Self-employed workers may miss out on mortgages due to changes in delivery of SA302 forms

Self-employed workers may miss out on mortgages due to changes in delivery of SA302 forms

Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications. Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process. Read more…

Revenue’s crackdown on VAT evaders yields £3.4 billion from small and medium firms

Revenue’s crackdown on VAT evaders yields £3.4 billion from small and medium firms

New analysis of HM Revenue & Customs’ (HMRC’s) data has revealed that the department collected an additional £3.4 billion from small and medium-sized businesses in the tax year to April 2017.  Investigations in the 2016/17 tax year by HMRC’s compliance department saw 49 per cent of the additional revenue collected come from VAT investigations into SMEs – an increase of four per cent on the Read more…

HMRC launches new online forum to give small business owners direct tax advice

HMRC launches new online forum to give small business owners direct tax advice

A new online forum has been launched by HM Revenue & Customs (HMRC) which has been designed to help company owners resolve simple issues related to starting and growing a company.  The new website provides a message board, discussions and a webchat where business owners can query HMRC’s tax experts in real time. Categories listed on the site currently include starting, managing and growing a Read more…

HMRC dynamic coding causes issues for taxpayers

HMRC dynamic coding causes issues for taxpayers

From July this year, HM Revenue & Customs (HMRC) has been utilising its new system of dynamic coding, which allows for in-year adjustments (IYAs) of a person’s tax code.  Under the new regime, codes can be adjusted by the Revenue to reflect sudden changes in an employee’s circumstances as soon as HMRC becomes aware of the changes, rather than waiting to reflect this in the Read more…