Edition 77: August 21st 2008   In this newsletter: News New Rules On Disclosing VAT Errors Mortgages and Commercial Lending Internal News Sarah Celebrates 10 Years at A P Robinson & Co Free Employment Law Seminars Welcome Accountant Linda Chambers   News   New Rules On Disclosing VAT Errors For many years, taxpayers discovering net errors on previous returns have only been allowed to make an adjustment to the VAT return for the period in which they discover them if the net errors were up to 2,000 pounds. However, there is now good news, particularly for smaller businesses, in that for errors discovered on VAT returns starting on or after 1 July 2008 the limits above which a separate disclosure is required have been significantly increased. From that date, taxpayers need only make a voluntary disclosure (by letter or on Form VAT 652) for: net errors exceeding 10,000 pounds; or, for larger businesses, net errors above 10,000 pounds, which are 1 per cent or the Box 6 turnover figure or 50,000 pounds, whichever is the lower. There are certain aspects of the adjustment/voluntary disclosure regime worthy of note. Firstly, the trigger is the date the error is discovered, rather than the date it was made. Secondly, the new limits only apply to tax periods beginning on or after 1 July 2008, so for those completing normal, quarterly returns, the first applicable return will be 09/08, 10/08 or 11/08 respectively. Default interest will continue to apply to voluntary disclosures, calculated from the time the error was made to the date the disclosure is received, but there will still be no liability to penalties. In effect, the changes mean that default interest will apply less often as many more errors can now be adjusted through the appropriate return, the relevant VAT being accepted as correct tax for that period. Although these long-overdue changes are most welcome, taxpayers should still ensure each return is carefully reviewed and voluntary disclosures made where applicable. Additional care should be taken in the transitional period to make sure whether specific errors discovered fall under the old or new limits.   Mortgages and Commercial Lending There have been a number of significant changes within the residential mortgage market which require most people with a mortgage to review their existing commitments. As a result of the Credit Crunch a number of Lenders have recently increased their rates or withdrawn their product range. These changes could have an impact on your current mortgage and with this in mind we feel that now is a good time to carry out a review and if necessary move to a more suitable provider. Through our experience and our contacts, we can help and find the best deals for you; for example: - Domestic  mortgages - Domestic  re-mortgages - Buy to let mortgages - Commercial finance and re-finance. If you would like further information please contact residential.commercialfinance@aprobinson.biz or call Lizzy Dale on 01472 345888 or visit our website www.aprobinson.biz Internal News   Sarah Celebrates 10 Years at A P Robinson & Co Relationship Manager Sarah Clark celebrated a decade with A P Robinson & Co this month by gearing up the team for a day of mud and motors on a buggy trekking experience around the Lincolnshire Wolds.     Sarah joined the firm in July 1998 at junior level when the practise was based in the small offices on Abbey Walk. Soon gaining her AAT qualification and moving to larger premises on Dudley Street, Sarah quickly saw the firm expand as her training progressed. In 2004, A P Robinson moved to the beautiful old Natwest bank premises on Riby Square. Sarah was promoted to Relationship Manager heading up her own team and achieved her Chartered status. The celebrations continue with a practise event in September.       Free Employment Law Seminars A P Robinson & Co - alongside Gosschalks Solicitors - are hosting two free Employment Law Seminars open to any business or organisation who wishes to attend. Together we aim to help businesses of all sizes deal with the difficulties of employment law. We will tell you about new legislation, upcoming changes in the law and anything else of significance to employers.  Seminars start at 5.30 p.m. but many of our guests join us for drinks from 5 p.m. onwards. We aim to finish at 6.30 p.m. These free seminars are on the following dates:   Monday 22nd September 2008 at Forest Pines Hotel, Scunthorpe, in Suite New 1 Thursday 25th September 2008 at The Oaklands Hotel, Laceby, in the Laceby Suite     Please feel free to circulate this to colleagues or friends. We do hope you will be able to join us. RSVP: Lizzy Dale on 01472 345888 or lizzy.dale@aprobinson.biz   Welcome Accountant Linda Chambers We would like to warmly welcome a new member of staff, Linda Chambers, who has joined our ever growing accounts team. We wish Linda all the success and enjoyment in her long term future with A P Robinson & Co.    www.aprobinson.biz