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HMRC Tax schemes updates

HMRC, as part of its 'Spotlights' updates, has issued warnings on two types of tax scheme:

  • non-profit-making bodies schemes to obtain VAT exemption for sporting or educational/training supplies
  • business premises renovation allowances schemes.

The non-profit-making bodies schemes are based on exemptions for VAT that are available where certain sporting and educational/training supplies are provided by a non-profit-making body. The schemes are not new and generally profits made via the scheme are extracted from the non-profit-making body by an associate of the non-profit-making body. HMRC states that it will continue to pursue users of schemes that use this method of extraction of profits.

Business Premises Renovation Allowances (BPRA) support the regeneration of deprived regions of the UK. They allow investors to claim a tax allowance for 100% of the amount they invest in converting or renovating empty business premises. HMRC has highlighted that there are a number of schemes based on this relief and it is undertaking a technical review that will look at ways to stop manipulation of BPRA. Further details are available.

Tonmoy Kumar comments:
“VAT is a very complex area of taxation, and with legislation changing constantly it is very difficult to keep up. This is why you should always seek specialist advice, so, if you have any VAT or related questions, contact ABDS and see how we can help,”

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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