On 31 May 2013, HMRC published a consultation to find out first hand from manufacturers about the VAT issues they face when paying refunds directly to consumers. Currently, retailers can adjust their VAT when making refunds to customers. However, the position is less clear in situations where the purchaser is directly refunded by the manufacturer. This is quite understandable… Learn more
Shimon Shaw is an associate in our Wealth Management department.
Shimon worked in the West End for several years before a stint in the City. He joined Matthew Arnold & Baldwin in 2007. Shimon lectures extensively to other lawyers and laypeople on taxation and regularly publishes articles in trade journals and national newspapers. Shimon is a member of the stamp taxes practitioners group. Whilst tax is always important, Shimon’s approach is to examine his clients' overall needs first and to develop bespoke solutions, taking into account commercial and personal factors.
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The Goverment want business to spend money. Now. That’s easier said than done since, in a downturn, many prudent businesses want to sit on their cash reserves and therefore put off major spending until things pick up. HM Treasury take two key approaches to break that deadlock. One of them involves George Osborne putting his… Learn more
There have been several reports (e.g. the Times, June 1, page 14) that HMRC are turning their attention to local sports clubs. Although this is currently not at the point of being an official campaign, we understand that HMRC have written to a number of clubs accusing them of owing back taxes, in particular tennis… Learn more
Partnerships have been and are one of the most flexible ways to run and own a business. With the introduction of Limited Liability Partnerships, the attraction of partnerships only increased. In addition to flexibility, one key benefit of partnerships is that the are effectively transparent for tax purposes – the individual members being personally liable… Learn more
In an uncharacteristically generous move, HMRC have announced that certain purchasers of commercial properties in the last four years can recover some tax. Following a VAT case (which they lost), HMRC have been forced to concede that they had been too restrictive in how they apply the VAT rules for transfers of going concerns (TOGCs).… Learn more
On 4 April 2013, HM Revenue and Customs (HMRC) announced that it now considers that “inactive” limited partners (i.e. limited partners who take no active part in running the business) and sleeping partners are, and have in the past been, liable to pay (1) Class 2 National Insurance contributions (NICs) as ‘gainfully employed’ self-employed earners, and… Learn more
In the recent Budget 2013, the Chancellor announced that the Government would look at the issue of tax avoidance through the use of partnerships, especially Limited Liability Partnerships (LLPs). The Budget Report stated that: “The misuse of the partnership rules has been a feature of many avoidance schemes closed down in recent years, and the… Learn more
The Government has asked the Office of Tax Simplification (OTS) to review the taxation of partnerships. Legislation relating to partnership taxation is not located in one place, making it difficult to obtain an overview of partnership taxation. The OTS will conduct an initial review by autumn 2013 in order to “identify the main areas of… Learn more
In Mundays LLP v HMRC, the First Tier Tribunal (Tax) considered a dispute between law firm Mundays LLP and HM Revenue and Customs (HMRC) over the amount of VAT it could recover on accountancy fees paid for the preparation of the firm’s partnership tax return and those of the individual partners at the firm. Despite… Learn more
In April this year a new Statutory Residence Test will be introduced. The test will determine whether individuals are resident for UK tax purposes and may have tax implications for those who have property, employment and business in the UK. There are in fact a series of tests which fall into three stages: 1. Automatic… Learn more