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MTD for VAT

15th April 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, Tax, VAT
MTD for VAT

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software. The new rules Read the full article…


Households With Landlines Should Be Vigilant

1st April 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Miscellaneous, Personal Tax, Uncategorized
Households With Landlines Should Be Vigilant

Over recent years HMRC has increasingly cracked down on email and SMS phishing,  and a number of criminals are turning to cold-calling publicly available phone numbers to steal money from taxpayers. These calls are often made to landline numbers. According to Ofcom, nearly 26 million homes have a landline, many of which could be at risk from scams, especially if Read the full article…


HMRC Advice – Prepare For No Deal

28th March 2019 | Written by In Accountancy | Categories : Brexit, Business, Client Focus, HMRC, HMRC, Limited Companies
HMRC Advice – Prepare For No Deal

HMRC is urging business owners to make sure they are ready for a potential no deal Brexit. Business owners are being urged to prepare now and take steps to ensure their businesses can continue to trade with the EU if the UK leaves the EU without a deal. HMRC advise: Businesses should register for an Economic Operator and Registration Identification Read the full article…


Advisory Fuel Rates for Company Cars

27th March 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Miscellaneous, News
Advisory Fuel Rates for Company Cars

New company car advisory fuel rates have been published which take effect from 1 March 2019. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or after 1 March 2019 Read the full article…


Pensions Auto Enrolment Contributions To Rise

21st March 2019 | Written by In Accountancy | Categories : Budget, Client Focus, HMRC, HMRC, News, Pensions and Payroll, Pensions and Payroll
Pensions Auto Enrolment Contributions To Rise

Minimum pension contributions are set to increase from 6 April 2019:   Duration   Employer minimum   Total minimum contribution   Current contributions   2%   5%   6 April 2019 onwards   3%   8%   The Pensions Regulator has produced guidance for employers on dealing with the increase including a letter template to advise employees of the change. Read the full article…


Minimum Wage Increases

20th March 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Miscellaneous, News, Pensions and Payroll
Minimum Wage Increases

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The rates are due to Read the full article…


Start Date Looming For Making Tax Digital For VAT

18th March 2019 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Limited Companies, Making Tax Digital, Tax, VAT
Start Date Looming For Making Tax Digital For VAT

The Financial Secretary to the Treasury, Mel Stride, has made a statement to the House of Commons setting out HMRC’s progress on delivery of Making Tax Digital (MTD). He confirmed there would be no further delays in implementation. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTD Read the full article…


HMRC’s Voice ID Database

12th February 2019 | Written by In Accountancy | Categories : Business, Client Focus, GDPR, HMRC, HMRC, Miscellaneous, News, Personal Tax
HMRC’s Voice ID Database

Since 2017, HMRC has captured millions of callers’ voice data on its Voice ID system by encouraging the caller to say a key phrase instead of the conventional password to gain access to their accounts. However, non-profit organisation Big Brother Watch warns that people have been ‘railroaded into a mass ID scheme by the back door’ and has reported HMRC Read the full article…


Protect Your Pension Pots

11th February 2019 | Written by In Accountancy | Categories : Budget, Business, Client Focus, HMRC, HMRC, Miscellaneous, Pensions and Payroll, Pensions and Payroll
Protect Your Pension Pots

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees’. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes. Pension scam victims lost an average of Read the full article…


‘Unbelievable Excuses’ for Late Filing of Tax Returns

10th February 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Miscellaneous, News, Personal Tax, Tax
‘Unbelievable Excuses’ for Late Filing of Tax Returns

HMRC has revealed some of the most ‘bizarre excuses’ taxpayers have given for failing to file their self assessment tax return on time. Excuses included ‘I’m too short to reach the post box’, and ‘my boiler had broken and my fingers were too cold to type’. One taxpayer claimed that a junior member of staff ‘forgot to wear their glasses’, and Read the full article…