CONTRACTORS should be aware that the Revenue are imposing the Penalties which can be levied on late monthly returns.

VAT INVOICES issued  MUST show a unique and sequential identification number. You must be able to account for all of the numbers in the sequence.. HMRC will be empowered tom levy penalties on traders who fail to comply with this requirement.

CAPITAL ALLOWANCES rules changed very significantly on April 1 2008. If you are considering any significant capital expenditure in the near future - please contact us in advance.

LANDLORDS should be aware that under the terms of the Landlords Energy Saving Allowance, those carrying on a property  business involving a dwelling house can deduct expenditure (up to £1,500 per dwelling) on certain energy-saving costs incurred up to April 2015. The items for which deduction can be claimed are

            Cavity Wall Insulation

            Loft Insulation

            Floor insulation

            Hot Water System insulation

            Draught Proofing

NEW ENQUIRIES FRAMEWORK: Proposed changed to HMRC enquiry procedures effectively mean that an Inspector will be able to start an enquiry into a taxpayers affairs at any time. Previously there was an "enquiry window" and once this had passed an Inspector could not open an enquiry unless he discovered some new information. An additional feature of the new regime will be the Revenue's right to ask for ANY information - including private records - if they consider them to be necessary to check a taxpayer's tax position.