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HMRC – Getting ready for Brexit

Leaving the EU on 31 Oc‌to‌be‌r 2019 means there will be immediate changes to the way UK businesses trade with the EU that may impact your business. This includes UK businesses having to apply customs, excise and VAT procedures to trade with the EU, in the same way that already applies for goods and services traded outside the EU. Customs intermediaries

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Self-employed owed £1.6bn in late tax payments last year

Self-employed individuals owed £1.6bn in late tax payments to HMRC last year, with the figure expected to rise even further once more self-assessment returns for 2017/18 have been submitted. The value of tax owed by those who have missed the payment deadline has been rising for the last three years, according to UHY Hacker Young. The figure rose 4% to

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Penalties on rise for self-assessing late payers

HMRC is handing out an increasing number of penalties to people submitting via self-assessment for overdue tax payments.   The value of overdue tax for the 2017/18 financial year, which is still being collected in, currently sits at £1.6 billion. That compares to final figures of £1.83bn for 2016/17.  HMRC is able to impose a penalty of 5% of the tax owed on

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HMRC delays VAT domestic reverse charge

The introduction of the domestic reverse charge for construction services will be delayed for 12 months until 1 October 2020, the Revenue has announced. The domestic reverse charge means the UK customer who get supplies of construction services must account for the VAT due on these supplies on their VAT return rather than the UK supplier. This removes the scope

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Devon market trader jailed £900k VAT fraud

A market trader from Devon has been jailed for stealing more than £900,000 in VAT repayments to fund a gambling addiction. Terence Sickelmore, 55, of Honiton, submitted dozens of fake VAT returns for his business to fraudulently claim repayments of £913,729, a HMRC investigation found. Sickelmore was a co-owner of Dairy World, a dairy products business in Exmouth Market. From

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HMRC pushing Help to Save account for the lower paid

More than 132,000 people have signed up to the government-backed savings account Help to Save, depositing more than £31.4 million. The account offers working people on low incomes a 50% bonus on what they save –rewarding them with 50p for every £1 they put away. Over four years, a maximum bonus of £1,200 is available on savings of up to

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Domestic reverse charge set to make big impact

HMRC’s new VAT domestic reverse charge for construction services comes into force on 1 October 2019. It will require the recipient rather than the supplier to account for the VAT due on certain construction services. The domestic reverse charge will be introduced without a transitional period and will have a significant impact on the cash flow of businesses in the

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How will 2019/2020 tax year changes affect the self-employed?

We’re now four months into the new tax year, which has seen the introduction of several big changes including some notable increases in tax thresholds. It’s been widely acknowledged that these changes will see millions of employed people paying less tax, but is the news as positive for the UK’s self-employed workforce? If you are self-employed some of the latest

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Chancellor accelerates Brexit preparations for businesses

HMRC is stepping up efforts to ensure businesses are ready to trade post-Brexit by automatically enrolling companies in an important customs system and doubling the numbers registered, the Chancellor has announced. More than 88,000 VAT registered companies across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in the next two weeks in order to keep

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