HMRC

Get ready for the end of the VAT deferral scheme

HMRC has written to agents to remind them that the VAT deferral scheme ends in its current form on 30 June. This means businesses need to set up cancelled direct debits in enough time for HMRC to take payment; submit VAT returns as normal and on time; and pay the VAT in full on payments due after 30 June. In

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Targeted investigations reap benefit for HMRC

HMRC investigators have collected an extra £540 million from industries such as adult entertainment, dog breeders, and the Lake District holiday industry, according to the latest analysis from Pinsent Masons. That figure was just £138.1m in 2014-15. There are currently some 209 special task forces actively investigation taxpayers, and while HMRC does not reveal the full list, it does indicate

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Extension to time to appeal against a tax decision

HMRC is giving businesses and individuals who want to appeal a tax decision an extra three months to lodge the appeal. The extension applies for business affected by Covid-19 for any decision dated February 2020 or later. HMRC will contact by letter those eligible to apply for the extra time. They must then contact HMRC with: their name or business

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Firms can now defer AML supervision fee

Companies can now get a payment deferral or de-register from money laundering supervision due to Covid-19, the government has announced. If you are a business with an annual money laundering supervision fee due between 1 May and 30 September 2020 you may be able to: take a payment deferral for six months from the date it is due. de-register if

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Government updates advice of scheme for self-employed

HMRC has started to contact people who may be eligible for the new Self-Employment Income Support Scheme (SEISS). If they are eligible, this scheme will allow them to claim a taxable grant worth 80% of their trading profits up to a maximum of £7,500. In an email to agents HMRC said: “The process is quick and easy for your clients

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HMRC warns on increasing number of scams

HMRC is warning of an increase in scam emails, calls and texts. In a statement it said: “If someone gets in touch with your clients claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks them to click on a link or to give information such as their name,

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Covid-19: HMRC advice on self-employment support scheme

HMRC has issued guidance on how it works out total income and trading profits for the Self-employment Income Support Scheme. It will assess eligibility for the grant based on total income and trading profits, and the guide details how this is calculated. To be eligible for the scheme applicants must have trading profits of no more than £50,000 which make

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HMTC webinars focus on Coronavirus Job Retention Scheme

HMRC is hosting a series of webinars explaining how companies can claim online for a grant for 80% of furloughed employees’ salaries through the Coronavirus Job Retention Scheme. The live webinar provides a step-by-step guide on how to make a claim through the scheme. Those wanting to participate can book a time slot via the HMRC website, at https://tinyurl.com/yddoqrac. The

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HMRC issues advice on new CGT rules

HMRC has produced a fact sheet on the Capital Gains Tax 30-days reporting and payment obligations for UK residents disposing of residential property and for non-UK residents disposing of UK land from 6 April 2020. So what happens if a vendor doesn’t tell HMRC about the Capital Gain on a UK residential property within 30 days and there is a

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