News and Events

Government delays introduction of VAT reverse charge!

Government delays introduction of VAT reverse charge!

The controversial introduction of the VAT reverse charge in the construction sector has been postponed by a year and will now take place on 1 October 2020, following concerns that the industry wasn’t ready for this monumental change. The new VAT reverse charge had been due to come into force on 1 October this year, but having been informed by industry bodies that this would Read more…

How to tell if an email is fraudulent

How to tell if an email is fraudulent

Email scams have become increasingly common, with fraudsters claiming to be from companies, banks and even HM Revenue & Customs (HMRC) to obtain your data and bank details. The fraud, which is also known as a phishing scam, can also involve malicious software that can infect your device with a virus. To stay protected, here are our top tips to tell if an email is Read more…

Tax investigations reap in £13 billion for the treasury

Tax investigations reap in £13 billion for the treasury

The latest official data from HM Revenue & Customs (HMRC) shows that the actual cash collected from all tax investigations hit £13 billion in 2018/19. This was up 27 per cent from the previous tax year in which £10.3 billion was collected. The data also showed that transfer pricing fines for multinationals have risen to £413,000. The greater yield from tax investigations seems to have Read more…

Half of all SMEs make VAT return mistakes

Half of all SMEs make VAT return mistakes

Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research. The data also revealed that just 27 per cent of small businesses are confident that they have filed their return correctly, even though they have spent more than an hour checking their figures. The first online filing under the Making Tax Digital for VAT system fell Read more…

Boots, Asda and Specsavers push back against business rates

Boots, Asda and Specsavers push back against business rates

Some of the UK’s top retail stores, including Asda and Boots, have joined the fight against spiralling business rates. It comes after many leading retail bodies published a letter calling for the Chancellor of the Exchequer, Sajid Javid, to address tax rules to boost the UK high street. The Association of Convenience Stores (ACS) joined the British Retail Consortium (BRC), the Booksellers Association, Asda, Boots, Read more…

MTD for VAT filing deadline missed by one in ten businesses

MTD for VAT filing deadline missed by one in ten businesses

HM Revenue & Customs (HMRC) has reassured the 120,000 businesses that failed to meet the 7 August deadline for Making Tax Digital (MTD) for VAT that the tax authority will not be issuing fines to them for missing the date. Under MTD, all businesses with a turnover of £85,000 or more must keep computer-based records and file their VAT return using HMRC-compliant software. The latest Read more…

Making a voluntary disclosure to HMRC

Making a voluntary disclosure to HMRC

Taxpayers are actively encouraged by HM Revenue & Customs (HMRC) to inform the tax authority if they realise that they did not pay the correct tax at any time in the past. This process is known as a voluntary disclosure and will usually allow a taxpayer to settle their affairs and any underpayment without the imposition of significant penalties. In the last few years, there Read more…

New figures show that a quarter of estates paying Inheritance Tax (IHT) are investigated by HMRC

New figures show that a quarter of estates paying Inheritance Tax (IHT) are investigated by HMRC

The response to a Freedom of Information (FoI) request has revealed that as many as one in four estates that are liable for IHT are investigated each year. In 2018-19, more than 5,500 investigations were launched by HMRC into the approximately 22,000 estates that had to pay the tax. Despite the introduction of the Residence Nil Rate Band (RNRB) effectively increasing the IHT threshold when Read more…

Principal Private Residence Relief and Lettings Relief changes due in April 2020

Principal Private Residence Relief and Lettings Relief changes due in April 2020

The start of the next tax year in April 2020 will see key changes come into effect in respect of Principal Private Residence Relief (PPR) and Lettings Relief, both of which can be used to soften the impact of Capital Gains Tax (CGT) on property disposals. From next April, Lettings Relief will be restricted to property owners who share occupancy of a property with their Read more…

Employment Allowance to be restricted from next year

Employment Allowance to be restricted from next year

At the moment businesses and charities of all sizes can benefit from Employment Allowance. However, from the start of the new tax year in April 2020, the allowance will only be available to employers with a secondary National Insurance Contributions bill in the current tax year of less than £100,000. Employers need to ensure that they update their payroll systems accordingly and cease to select Read more…