GOING PAPERLESS

Date Added: 29 July 2010

With more and more banks and businesses encouraging customers to go "paperless" and opt for online statements and invoices, taxpayers need to be aware that this information may not be available indefinitely.

Online access to historically information varies depending on the organisation. Therefore taxpayers need to ensure that they can access any relevant documents required to support their tax returns and accounts.

REPAYMENT VAT RETURNS

Date Added: 29 July 2010

We understand that HMRC have changed the way that they will enquiry into repayment VAT returns. Previously this was done by checking claims on HMRC computer against certain parameters, and depending on the history, a visit may have been scheduled to check the return. However, now HMRC will be making written enquiries into the reasons for the repayment. This will take the form of a standard letter from the "post credibility team", which will include a request to the business to check the details, provide an explanation as to why the repayment has arisen and to produce evidence to support the claim.

This is presumably an example of the way in which HMRC may be attempting to reduce their costs.

Compulsory Annuities to End in April 2011

Date Added: 16 July 2010

The government has announced proposals that from April 2011 retirees will no longer be required to buy an annuity at age 75 with their pension pot. These proposals follow on from last month's Budget Statement which increased this age to 77 in anticipation of these proposals.

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Budget 22nd June

Date Added: 22 June 2010

Please see our separate Budget 2010 section for details of the Chancellor's announcements.