July 2019

HMRC nets record income from Brits offshore

HMRC has netted £560m from British taxpayers with offshore assets and income, the first time it has exceeded half-a-billion pounds in successful investigtions of this sort. According to data acquired from a Freedom of Information Act request, HMRC increased its tax revenue from offshore investigations by a significant 72% over the past two years, building on the £325 recorded in

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HMRC confirms supplier statements are acceptable for MTD

HMRC has stated that it is happy to accept totals from supplier statements for Making Tax Digital for VAT (MTDfV) purposes, according to the Association of Accounting Technicians. “Despite the pervading gloom that generally appears around the time of any change in the way that we interact with HMRC, it’s great that common sense has won out this time,” said

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Number of landlords admitting to avoiding tax up by 145% in a year

The number of UK buy-to-let landlords admitting to not paying tax on their rental income has risen by 145% over the past year, increasing to 16,110 in 2018/19 from 6,600 in 2017/18, according to research from UHY Hacker Young. The total amount of additional tax collected by HMRC from buy-to-let landlords admitting to unpaid tax on their rental income has

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Slowdown in R&D tax claims ‘could cause severe problems’

Severe delays in Research & Development tax relief claims could cause many small IT companies severe problems, according to accounting and tax advisory firm Blick Rothenberg. Tim Shaw, a partner with the firm, said: “We are aware that HMRC are currently experiencing severe delays in processing R&D tax relief claims. The delays are both unfortunate and unhelpful in the current

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Companies House changes late-filing penalty appeal process

Companies House has updated the guidance on how it assesses penalty appeals made by businesses for the late filing of accounts, with the changes coming into effect from 1 October. The late-filing penalties manual now has a revised policy for accounts which are being rejected but have not been received by the company or presenter. Current rejection rates for online

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HMRC: Signing up to Agent Services Account and Making Tax Digital

HMRC has made some improvements to the Agent Services Account (ASA). The ASA allows Agents to act on behalf of their clients for Making Tax Digital. The changes are as follows: You are now able to track the status of authorisation requests made in the last 30 days – this is where an agent has used the new digital authorisation

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Scheduled maintenance to the Making Tax Digital Service

HMRC will be undertaking some scheduled maintenance to the Making Tax Digital (MTD) VAT service later this month. As a result, the service will be temporarily closed from Saturday 13 July from 7.30pm to 8.30pm and Sunday 14 July from midnight to 2.00am. During these periods, users may experience some intermittent disruptions to both the VAT and ITSA services. If

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Hard Brexit could mean UK nationals lose personal tax allowance

Thousands of UK nationals living overseas and regarded as non-resident in the UK for the whole of a UK tax year could lose their entitlement to the UK personal allowance if there is a hard Brexit as they would no longer be an EU/EEA national. Robert Salter, a specialist in expatriate and employment taxes at tax advisory firm Blick Rothenberg,

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SMEs ‘largely unaware’ of rise in Annual Investment Allowance

Few UK SMEs have plans to take advantage of the temporary increase in the Annual Investment Allowance (AIA), according to research from Braemar Finance. The increase in AIA was introduced by the government in January, raising the previous limit of £200,000 to £1m for a two-year period. This is to enable faster tax relief for qualifying assets, with the aim

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