Spork Garden Tools Testimonial

Robert Todd - Business Owner - Oxford, Oxfordshire

Davenports taking care of us has been pure medicine. As well as helping us cut our costs with accounting, they have been instrumental in improving our image, with, amongst many things, an amazing new website. New business followed with almost immediate effect. At no time has anything been beyond their capability with accounting, business advice. printing, contacts, and insurance etc. A real shot in the arm. I firmly recommend Davenports as an innovative company for the modern age with the integrity of the client at the forefront.

http://www.sporkgardentools.com - An ideal present for the spring season.

The End of Paper VAT returns

HM Revenue and Customs plan to phase out paper VAT Returns with effect from 1 April 2010, when it is expected that all VAT registered businesses with an annual VAT exclusive turnover of £100,000 or more, and all newly registering businesses, whatever their turnover, will be required to submit their VAT Returns online and make payments electronically. This follows Lord Carter’s recommendation that HMRC should aim for universal online submission of the main business tax returns by 2012.

Paper returns will still be an option for the remaining VAT registered businesses, but this will be reviewed in the run up to 2012.

If you need help with your VAT Returns or setting up VAT online get in touch with Davenports now to see how we can help.

HMRC vs Royal Mail

HM Revenue & Customs has advised us that they are experiencing problems with their new post code and Royal Mail.

If you are submitting your VAT return by post, until the issue is resolved, you should use the following post code: BD98 1YY

The rest of the address remains the same.

Why not fill in the simple form below to see how you can file your VAT return electronically with Davenports and give yourself up to a further 10 days to make payment.

Accountancy Request

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2. Post Code
3. Contact Number(required)
4. Email(valid email required)
5. I Need...
6. Help!
   A Change of Accountant
   Assistance starting up
   Help with the Payroll
   Help with Tax, CIS or VAT
   Help with getting money from my clients
7. Any other comments
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It’s important to get your tax right

Most people take reasonable care to get their tax right, but it’s even more important now as you may incur a penalty for errors made during 2008/09 and later years
HM Revenue & Customs (HMRC) is introducing one of the first pieces of cross-cutting tax legislation to make the tax system simpler and more consistent.

It establishes new penalties, which aim to help people who try to get it right, and come down hard on those who don’t.

Previously HMRC had a confusing variety of penalty charging powers. The changes follow from consultation with customers during the Powers Review.

Under the new penalties:

• if people take reasonable care when completing their returns they will not be penalised, even if they do make a mistake
• if people do not take reasonable care, errors will be penalised, and the penalties will be higher if the error is deliberate
• disclosing errors to HMRC early will substantially reduce any penalty due

The new penalties are initially for errors on returns and documents for VAT, PAYE (Pay As You Earn), National Insurance, Capital Gains Tax, Income Tax, Corporation Tax and the Construction Industry Scheme. Self Assessment taxpayers are affected.

For these taxes, the penalties apply to returns or other documents for return periods starting on or after 1 April 2008 that are due to be filed on or after 1 April 2009.

If you need assistance with your tax affairs Davenports have a wide range of taxation services to suite you, why not contact us.

Court of Appeal decision on Face Value Vouchers

In the case of Leisure Pass Group Ltd v HMRC [2008]  the Court of Appeal has upheld a recent decision that a leisure pass which entitled the holder to entry to various attractions was not a face value voucher as the pass had no monetary limit.

A “face value voucher” must have a stated value, and in the case in question the pass had a time limit but not a monetary limit.

The taxpayer, Leisure Pass Group Ltd, was therefore liable to account for VAT on the sales value of the pass.

Conversion of a building

The recent tribunal has ended relating to the conversion of a building and Value Added Tax.

A taxpayer, Merlewood Estates Ltd, applied for VAT registration on the basis that they would be making first grants of major interests in new dwellings. The dwellings were to be built in the roof-space of an existing blocks of flats, and Merlewood Estates argued that they were converting a non-residential part of a building into new dwellings. The onward sale of the units would therefore be zero-rated. The leaseholders of the existing flats had no right of access to the roof-space, and Merlewood Estates owned the freehold of the blocks.

HM Revenue and Customs rejected the VAT registration application as they argued that it was artificial to separate the roof-space from the rest of the building.

The tribunal rejected HM Revenue and Custom’s argument and held that new dwellings were being created in the roof-space therefore Merlewood Estates should have been allowed to register for VAT.

The tribunal held that it would only be possible to create new dwellings in the roof-space of blocks of flats and not in the roof-space of a single dwelling.

Reference VTD 20810

eFXnet Services Limited Testimonial

David Abrehart - Director - Chichester, West Sussex

“Davenports’ bookkeeping services have been efficient and provided excellent value for money.”

Mood Interior Design Testimonial

Marc Peridis - Director - London

“Davenports have demonstrated a great amount of efficiency and professionalism. In a short period of time they have done everything from helping me out of difficult situations to help me get a better strategic outlook on my business! We couldn’t have shaped our success without their help.”

IPPS (UK) Limited Testimonial

Peter & Brian - Directors - Birmingham

“In the three years we have been dealing with Davenports they have always provided a professional service. However what makes Davenports different, is that they respond rapidly when your business needs immediate action to meet deadlines.”

VAT Partial Exemption - When House Builders Let their Dwellings Before Selling Them

VAT Partial Exemption - VAT adjustments when house builders let their dwellings before selling them.

The residential property market is slowing down, and because of this some house builders are deferring their intended sales of dwellings and temporarily letting instead, this lead to them becoming partly exempt.

A partly exempt house builder might have to:

• adjust the VAT previously recovered on his submitted VAT returns
• restrict the VAT to be recovered on current and future VAT returns
• both adjust VAT previously recoved and restrict current and future VAT recovery

The amount of ‘exempt input tax’ related to their temporarily lets for most house builders is going to be small (or de minimis) and as a result they can continue to recover all of their input tax; but they must check to avoid VAT mistakes.

If you need any assistance, please find out more about our accountancy services or get in touch.

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