Act now and save tax

As we approach the end of the tax year, it is an ideal time to review your financial affairs and consider making full use of all the available allowances and tax reliefs in order to minimise higher and additional rate tax liabilities in the current tax year.

Going global? Mind your tax

Globalised or globalising technology and media companies must grapple with the intricacies of both UK and international tax law. As part of our continuing tech and media globalisation series we will be releasing a range of tax updates covering:

Intrastat changes from 1 January 2014

As publicised by HMRC in Revenue & Customs Brief 38/13 dated 16 December 2013, the Intrastat exemption threshold for arrivals has doubled from £600,000 to £1,200,000 with effect from 1 January 2014. The threshold for dispatches remains unchanged at £250,000, and the threshold for supplying additional information relating to delivery terms increases from £16 million to £24 million.

The dark art of valuation

The valuation of alternative investments has attracted much public scrutiny, and rightly so since it is fundamental to the determination of net asset value, entry and exit prices, performance and management fees. Despite the raft of valuation standards, regulation, guidance and principles, it is fundamentally an opaque art form rather than a transparent science.

Time To Pay

For a variety of reasons, a taxpayer may find themselves in a position where they can’t pay a tax bill when it falls due. Time To Pay (TTP) arrangements allow HMRC to collect tax in a cost effective way and is open to ‘viable customers’ who cannot pay their tax on the actual due date.

Pension fund VAT exemption

ATP is the latest case to be referred to the Court of Justice of the European Union (CJEU) on the VAT exemption for fund management services. Essentially, the question in ATP is whether DC pension schemes are sufficiently similar to other funds which already benefit from the VAT exemption. If they are, the principle of ‘fiscal neutrality’ dictates that DC pension schemes must also benefit from the VAT exemption for fund management services, in order to maintain a level playing field.

The Seed Enterprise Investment Scheme

The Seed Enterprise Investment Scheme (SEIS) was introduced by the Finance Act 2012 with effect from 6 April 2012 and offers a number of valuable tax reliefs to individuals who subscribe for shares in qualifying companies.
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