Reminder on changes to Corporation Tax notices

Reminder on changes to Corporation Tax notices

On 19 September 2016 HM Revenue & Customs (HMRC) decided to stop sending out paper copies of several important documents relating to Corporation Tax. Despite this move taking place nearly two years ago, a quick search online indicates that many taxpayers are not aware that HMRC has changed some of its administration procedures for Corporation Tax returns. The changes implemented by the Revenue, as part Read more…

Taxpayers warned of Requirement to Correct as deadline approaches

Taxpayers warned of Requirement to Correct as deadline approaches

Taxpayers with undeclared offshore tax liabilities, including Income Tax, Capital Gains Tax or Inheritance Tax, are obligated to disclose these liabilities to HM Revenue & Customs (HMRC) on or before 30 September 2018 under HM Revenue & Customs’ Requirement to Correct (RTC) regime. The same rules apply to taxpayers with undeclared UK tax liabilities that involve offshore matters or transfers. Taxpayers who fail to disclose Read more…

More than 100,000 first-time buyers benefit from Stamp Duty Land Tax reforms

More than 100,000 first-time buyers benefit from Stamp Duty Land Tax reforms

HM Revenue & Customs (HMRC) has published data which reveals that more than 100,000 first-time buyers have benefited from Stamp Duty Land Tax (SDLT) reforms announced at the last Budget. During the period until 30 June this year, 121,500 first-time buyers saved a combined total of £284 million according to HMRC. First-time buyers who purchase homes of £300,000 and below pay no SDLT, while those Read more…

MTD for VAT clarified in new communication from HMRC

MTD for VAT clarified in new communication from HMRC

HM Revenue & Customs (HMRC) has finally issued a new notice on Making Tax Digital for VAT in which it has clarified many of the questions that businesses had. VAT notice 700/22: Making Tax Digital for VAT has been created to act as a point-by-point guide to the new regime and includes new advice from HMRC to help fill the gaps where the policy has Read more…

HMRC collects more than £30 billion worth of extra tax in last financial year

HMRC collects more than £30 billion worth of extra tax in last financial year

New figures from HM Revenue & Customs (HMRC) have revealed that the tax authority brought in a total of £605.8 billion in the year to April 2018 – an increase of nearly £30 billion on the previous year. This 5.4 per cent increase in the Revenue’s tax collection over the previous year includes: £186 billion in Income Tax (2016/17 £173 billion) £130.5 billion in National Read more…

Tens of thousands of fake HMRC websites taken down

Tens of thousands of fake HMRC websites taken down

Figures published by HM Revenue & Customs (HMRC) show that 20,750 malicious websites have been taken down over the last year – 29 per cent more than in the previous year. Although it has brought in cutting-edge technology to tackle the problem, the Revenue is warning the public to remain alert, as substantial amounts of money could be lost by anyone who fall victim to Read more…

Documents reveal HMRC plans to secretly access bank account information

Documents reveal HMRC plans to secretly access bank account information

Documents published online have revealed HM Revenue & Customs’ (HMRC) plans to secretly access bank account information. The planned new powers come in the form of information orders, which are used by the Revenue to determine that taxpayers are paying the correct amounts of Income Tax, Corporation Tax, Capital Gains Tax and VAT. Banks, building societies, accountants, lawyers and estate agents can all be ordered Read more…

UK’s tax gap continues to fall

UK’s tax gap continues to fall

Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall. The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and 7.3 per cent in 2005-06. It says that, had the Read more…

Small businesses say the Government should simplify business rates

Small businesses say the Government should simplify business rates

A survey has revealed strong support from the UK’s small business community for measures to simplify business rates. A total of 71 per cent of the small businesses questioned said business rates should be simpler and have a greater degree of flexibility. Meanwhile, 49 per cent of SMEs said the Government is doing too little to assist with business rate relief, with just 36 per Read more…

Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has called on the Treasury to resist pressure to reduce the VAT threshold from its current £85,000 until after the implementation of Making Tax Digital (MTD) and Brexit. The call came after the Office of Tax Simplification (OTS) urged the Treasury to review the current threshold, prompting it to issue a Read more…