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Telecoms
Nearly two-thirds of smaller businesses are unaware of radical new VAT regulations that will affect them directly from the new year, according to the results of a KPMG survey. Rules for sales of telecoms, broadcasting and e-services to EU consumers will change on 1 January 2015, meaning VAT will be charged and accounted for not based on where the supplier is established but according to the EU country to which the customer belongs.
Telecoms
Nearly two-thirds of smaller businesses are unaware of radical new VAT regulations that will affect them directly from the new year, according to the results of a KPMG survey. Rules for sales of telecoms, broadcasting and e-services to EU consumers will change on 1 January 2015, meaning VAT will be charged and accounted for not based on where the supplier is established but according to the EU country to which the customer belongs.
Class 3A NICs
HMRC have published a tax information and impact note on voluntary class 3A National Insurance contributions, as announced in the 2013 autumn statement. The aim is to allow pensioners and those who reach state pension age before 6 April 2016 to increase their state pension by up to £25 a week. Those eligible will be able to pay from 12 October 2015 and 5 April 2017.
CFCs
Since the publication of guidance on the FA 2014 additions to the controlled foreign companies (CFC) rules at TIOPA 2010, s 371IH(9A) to (9E) in April 2014, HMRC have received several clearance applications from groups that have cited concerns over the effectiveness of tower structures as a motivation for arrangements involving CFC finance companies. Supplementary guidance is available.
Aggregates levy
Revenue & Customs Brief 41 (2014) discusses the introduction of credit for levy on aggregate commercially exploited in Northern Ireland.
Social investment
Tax Relief for Social Investments (Accreditation of Social Impact Contractor) Regulations SI 2014/3066 are available.
Stamp duty
BX Swiss AG has been deemed a “recognised foreign exchange” and a “recognised foreign options exchange” enabling its members to apply for intermediary status and options intermediary status to obtain relief from stamp duty and stamp duty reserve tax.
Pensions
HMRC have published minutes of the October meeting of the pensions industry stakeholder forum.
