Nichola Ross Martin's Tax Consultancy

The Chancellor of the Exchequer confirmed in a Written Ministerial Statement on 10 March that Budget 2010 will take place on Wednesday 24 March at 12:30pm.

From 1 April HM Revenue & Customs (HMRC) is permitted to publish the details of taxpayers where it is established that they have committed certain serious tax offences. It already has powers to do this in connection with Tax Agents.

Two changes to simplify the partial exemption de minimis rules that take effect from 1 April 2010:

• simplified tests
• annual test

The de minimis limit remains the same (£625 per month on average) but the changes should make it easier and less time-consuming for businesses to confirm their de minimis status.

The changes are optional and businesses can benefit from them without seeking approval from HM Revenue & Customs (HMRC).

Further information

Further information can be found in VAT Information Sheet 04/10

A list of the news and web-updates (W-updates) from the last few months.

There is some uncertainty as to the tax treatment of dividends which are paid out of newly distributable reserves as a result of a capital reduction.