tax fact card 2011
Back in April 2009 haysmacintyre wrote about Pay Per Click (PPC) advertising and zero rate relief, highlighting what was, in our opinion, an incorrect policy of HM Revenue and Customs. We have also raised the matter with the Charity Tax Group who have lobbied HMRC on the point. We are pleased to now advise you that HMRC have changed their mind.
This reports the impact of a VAT tribunal decision in a case where the issue was whether membership subscriptions were exempt for sporting reasons.
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In this issue: update on corporation tax: changes to tax rates and allowances, the potential introduction of International Reporting Standards for small and medium sized companies, thoughts on the VAT increase to 20%, late night taxis and changes as a result of the pension reform.
A few days ago HMRC issued a brief announcing a much needed change in the application of penalties to “careless” VAT errors.
In this factsheet haysmacintyre's NFP team discuss the latest VAT position for academies whereby academies can now reclaim VAT on costs associated with educating their pupils, rather than relying on grant funding to cover VAT costs.
An overview of VAT services offered by our dedicated team
haysmacintyre charity briefing 2011
This edition concentrates on protecting charities from harm given the release this year of Chapter 3 of the Charity Commission online toolkit, Fraud and Financial Crime. The toolkit aims to give trustees the knowledge and tools they need to manage risks and protect their charity from harm and abuse and is available on the Commission’s website.
Various changes have been made by the Finance Act 2009 to the tax benefits of these investments with effect from 22 April 2009. This fact sheet summarises the current tax position and considers the distinctions between the two types of investment.
Relief is given for an "approved alteration" or a "substantial reconstruction" of a "listed building". The relief entitles certain work to be undertaken/received at the zero-rate of VAT, instead of the standard rate.
It also, in certain circumstances, entitles those who have received such works at the standard rate, to reclaim the VAT.
A key VAT tribunal decision may have an impact on various kinds of trade association, particularly as regards to whether or not their membership subscriptions are exempt from VAT.
haysmacintyre's commentry on the Autumn Statement by the Chancellor, George Osborne published on the 29th November 2011.