NEW COMPLIANCE
CHECKS
‘Compliance checks’
is merely the term
applied to any type
of check or
inspection that HMRC
is to undertake. The
inspection will:
-
target specific
areas of tax
risk
-
go back 3 years
(to be increased
to 4 years next
April)
-
or 20 years rule
for cases of
‘deliberate’
behaviour, be it
concealed or
otherwise,
similar to the
old rule for
fraud (and
neglect).
The question is,
will the business
premises visits be
just that, or a
potential fishing
expedition?
AVOID TAX PENALTIES
HMRC have a new
penalty regime which
could have dire
consequences if you
fall foul of the
regime! Whilst there
may always be
mitigating
circumstances it
remains to be seen
how the various
categories of errors
will be interpreted
and the
corresponding
penalty applied.
If you are in a
penalty situation at
the moment or in an
assessment situation
you must now get
your returns correct
to avoid the new
penalties ranging
from 30% to 100%.
The situation still
remains that if you
advise HMRC of
errors before they
find them the
interest and
penalties will be
greatly reduced.
Request a Tax
Health-check and
save yourself money
and the anguish at a
compliance visit.
Are you using a
business asset for
personal use? Are
you using a personal
asset for business
use?
There are tax
savings if charges
and costs are
accounted for
correctly. Contact
RHA to discuss how
to save you money.
VAT PACKAGE 2010
The invoicing rules
for services
provided by or to
other EU Member
States changes on 1
January 2010.
If you sell services
to or purchase
services from VAT
registered
businesses, non VAT
registered
businesses or
consumers in other
member states you
must be aware of the
changes. This will
probably entail
changes to your
accounting and
invoicing procedures
as the new EC Sales
list for services
comes into effect on
1 January 2010.
The new “place of
supply” invoicing
rules also affect
services supplied
outside the EU.
Not sure if you are
providing a “service
or goods”, the
distinction for VAT
is sometimes a grey
area.
RHA will be holding
half day seminars on
this issue in
September & October
2009 Dates and
venue’s to be
advised in due
course dependant on
demand. Please
contact RHA for if
you are interested.
Are you falling foul
of the Distance
Selling Regulation?
Many people buy
goods and services
over the internet,
by phone or by mail
order. These are all
examples of distance
selling. An
increasing range of
goods and services
are available to
consumers shopping
in these ways. RHA
can explains what
these regulations
are and provide
information on how
you can comply with
them.
Distance selling
goods – should I
charge VAT?
‘Distance selling’
VAT regulations only
involves goods, not
services. And it
only takes place
when someone
registered for VAT
in one EU country
sells and delivers
goods to someone in
another EU country
who isn't registered
- and doesn't have
to be registered -
for VAT.
So if you're selling
outside the EU then
any sales you make
aren't distance
sales and these
regulations do not
apply.
What is EORI?
As part of the
'Safety and Security
Amendment' to
the Community
Customs Code a
single registration
number for economic
operators that
engage in customs
activities will
become mandatory as
from 1 July 2009.
The number is called
'Economic
Operators
Registration and
Identification
number' (EORI)
For economic
operators EORI
should reduce the
administrative
burden and simplify
procedures, and for
customs officers it
should facilitate
the identification
of security risks
and streamline
procedures.
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