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VAT refund scheme
HMRC has issued Notice 1001 to explain the rules that apply to charities eligible for refunds of VAT under VATA 1994, s 33C and s 33D. Qualifying charities can claim a refund of VAT incurred on most goods and services supplied to them on or after 1 April 2015 and which relate to their non-business activities. The charity does have to be VAT registered.
VAT refund scheme
HMRC has issued Notice 1001 to explain the rules that apply to charities eligible for refunds of VAT under VATA 1994, s 33C and s 33D. Qualifying charities can claim a refund of VAT incurred on most goods and services supplied to them on or after 1 April 2015 and which relate to their non-business activities. The charity does have to be VAT registered.
Rising stars team focuses on high net-worths
HMRC have increased their efforts to reduce suspected tax avoidance among high net-worth individuals through their “rising stars” team, which was launched in 2012 to investigate the tax affairs of individuals with rapidly rising incomes and a net worth of at least £15m. Fifty-one enquiries were launched by the team in 2013/14, up from 38 in 2012/13. Investigations resulted in the collection of £6.6m extra tax in 2013/14, a 35% increase on the £4.9m in the previous year.
UK to work with Australia on multinational tax
The UK and Australia are to create a joint working group to develop initiatives on diverted profits by multinational enterprises. The plan was announced during the G20 meeting in Washington DC by the chancellor of the exchequer, George Osborne, and the Treasurer of Australia, Joe Hockey.
