TaxPenny News is a specialist UK Tax News Service provided by TaxPenny - The Online Tax Return Specialists. Visit our main site at www.taxpenny.co.uk to learn more about the services we provide. If you need help completing your tax return and would like a professional to take the burden off your shoulders, enter your details into our [...]
Saturday, May 2, 2009
Alistair Darling presented his second Budget on Wednesday 22 April 2009. Having acknowledged the depth of the recession, he hinted that the Budget measures would enable the UK economy to begin to grow ‘by the end of the year’. As always the timing of the changes needs to be carefully watched – some are immediate but [...]
Monday, April 6, 2009
A package of measures is being introduced to simplify and modernise the VAT system for cross-border trading and to counter fraud across the EU. The measures include: changes to the basic place of supply of services rules changes to the time of supply rules European Sales List (ESL) reporting for supplies of cross-border services a new electronic refund procedure [...]
Thursday, February 12, 2009
Marks and Spencer (M&S) won a landmark victory last year in the European Court of Justice (ECJ). The case concerned whether or not HMRC were correct to limit the amount of VAT they repaid to the company after their chocolate teacakes were reclassified as a cake rather than a chocolate biscuit. The issue of cakes [...]
Monday, February 2, 2009
TaxPenny have simplified the tax refund process further with the introduction of tax calculators on it’s website at www.taxpenny.co.uk. The new inspecTax system allows individuals from various fields of employment to estimate how much tax may be due to them going back as far as the last 6 years. So you can get a good idea [...]
Thursday, January 22, 2009
The standard rate of VAT was reduced from 1 December 2008 from 17.5% to 15%. HMRC have published some further frequently asked questions which clarify the correct treatment in several situations. One situation which helps to explain the complexity of the issue is as follows: ‘Treatment of tickets to events (theatre, football season tickets etc): 1. I [...]
Saturday, May 30, 2009
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