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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…


Interest Rate rise impacts HMRC late payment charges

17th August 2018 | Written by In Accountancy | Categories : HMRC, Limited Companies, News
Interest Rate rise impacts HMRC late payment charges

The Bank of England raised interest rate to its highest level since March 2009 The Bank of England has raised the interest rate from 0.5% to 0.75% last week. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt increase the interest costs of Read the full article…


Payments on Account – what are they all about?

24th July 2018 | Written by In Accountancy | Categories : Business, HMRC, News, Personal Tax
Payments on Account – what are they all about?

For those of you new to paying tax via self assessment you may or may not be aware of the term ‘payments on account’ Payments on account simply means that once your income tax liability for any one year is greater than £1000, HMRC determine that in addition to paying the liability for the year for which you are accounting, Read the full article…


Enterprise Management Incentive continues

20th July 2018 | Written by In Accountancy | Categories : HMRC, News
Enterprise Management Incentive continues

Enterprise Management Incentive scheme State Aid approval lapsed on 6 April 2018 It has previously been reported that the Enterprise Management Incentive scheme State Aid approval lapsed on 6 April 2018. HMRC had previously warned that EMI share options granted in the period from 7 April 2018 until EU State Aid approval was received may not be eligible for the Read the full article…


VAT Reverse Charge for Construction Services Consultation

20th July 2018 | Written by In Accountancy | Categories : HMRC, News
VAT Reverse Charge for Construction Services Consultation

HMRC introduce new VAT rules for construction services HMRC proposes to introduce new VAT rules for construction services which are subject to consultation. HMRC has published a draft statutory instrument for technical consultation together with a draft explanatory memorandum and a draft tax information and impact note. Under the draft legislation supplies of standard or reduced-rated construction services between construction or building Read the full article…


HMRC Saves Public £2.4M by Stopping Fraudsters

11th July 2018 | Written by In Accountancy | Categories : HMRC, News
HMRC Saves Public £2.4M by Stopping Fraudsters

HMRC are putting a stop to fraudsters and have saved the public over £2.4 million so far. HMRC has announced that it has saved the public over £2.4m by tackling fraudsters that trick them into using premium rate phone numbers for services that HMRC provide for free. HMRC has reported that scammers create websites that look similar to HMRC’s official Read the full article…


200,000 Receive Back Pay as HMRC Enforce National Minimum Wage

21st June 2018 | Written by In Accountancy | Categories : HMRC, News
200,000 Receive Back Pay as HMRC Enforce National Minimum Wage

Underpaid workers are urged to complain about National Minimum Wage and National Living Wage underpayments. BEIS and HMRC are urging underpaid workers to complain about National Minimum Wage (NMW) and National Living Wage (NLW) underpayments. Recent figures show that the number of workers receiving the money they are owed has doubled. During 2017/18, HMRC investigators identified £15.6 million in pay Read the full article…