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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…


Spring Statement Date Announced

8th February 2019 | Written by In Accountancy | Categories : Budget, Business, HMRC, HMRC, Miscellaneous, News
Spring Statement Date Announced

The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement on Wednesday 13 March 2019. The Chancellor may take the opportunity to announce tax changes and consultations. We will update you on pertinent announcements. Internet link:  GOV.UK news


Businesses Urged to Prepare for Post-Brexit Customs Declarations

8th February 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Limited Companies, News
Businesses Urged to Prepare for Post-Brexit Customs Declarations

HMRC is urging VAT-registered UK businesses which trade exclusively with the EU to be prepared for a no deal Brexit. In a letter sent to 145,000 affected businesses, HMRC explains changes to Customs, Excise and VAT procedures in the ‘unlikely event’ that the UK leaves the EU without a Brexit deal. HMRC’s letter advises businesses to take three actions ahead Read the full article…


MTD for VAT – Pilot Extended to all Eligible Businesses

7th February 2019 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, Tax
MTD for VAT – Pilot Extended to all Eligible Businesses

HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October 2019. This deferral applies to: trusts; not for profit organisations not Read the full article…


How to Change Accountants… it’s easier than you think

23rd January 2019 | Written by In Accountancy | Categories : Accounts, Business, Contractors, HMRC, Limited Companies, Making Tax Digital, Miscellaneous, News, Personal Tax, Tax
How to Change Accountants… it’s easier than you think

I’ve been asked half a dozen times recently how to change accountants, with local businesses being put off moving away from poor service, mistakes or high fees because they are worried the process might be difficult, complicated or expensive. In reality it is really simple and straightforward to change accountants – my quick video below outlines everything you need to Read the full article…


Inheritance Tax Review by Office of Tax Simplification

29th December 2018 | Written by In Accountancy | Categories : HMRC, HMRC, Personal Tax, Tax
Inheritance Tax Review by Office of Tax Simplification

The Office of Tax Simplification (OTS) has published the first of two reports on inheritance tax. The first report sets out an explanation of the issues and complexities of IHT, gives an overview of concerns raised by the public and professional advisors during the review and then makes recommendations. This first report examines the administrative issues that people complain about Read the full article…


Phishing Tax Refund Email Targets University Students

27th December 2018 | Written by In Accountancy | Categories : HMRC, HMRC, News, Tax
Phishing Tax Refund Email Targets University Students

HMRC has warned that university students are being bombarded with fake tax refund emails. The scammers have targeted university students in an attempt to steal their banking and personal details using .ac.uk email addresses that look genuine, in order to avoid detection. Mel Stride, Financial Secretary to the Treasury said: ‘Although HMRC is cracking down hard on internet scams, criminals Read the full article…


Advisory Fuel Rates For Company Cars

24th December 2018 | Written by In Accountancy | Categories : Budget, Business, HMRC, Miscellaneous, News
Advisory Fuel Rates For Company Cars

New company car advisory fuel rates have been published which took effect from 1 December 2018. 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 December 2018 are: Read the full article…


180,500 New Homeowners Benefit From Stamp Duty Tax Relief

23rd December 2018 | Written by In Accountancy | Categories : HMRC, News, Tax
180,500 New Homeowners Benefit From Stamp Duty Tax Relief

According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief (FTBR). The relief introduced in November 2017 has saved eligible first-time buyers an estimated total amount of more than £426 million. Mel Stride MP, Financial Secretary to the Treasury, said: ‘These statistics show that the government was right to offer a helping Read the full article…