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…

A quarter of dads may be missing out on paternity pay, according to a new report

A quarter of dads may be missing out on paternity pay, according to a new report

The TUC has launched a new campaign calling on the Government to extend paternity pay to more workers, after discovering that a quarter of fathers may be missing out. It found that of the 620,000 new working dads last year, more than 140,000 did not qualify for paternity pay, which provides up to two weeks’ paid time off. This figure, it has said, is the Read more…

More than two-fifths of small business owners are still unaware of MTD

More than two-fifths of small business owners are still unaware of MTD

According to a new study, Making Tax Digital (MTD) is currently one of the biggest concerns for VAT-registered small business owners. The research, prepared by Intuit QuickBooks, found that more than three-quarters of SME owners found the legislation challenging and difficult to understand. It also reveals that 70 per cent were struggling to find the right new tools to help them comply, including 63 per Read more…

Building contractors will have to comply with complex new VAT rules

Building contractors will have to comply with complex new VAT rules

Those working in the construction and building industry are being encouraged to get to grips with a new way of accounting for VAT. From 1 October 2019, builders, contractors and other trades associated with the construction industry will have to change the way they invoice supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain. Under the new Reverse Charge for Read more…