Refund now, check later SDLT claims
HMRC has changed its policy with the intention of speeding up refunds of stamp duty land tax. This sounds like good news but there’s a sting in the tail. What’s the full story?
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Accounting for VAT if there is no cash payment
Your business has submitted repayment returns for the last two quarters and you are concerned that you might have underpaid output tax on some supplies where no money has changed hands. Are your concerns justified?
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Treatment of distributions under review
The government has launched a consultation on modernising the tax treatment of distributions and repayments of capital by companies. The proposals could affect the distinction between dividends taxed as income and capital payments subject to CGT. What changes are being considered?
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Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
Following criticism about delays, HMRC has updated its policy for processing stamp duty land tax (SDLT) refund claims. Since 18 June it has adopted a refund now, check later policy.
After a repayment has been made HMRC has up to nine months to carry out a compliance check if it feels one is needed. Individuals should therefore not assume that receipt of a refund means that HMRC has accepted a claim. In its latest guidance it says that if arepayment is received where the amount claimed was not due, it must be paid back along with interest. Penalties can also apply if an error is made in a claim. This makes it all the more important to keep records to support claims.
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