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Deliberate Tax Defaulters – HMRC publishes updated list

15th October 2018 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Personal Tax, Tax
Deliberate Tax Defaulters – HMRC publishes updated list

HMRC has published an updated list of deliberate tax defaulters. The list of deliberate tax defaulters includes details of taxpayers who have incurred a penalty because they have either: deliberately provided one or more inaccurate documents to HMRC deliberately failed to comply with an HMRC obligation committed a VAT or excise wrongdoing. HMRC’s criteria for publishing this information also states Read the full article…


Recognising phishing emails and texts from HMRC

10th October 2018 | Written by In Accountancy | Categories : HMRC, HMRC, News
Recognising phishing emails and texts from HMRC

We are experiencing an increasing and worrying number of clients who have been subject to HMRC phishing emails and other scams. Luckily when they have checked with us we have been able to advise them whether or not the contact appears to be genuine, or whether we think it is a bogus or phishing email and what to do next. Read the full article…


HMRC Identify £15.6m Minimum Wage Underpayments

9th October 2018 | Written by In Accountancy | Categories : Business, HMRC, HMRC, News, Pensions and Payroll
HMRC Identify £15.6m Minimum Wage Underpayments

HMRC has announced that they achieved record enforcement results this year, identifying £15.6million of minimum wage underpayments. The number of workers identified as underpaid was double that in 2016/17 and the highest number since the National Minimum Wage came into force. The figures reveal: a record £15.6 million of underpayment identified for more than 200,000 workers employers fined £14 million Read the full article…


Paper Self Assessment Tax Return deadline approaching

8th October 2018 | Written by In Accountancy | Categories : HMRC, HMRC, Personal Tax
Paper Self Assessment Tax Return deadline approaching

For those individuals who have previously submitted paper self assessment tax returns the deadline for the 2017/18 return is 31 October 2018. Paper self assessment returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty for late submission applies even when there is no tax to pay or the tax Read the full article…


Software Suppliers – Making Tax Digital for VAT

28th September 2018 | Written by In Accountancy | Categories : Business, HMRC, Limited Companies, Making Tax Digital, News
Software Suppliers – Making Tax Digital for VAT

HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019. From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations under MTDfV. Only businesses with a taxable turnover above the VAT threshold (currently £85,000) Read the full article…


Making Tax Digital – What do you need to do?

24th September 2018 | Written by In Accountancy | Categories : Business, HMRC, Limited Companies, Making Tax Digital
Making Tax Digital – What do you need to do?

Making Tax Digital comes into play from April 2019, and it would appear that many businesses, and HMRC themselves are very unprepared. From April 2019, those companies for whom Making Tax Digital (MTD) applies, no longer be able to file paper VAT returns, nor will they be able to calculate their VAT position manually and simply enter the ‘Box’ figures via HMRC’s Read the full article…


Requirement to Correct – 30 September Deadline Fast Approaching

21st September 2018 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Personal Tax
Requirement to Correct – 30 September Deadline Fast Approaching

If you have received taxable overseas income, in any form, be sure not to miss the fast approaching Requirement to Correct deadline of 30 September 2018 In recent months, many taxpayers – and agents acting for private clients – will have received letters from HMRC about overseas income and the ‘requirement to correct’ (RTC). We very recently published a post on Read the full article…


No Deal Brexit? Read on if your business trades with the EU

21st September 2018 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, Limited Companies, Making Tax Digital, News
No Deal Brexit? Read on if your business trades with the EU

A No Deal Brexit seems more likely today than yesterday it would appear, but what does that really mean for businesses trading with the EU? The ICAEW (Institute of Chartered Accountants of England and Wales)  tells us HMRC has begun writing to all VAT-registered businesses in the UK that currently only trade within the EU in order to inform and Read the full article…


HMRC Warning: Time to Declare Offshore Assets

20th September 2018 | Written by In Accountancy | Categories : Business, HMRC, News, Personal Tax
HMRC Warning: Time to Declare Offshore Assets

HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ requires Read the full article…


Government announces that Class 2 NIC will not be abolished

14th September 2018 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, Personal Tax
Government announces that Class 2 NIC will not be abolished

The government has announced that Class 2 National Insurance contributions (NIC) will not be abolished in the current parliament. It had been due to be abolished in April 2019. Class 2 NIC is payable on self-employed profits, currently at the rate of £2.95 per week. There is no liability if profits are below the small profits threshold, currently £6,205 per Read the full article…