Renovated homes that have been empty for two years can qualify for a reduced rate of VAT

Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent. There are two circumstances in which this can apply. The first is where a dwelling has been empty for the whole of the two years before work starting on the Read more…

Wages rise at the fastest rate in a decade

According to the Office for National Statistics (ONS), averages wages in the UK are growing at their fastest rate since 2008. The ONS has revealed that average earnings, including bonuses, grew by four per cent in the four months between May and July. This is the highest rate in a decade and means that wages in the UK have been rising above the rate of Read more…

HM Revenue & Customs has started carrying out PAYE tax investigations remotely

It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely. The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants that the wording of some of these questions could trip up unwary employers and prompt full-scale tax enquiries. If you receive a call relating to Read more…

25,000 companies receive penalties for the late filing of accounts in just one month

The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September. This date marks a common deadline for companies, according to Companies House, with a further 643 companies narrowly avoiding a penalty by filing their accounts in the final hours. The penalties issued in Read more…

Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit

Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU. However, businesses that are not registered for VAT will need to register for an EORI number that will enable them to be identified by customs authorities. Read more…

Overseas employees potentially face double NICs liability following a no-deal Brexit

Employees working overseas on secondment could face paying twice as much in National Insurance Contributions in the event of a no-deal Brexit, HM Revenue & Customs (HMRC) has warned. If the UK leaves the EU without a withdrawal agreement then current agreements to avoid double payment of the equivalent of National Insurance Contributions (NICs) in member states will be voided. The EU Social Security Coordination Read more…

HMRC trialling self-assessment checks to help local authorities to recover council tax

HM Revenue & Customs (HMRC) has announced that it is entering into data-sharing arrangements with local authorities to help clamp down on council tax debt. In the 2017/18 tax year, councils in England had an £818 million deficit for council tax arrears, which has prompted HMRC to work with local authorities by sharing information about taxpayers. The information-sharing agreement with 29 English councils began as Read more…