January 2019

HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: Negligible Value Claims and Share Loss Relief: Looking at certain conditions that must be met for your clients to claim an asset has become of negligible value. Also, an overview of share loss relief. Thursday 7 February ­– 11am to midday

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Scam victims lose more than £1m each to fraudsters

Some victims of pension scams have lost more than £1 million in savings each to fraudsters, new statistics have revealed. Intelligence gathered by members of the multi-agency Project Bloom group, which was set up to tackle pension scams, has found some people who had managed to put away more than £1 million have lost their retirement funds to criminals. New

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HMRC warns 200,000 parents ‘might miss out on pension’

HMRC has written to the Treasury committee warning that 200,000 parents are at risk of foregoing their full state pension due to not claiming child benefits. The Revenue said that if child benefits are being claimed by the higher earner in a household, the partner earning less could be missing out on National Insurance credits, and therefore decreasing their state

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HMRC admits penalties issued in error

HMRC has admitted that it issued penalty notices for late filing in error to hundreds of self assessment taxpayers, just days after denying claims that this had occurred. Reports in the media had suggested some taxpayers were sent penalty notices two weeks before the January 31 deadline; some had already submitted an online tax return. HMRC initially claimed that “any

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HMRC loses £300k chocolate brownie VAT case

A health food brownie containing dates and brown rice bran has been deemed a cake – and so free from VAT charges – after a judge taste-tested the product alongside Mr Kipling’s French fancies and Tunnock’s teacakes. Pulsin, makers of the brownies, could reclaim up to £300,000 from HMRC after Judge Amanda Brown ruled in the Gloucestershire-based manufacturer’s favour, saying

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Insolvency Service issues warning after £202m of pension savings ‘misused’

Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees. The government agency has warned savers to be particularly wary of cold calling, offers of free pension reviews and promises of high rates of return. Since 2015, the service has applied to the courts to wind up 24 companies that it

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New taskforce to fight money laundering

The Chancellor and Home Secretary are to jointly chair a new government taskforce to tackle money laundering and other economic crime. Philip Hammond and Sajid Javid will chair the new Economic Crime Strategic Board, which will work with senior figures from accountancy, banking, the legal and property industries, and law enforcement agencies. Javid said: “We need to take action on

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EU Exit – Update from HMRC

The UK will be leaving the EU on 29 M‌ar‌c‌h 2019. Leaving the EU with a deal remains the Government’s top priority, however the government and businesses should continue to plan for every possible outcome including no deal. In December, HMRC wrote to VAT-registered businesses that trade only with the EU advising them to take 3 actions to prepare for

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New tool helps savers get a 50% government boost to their savings

Over 80,000 people have signed up to the government’s new saving account – Help to Save – depositing over £10 million. A new tool in the HMRC app is available which lets savers set their own savings goals and personal reminders, to keep on track and maximise bonuses. The account offers working people on lower incomes a 50% bonus, with

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