Headlines this morning include banks, Big Four and HMRC. The news always changes but the theme stays the same - it's the 9am Lowdown.
HMRC moves to Worldpay for direct debits
From 15 December, HMRC has introduced a trial with Worldpay - a new online payment service for customers paying their self assessment or VAT bill by debit card.
The new service can be used to pay your SA or VAT bill.
Those wishing to can still pay by debit and credit card using Billpay hosted by Santander Corporate Banking. The Revenue hopes to roll the Worldpay service out to replace Billpay.
To keep up to date with the latest news in the profession, check out Wolters Kluwer's Accountancy magazine.
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Co-op Bank fails stress test
The BBC said that the bank has failed a "stress test" by the Bank of England that assessed major UK lenders' ability to withstand another financial crisis. Lloyds and RBS were found to be at risk in the event of a "severe economic downturn".
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CIPFA and Bangladesh institute announce partnership
CIPFA has signed a memorandum of understanding with the Institute of Cost and Management Accountants of Bangladesh.
This will be the bedrock for their collaboration and paves the way for dual membership for both parties.
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Thought for the day...
Would Santa be considered by HMRC as being in business? Take a read of this article that examines whether or not it could be true.
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Mince pies and sherry
Would mince pies and sherry constitute consideration for Santa delivering presents? If so, you could be dealing with a barter transaction so that Santa is making sales after all. There are a number of businesses that now work on the "pay-what-you-like" basis, so there is precedent.
With the number of UK homes Santa is delivering too, his mince pie and sherry take is likely to exceed the VAT threshold. I believe he delivers to mainland Europe as well, so registration for VAT MOSS is likely to be on the cards. What are the double taxation treaties with Santa's home? Indeed, what is his official residence status?
This could get very complicated for dear old Santa. As always, the advice for him to sit down face-to-face with a good accountant holds true.