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  1. businesses given one month to comply with vat rules

    December 7, 2011 by Shirley1

    Those businesses that should be registered for VAT, but have failed to register with HM Revenue & Customs (HMRC), have been given until the end of the month to complete the registration process.

    Earlier this year, HMRC launched a VAT initiative offering businesses that had not yet registered for VAT the opportunity to put things right.

    Under the scheme, those businesses which notified their intention to make a tax disclosure must now register for VAT by 31 December. They will then receive their VAT registration number and will need to submit their first VAT return and make arrangements to pay. The majority of businesses registering with HMRC before 31 December will face a lower penalty rate on the VAT owing.
     
    All eligible businesses which have an annual turnover in excess of the threshold (currently £73,000) must register for VAT.
     
    Since the closure of the initiative, HMRC has been identifying those businesses trading above the VAT registration threshold but which have still not registered, and intends to target them early in the New Year. Such businesses could be subject to significantly higher penalties, and run the risk of criminal prosecution.

    We can help with all your VAT planning needs – please contact us for further advice and assistance.

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  2. number of business closures hits record levels

    by Shirley1

    A record number of UK businesses were forced to close last year, new figures have revealed.

    The report from the Office for National Statistics shows that more than 800 businesses a day folded between 2009 and 2010, and for the second year running the number of business closures exceeded the number of new start-ups.

    In total, around 297,000 businesses collapsed, representing an increase of 20,000 on the previous year. A higher proportion of businesses also collapsed in the early stages, with only 90% managing to survive beyond their first year of trading.

    Sectors particularly affected by business closures include business administration and support services, science and technology and construction.

    Meanwhile, the health industry appears to be weathering the storm.

    While the phenomenon affected all sectors and regions of the UK, London saw the greatest impact, with the loss of 60,000 businesses, while in the North West and South East of England the number of business failures exceeded the number of start-ups by 8,000.

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  3. new rules to help isa investors hit by collapse of financial firm

    by Shirley1

    Plans to enable investors to ‘top-up’ ISA savings lost in the collapse of a financial firm have been outlined by the Treasury.

    Under the current rules, investments or cash lost due to the collapse of a provider or bank would still be treated as falling under the £10,680 annual allowance.

    However, in a statement to MPs, the Financial Secretary to the Treasury, Mark Hoban, said the Government intends to change the ISA rules to permit investors affected by such a failure or default to make certain ISA investments over and above the normal subscription limits.

    ‘We intend that investors who have lost their cash ISA will be permitted to reinstate up to the balance of their account at the time of the firm’s failure in a new ISA, outside the normal subscription limits,’ he told MPs.

    He added; ‘[The changes] will enable investors whose ISAs are affected by the failure or default of a financial firm to continue to benefit from tax-advantaged savings.’

    The new regulations, which are expected to be finalised in spring 2012, formalise arrangements that were put in place following the collapse of several financial providers, including the Icelandic bank Icesave.

    From April 2012 the annual amount that can be invested in a tax-free ISA is due to rise from £10,680 to £11,280, half of which can be saved in cash.

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