HMRC takes on Rangers football club

 

Visit to Ibrox over tax repayments due

Pat Sweet

HM Revenue & Customs has paid a visit to Ibrox, home of Rangers, to deliver documents as part of an ongoing claim for repayment of backdated tax by the Scottish football club.

The two sides are in dispute over the total amount due, which is made of £2.8m plus a £1.4m penalty.

The case involves tax payments dating back to 1999 and the issues only came to light as part of due diligence carried out by Craig Whyte before his recent purchase of the club.

Rangers is contesting the £1.4m penalty largely on the basis of how the bill emerged and also because the figure owed relates to a previous management. It also says it has paid up hundreds of thousands of pounds already and is in active talks with HMRC to resolve the issue.

According to The Guardian, the latest batch of HMRC paperwork included a warning that the club’s assets could be frozen or Rangers wound up if the liability was not met.

The paper also says that Rangers is awaiting the findings of a significant tribunal with HMRC over employee benefit trust benefits to players. If that goes against them, the club could be liable for tens of millions of pounds. The affair is first due for a provisional hearing in court in Edinburgh in the next few weeks. HMRC says it will not comment on individual cases

VAT Returns Go Online after March 2012

Stuart Thorpe MCMI

 

Were you aware that VAT returns covering periods ending after 31 March 2012 will have to be submitted online rather than in paper form?

Since 1 April 2010 most VAT-registered businesses have had to submit online returns and pay electronically. At the moment, the only businesses which have been exempt are those that have been registered for a long time and have an annual turnover of below £100,000, although they too will have to file online from April next year.

Penalties for not submitting online returns start at £100 and increase according to annual turnover. It is therefore important for all VAT registered businesses to register for online services via HMRC’s website in good time to meet these new requirements.

We at Ark Aurora are completely familiar with all the requirements, and are regularly filing returns on behalf of our clients.  Why not take advantage of our VAT service, and let us take the hassle out of preparing and filing your VAT return for you?

For further details, call Kully Basi on 0845 815 0767 or e-mail info@arkaurora.co.uk

New Enterprise Zones Announced

New Enterprise Zones announced

Santhie Goundar

The government today announced the location of the remaining 11 Enterprise Zones throughout the UK, which are designed to boost local growth and create over 30,000 new jobs by 2015, following the announcement in the Budget of 11 Enterprise Zones located in the largest UK cities.

The second wave of Enterprise Zone will be located in: Humber Estuary Renewable Energy Super Cluster; Daresbury Science Campus, near Warrington and Runcorn; Newquay AeroHub in Cornwall; The Solent Enterprise Zone at Daedalus Airfield in Gosport; MIRA Technology Park in Hinckley Leicestershire; Rotherwas Enterprise Zone in Hereford; Discovery Park in Sandwich, Kent and Enterprise West Essex in Harlow; Science Vale UK in Oxfordshire; Northampton Waterside; Alconbury Airfield, near Huntingdon in Cambridgeshire; and Great Yarmouth in Norfolk, and Lowestoft in Suffolk. Ministers are urging areas that missed out today to remain ambitious and pursue their innovative ideas to foster local enterprise.

Alongside the new Zones, the government also announced that enhanced capital allowances available will be available for plant and machinery investment to a limited number of Enterprise Zones, including the Tees Valley and North East. Companies setting up in these areas will be eligible to claim enhanced First Year Allowances for plant and machinery from 2012, which is intended to give them an upfront cash flow benefit.

The Prime Minister, David Cameron, said: ‘We are determined to do everything we can to make Britain the best place in the world to start and grow a business. Enterprise Zones are a major step towards delivering this; cutting business taxes, easing planning restrictions and giving business the tools they need to invest and expand. These new Enterprise Zones will be trailblazers for growth, jobs and prosperity throughout the country,’ while the Chancellor, George Osborne, added: ‘It is vital that we create balanced economic growth across the country. It is time for us to help every part of the country to grow and realise its potential.’

Business Secretary Vince Cable said the Enterprise Zones ‘are creating an environment for businesses to grow in places with the most potential,’ adding that: ‘Local Enterprise Partnerships have worked closely with businesses in their communities to put forward a range of high-quality proposals. The successful bids they will now take forward are going to help inject new growth into their economies. Across England, these Zones will generate new jobs, investment in areas that can benefit, and develop high-tech products that will secure long-term sustainable prosperity.’ Communities Secretary, Eric Pickles, said: ‘Too many of our towns and cities have been left behind, but the answer has never been to impose ineffective sprawling regional structures. It is local business and commerce that drive the private sector growth, jobs and wealth this country needs.’

