Latest News

HMRC Talking Points sessions – July and August 2018

HMRC’s regular Talking Points meetings provide ongoing information, guidance and tips, helping you to understand tax issues. Please find further details of future scheduled online meetings below: Income from property – What’s new: In this webinar HMRC will be looking at some of the recent changes to the taxation of property income that now apply to individual landlords. Including, the finance cost relief restriction

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LITRG welcomes new approach to treatment of late tax returns

The Low Incomes Tax Reform Group (LITRG) has given a qualified welcome to a new ‘penalty point’ model for late submission of tax returns, contained in draft legislation published earlier this month. The group thinks the penalty point approach should be easy for taxpayers to understand, but is concerned that other aspects of the new regime may prove more complex.

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SDLT payment window shortened to two weeks

From 1 March 2019, the time limit that individuals have to file a Stamp Duty Land Tax (SDLT) return and pay any tax due will be shortened from 30 to 14 days. According to HMRC, shortening the time limit will improve efficiency and will not affect many individuals as most returns are already filed within 14 days. The individuals who

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Two-tier Making Tax Digital penalty regime confirmed

The penalty system for Making Tax Digital will kick in within 15 days of an overdue payment and will be a two-tier system, the government has confirmed in the draft Finance Bill 2018-19, although there will be an initial grace period for late filers. The government has admitted that there were numerous complaints in the consultation responses stating that the

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Rent-a-room relief retained for shared occupation

The Association of Taxation Technicians (ATT) has welcomed the announcement by the Government that they will be making only limited changes to rent-a-room relief. The ATT had been concerned that significant restrictions could have been introduced to this valuable relief. The Draft Finance Bill 2018-19 legislation proposes that rent-a-room relief stay in place but, from 6 April 2019, it will

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HMRC update on Making Tax Digital

HMRC has released further information on Making Tax Digital (MTD) to support businesses and agents in the run up to the start of the mandatory MTD VAT service from April 2019. This includes: A new HMRC VAT Notice: This gives guidance on the requirements of MTD for VAT. A list of software developers: HMRC is currently working with a number of

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IAB member gets a Twitter Boost from Theo Paphitis

  An IAB member has received a business boost from Retail Entrepreneur Theo Paphitis.   Claire Cooksey AIAB, owner of CS Bookkeeping Services, tweeted Theo about her business during ‘Small Business Sunday’ and was one of six weekly winners to gain a retweet by Theo to his 500,000 Twitter followers.  The weekly initiative, set up by Theo in 2010, now has over 2200 #SBS

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New seminar dates announced

The IAB has arranged two further seminars covering a range of topics including: Making Tax Digital, tax and payroll updates, automatic enrolment and much more! The events will take place in Bristol on Thursday 18th October and London on Thursday 1st November 2018 and are an excellent way to gain updates for your own business and your clients or the

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Ask Alexa about tax credits

HMRC has developed a customer-focused service via Amazon Alexa to help more than three million customers renew their tax credits by 31 July. Specifically for those seeking help with their tax credits renewal, customers with Amazon Alexa-enabled devices can ask Alexa to ‘open HMRC’ and ask for help with a change of circumstances, payment information, or a renewal. No personal

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