November 2018

HMRC unable to hit tax credit fraud target

HMRC is struggling to control tax credit fraud and the “cracks are showing”, MPs have said. Error and fraud in tax credits cost the taxpayer £1.3bn in 2016-17 alone, and the department expects the rate of overpayments to grow further, the Public Accounts Committee found. The committee said it was “disappointing” that HMRC says it will be unable meet its

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Just 30% of organisations meeting GDPR obligations

Six months on from the General Data Protection Regulation (GDPR) coming into effect, more than two-thirds of organisations are responding to customer data requests late, according to new global research by Deloitte. The survey of 1,100 organisations found that customer data requests, such as opting out of direct marketing and the right to erasure, are typically dealt with beyond the

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Making Tax Digital for VAT update

As the planned 1 April 2019 implementation date for making Tax Digital for VAT (MTDfV) gets closer, HMRC has confirmed that mandatory use of MTDfV by businesses with ‘more complex requirements’ will be deferred until 1 October 2019 to ensure there is sufficient time to test software for such businesses. Those who will not be obliged to use MTD until

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Small businesses owed average £25K in late payments

The average British small business is owed £24,841 in late payments on any given day, while 78% are owed money at any time outside of agreed payment terms, according to research by accounting software provider Xero. Research based on data taken from two million invoices issued by its UK small business subscriber base showed that in August the average 30-day

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Fewer than half of SMEs say banks understand their needs

Giving SMEs access to the financial tools, products and advice they need would increase their productivity by 10% and boost the UK economy by £70bn, according to a survey for high street bank TSB. The study, based on a survey of 550 SMEs carried out by Oxford Economics and YouGov, revealed widespread dissatisfaction with current business banking options. Just under

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HMRC: Making Tax Digital VAT Service scheduled maintenance

HMRC will shortly be undertaking scheduled maintenance to the Making Tax Digital (MTD) VAT service to enable them to release additional functionality. As a result they will need to close access to the service from 17:00 on Friday 30 November until 11:00 on Tuesday 4 December. During the scheduled maintenance period, there will be no access to any of the

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180,500 new homeowners benefit from stamp duty tax relief

More than 180,500 first-time buyers have pocketed the cash they would have spent on Stamp Duty Land Tax (SDLT) for their new homes, statistics published by HMRC show. The money-saving tax relief, known as First Time Buyers Relief (FTBR), was introduced on 22 November 2017, and new figures released on the eve of the one-year anniversary show that the estimated

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: Submission of SA returns affected by exclusions Tuesday 27 November 11am to midday: This webinar will discuss 2017-18 SA return online submission issues and resulting exclusions. HMRC will explain the process for filing online and allowing paper tax return submissions after

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New guidance on registering for the VAT MOSS scheme

HMRC have updated guidance on registering for the VAT Mini One Stop Shop (VAT MOSS) scheme, with new information about invoicing, leaving the scheme and which return to use. The advice, called ‘Register for the VAT Mini One Stop Shop scheme’, explains how to register and use the VAT Mini One Stop Shop to report and pay VAT due on

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