HMRC tax amnesties raise £500m

Sixteen criminal investigations in progress

Pat Sweet

10 June 2011

HM Revenue & Customs has launched 16 criminal investigations as a result of its recent set of tax amnesties aimed at specific categories of taxpayer.

According to the Daily Telegraph, HMRC has pulled in nearly £500m in unpaid tax following over 50,000 voluntary disclosures from taxpayers making use of the Offshore Disclosure Facility and New Disclosure Opportunity, as well as the recent scheme aimed at plumbers and heating engineers.

In addition, the Tax Health Plan, which was aimed at medical professionals, produced a further 1,500 voluntary disclosures.

The paper says HMRC is investigating a further 3,000 leads on top of the criminal investigations.

Gary Ashford, head of tax investigations at RSM Tenon said: ‘HMRC is sticking to its word to try and deliver a five-fold increase in prosecutions by opening these criminal investigations, and this is a clear indication that they are stepping up their fight against tax evasion and non-compliance.’

Ark Aurora Monthly E-News

Here’s the text of our monthly e-news  Visit our website at http://www.arkaurora.co.uk/ard/newsfeed.asp?Account_ID=662 for News Headlines

Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help.

Real time information
HMRC are planning to introduce significant changes to the way in which PAYE information is submitted to HMRC.
Click here for the full story

Cheque Guarantee Card Scheme to end
It has been announced that the Cheque Guarantee Card Scheme will come to an end.
Click here for the full story

Penalties on late payment of PAYE
HMRC have been warning employers for some time that they may have to pay a penalty if they do not pay their PAYE deductions on time.
Click here for the full story

National Minimum Wage rates
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid.
Click here for the full story

P11D deadline looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2011, are due for submission to HMRC by 6 July 2011.
Click here for the full story

Online VAT returns
HMRC have confirmed that all businesses will have to complete online VAT returns and pay their VAT liabilities electronically from April 2012. 
Click here for the full story

Implementation date announced for the Bribery Act 2010
At the end of March 2011, the Justice Secretary, Kenneth Clarke announced that the Bribery Act 2010 will come into force on 1 July 2011. 
Click here for the full story

BBC News – UK economy grows by 0.5% in first quarter of 2011

BBC News – UK economy grows by 0.5% in first quarter of 2011.

Budget 2011

Our client newsletter went out overnight, reading as follows:-

George Osborne presented his second Budget on Wednesday 23 March 2011.

In his statement he said that the "Budget is about reforming the nation’s economy, so that we have enduring growth and jobs in the future".

Towards the end of last year the government issued the majority of the clauses, in draft, of Finance Bill 2011 together with updates on consultations. The publication of the draft Finance Bill clauses is part of the government’s improvements in the way tax policy is developed, communicated and legislated. The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply from April 2011 and some take effect at a later date, so the timing needs to be carefully considered.

Main Budget proposals

• An additional 1% cut in the main rate of corporation tax to 26% from April 2011.
• Enhanced tax incentives for investment in higher risk companies and for SMEs investing in research and development.
• Reintroduction of Enterprise Zones.
• Entrepreneurs’ Relief limit doubled to £10 million.
• An increase in the mileage rate payable to own car drivers.
• Consultation on integrating income tax and national insurance contributions.
• Reduced inheritance tax rates for those giving one tenth of their estate to charity.

Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.

Click here to read our summary of the Budget 2011

If you have any questions please do not hesitate to contact us for advice.

Regards,

Ark Aurora

Budget 2011–the main points

The Chancellor of the Exchequer has just sat down following his 2011 Budget Statement.

The full budget can be read at http://bit.ly/ggaVoX, but the main points are:

Fuel duty to fall by 1p per litre from 6:00 pm tonight, fuel duty escalator removed

Personal Allowances increased

No changes to alcohol duty; tobacco duty rates will increase by 2% above inflation

Inheritance tax reduction for leaving 10% of your estate to charity

This looks at first sight like a good budget, with a little something for everyone!

Budget 2011

So, it’s budget day.  What will it all mean for you?  Will the Chancellor be kind to us with fuel duty?  Will he help us with personal tax?

We’ll publish a summary as soon as we know the results – watch this space for details!

In the meantime – cheer up!

Social Media – the way forward

Today I’m on a course to help me with social media marketing led by Panther Interactive Marketing. Check this link