Intrastat is the system for collecting statistics on goods that have moved between EU member states. Intrastat covers goods that have been bought and sold or moved within the EU for other purposes. All VAT registered businesses that move goods within the EU are required to provide specific statistical information where the total value of those movement exceeds £1.5m for arrivals (goods arriving in the UK) or dispatches exceeding £250,000 (goods leaving the UK). Businesses who exceed either or both of these thresholds are required to submit an Intrastat supplementary declaration (SD) each month which must be submitted by the 21st day of the following month. The SD needs to be submitted electronically to HMRC. Larger businesses with arrivals and / or dispatches that exceed £24m are required to provide details of the delivery terms on the SD. Business that fail to submit accurate SDs by the due date could be liable to a criminal penalty with a fine of up to £2,500 for each offence.
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every