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Registration and Deregistration Limits Increase

From 1st April 2007 the threshold for registering for VAT has increased to £64,000 and the deregistration limit to £62,000.

VAT Fuel scale charges overhauled


From 1st May 2007 new Fuel Scale charges will apply where input VAT is recovered on any fuel used for private motoring. Instead of the normal 5 categories based upon engine size, there will be 21 bands based upon CO2 emissions, replicating the systems used for benefits in kind. The level of emissions will need to be established for each car where input VAT is reclaimed on private fuel, which will undoubtedly increase the administrative burden.

Businesses may be caught in the fight against fraud


Businesses trading in electronic goods, satellite navigation systems, mobile phones, computers, and accessories could be liable for another’s VAT if they had reasonable grounds to suspect that VAT would go unpaid elsewhere in the supply chain. HM Revenue and Customs presume a business would have reasonable grounds if they purchase the goods at below market value, unless there is evidence to the contrary. Businesses dealing in these products will need to ensure that they take steps to minimise their risks.

Stamp Duty Land Tax Changes


On the whole most of the changes to Stamp Duty Land Tax were to ease the administrative burden, tidy up the legislation or formalise the provisions announced in December 2006 to counteract schemes aimed at avoiding the tax.

From 1st October 2007 newly built zero-carbon homes will benefit by relief from Stamp Duty Land Tax. Properties costing up to £500,000 will be exempt from the tax on first sale, and those costing over £500,000 will enjoy a £15,000 reduction in the Stamp Duty Land Tax payable. Whilst this sounds very generous, it remains to be seen how many properties qualify.