some of the pressing and current issues that are impacting upon corporate and personal tax
Real-time information deadlines are fast approaching – a new PAYE system introduced by HMRC.
Under RTI employers and pension providers will be required to provide PAYE information commencing in the period April to October 2013. There have been reports of difficulties and it should not be underestimated the amount of time it requires. With so little time for business to prepare, make sure that you get the basics right. Also, remember that the guidance issued by HMRC is not static. Visit: www.accaglobal.com/uk
HMRC recently updated guidance about business transfers which is useful if you are selling or otherwise transferring a business, or part of a business.
It explains whether the transfer of a business should be treated as a 'Transfer of a business as a going concern' (TOGC) for VAT purposes, or not. It also explains the VAT treatment in each circumstance. It is intended to help you ensure that the correct amount of VAT, when chargeable, is correctly accounted for and paid. Visit www.hmrc.gov.uk
If you are part of a funded pension scheme take note of HMRC's updated notice about claiming input tax on funded pension scheme expenditure for both employers and trustees.
Notice 700/17 is effective now and provides guidance on the recovery of VAT on management costs by professional trustees appointed to run a pension scheme.
Information for Farmers
HMRC has issued new guidance surrounding polytunnels as fixed structures.
The Revenue & Customs Brief 32/12: Plant and Machinery Allowances: polytunnels contains details of changes to HMRC policy regarding the treatment of polytunnels. It now accepts that, depending on use, 'polytunnels that are neither "fixed structures" nor premises/setting should qualify for plant and machinery capital allowances under the Capital Allowance Act 2001.
Charities Gift Aid
The Small Charitable Donations Act 2012 legislated the Gift Aid Small Donations Scheme and will be implemented from April 6.
The scheme allows eligible charities and amateur sports clubs to claim Gift Aid-style top-up payments on small donations without requiring the donor to provide a Gift Aid declaration. Visit www.accaglobal.com/uk
Brian McGuire, spokesperson for the Association of Chartered Certified Accountants (ACCA) Ulster Network