Archived News May, 2012

Tax questions Carmarthen Journal 16th May 2012

As a charity, we manage two large listed buildings. We are concerned that the changes in VAT mentioned in the budget will have a huge impact on our already tight cash position. Is there anything we can do?

To bring certain VAT anomalies in line with other repair works, the Government have announced that from the 1st October, approved alterations to listed buildings will become standard rated for VAT (i.e. 20%) instead of the current zero rated status. Unless you are registered for VAT and can claim the VAT back then your alterations will cost 20% more. To stop businesses charging zero VAT before the 1st October, the Government are due to announce anti-avoidance rules to stop this happening. You may however be able to take advantage of the zero rate if work has already started prior to the 21st March 2012. I would suggest that if you are in this position that you take further advice.

My business ceased trading last year and I had to make four members of staff redundant. I have received a notification to complete a P35, but surely since we are no longer trading then I shouldn’t have to submit one?

If HM Revenue & Customs have sent you a notification to complete a P35 or you have paid employees in the year, then you are required to prepare and submit a P35 to HMRC. If you do not do this then you will be liable for a penalty. Unfortunately, in the past the first you tend to hear about the penalty is after the summer, by which time the penalty has risen to £400. The P35 and supplementary forms have to be submitted by the 19th May - so you need to act quickly

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