Monthly Archives: June 2013

Individuals who were claiming tax credits for 2012-13 should be receiving a “Renewing your tax credits – Getting it right” pack. It is vital that you complete the Annual Review form for the year ended 5 April 2013 and send it to the Tax Credits Office (TCO) Preston before 31 July 2013. Failure to do this will result in your Continue Reading

Married couples and registered civil partners are allowed to transfer assets to each other during their lifetime or when they die without incurring an Inheritance Tax charge. There is no limit to this relief as long as the receiving spouse or civil partner is UK domiciled. This relief is known as the spouse or civil partner exemption. Everyone’s estate is Continue Reading

Multi-national companies continue to draw the attention of the UK press over allegations that they contrive to export profits made in the UK to lower tax jurisdictions. In this way economic activity in the UK escapes UK tax. This in contrast to numerous small and medium sized businesses who are reported to be paying their fair share of income tax Continue Reading

You may be interested to know that the answer to the title of this post is yes, if certain conditions apply, a repayment of VAT is a taxable receipt. Consider the following tax case where VAT was charged by mistake. Shop Direct Group discovered that they had accounted for VAT on a large number of transactions in error. As a Continue Reading