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VATflash September 2014

If your business is involved in the area of digital downloads, or electronically supplied services to give it its more accurate label, you will need to prepare for the new VAT rules coming into force on 1 January 2015 across the EU.

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HMRC's internal VAT review process tips in favour of HMRC over businesses

Businesses are losing out as HMRC’s internal VAT decision review process appears to be making decisions increasingly in HMRC’s favour,
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UK consumers burdened with highest sales taxes in G8

UK consumers are suffering under some of the highest levels of consumption and sales taxes in the G8*, according to our new research.
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Almost two thirds of all VAT decisions issued by HMRC found incorrect on review

Almost two thirds (65%) of all penalties and decisions issued by HM Revenue & Customs (HMRC) to taxpayers in relation to VAT matters are subsequently found to be incorrect and are overturned on internal review.
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Gilts lose lustre for private investors

Our research has shown that the value of UK private investors’ holdings of gilts in their ISAs has fallen by 21% to £931 million in the last year from £1.1 billion (from 31 March 2009 to 5 April 2010).

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Over half of all VAT decisions issued by HMRC found incorrect on appeal

Over half (56%) of all penalties and decisions issued by HM Revenue & Customs (HMRC) to taxpayers on technical matters or for late or inaccurate VAT returns which are appealed are subsequently found to be incorrect and are overturned, according to data obtained by UHY Hacker Young.

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Change of VAT rate to 20% - preparing your business for 3 January 2011

From midnight on 3 January 2011 the rate of VAT will increase from 17.5% to 20%. The increased administration for businesses and the problems caused by trading before, after and around the rate change cannot be under-estimated.
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Budget VAT increase could trigger sharp rise in inflation and put the recovery at risk

Increasing VAT from 17.5% to 20% at the Budget on 22 June could trigger a sharp rise in inflation, potentially putting the recovery at risk, says our specialist VAT partner, Simon Newark.
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65% plunge in value of UK private company M&A deals over last year

The value of private (i.e. unlisted) UK companies acquired in the year to end July 2009 has plunged by 65% to just £6.
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Impending Companies Act changes for private companies limited by shares

One of the key aims of the Companies Act 2006 was to modernise and simplify company law and, in particular, to introduce a less regulated regime for private companies. From 1st October 2009 new model articles will be introduced for private companies limited by shares.
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