HMRC

HMRC needs your help: Are your self-employed clients also tax credits claimants?

When speaking to your clients about their Self Assessment (SA) returns please remind them to update the Tax Credits Office with their final income details to ensure they get the right benefits.  Tax credit claimants who make an SA return need to provide the net profit figure from that return before 31 January 2018. If they have other income, for

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HMRC criticised over customer service measures

HMRC has come under fire over its failure to deliver its transformation programme as planned, disparities in the treatment of high net worth individuals (HNWI) compared with other taxpayers, and a lack of clarity in its customer service. In its review of HMRC’s performance 2016-17, the Public Accounts Committee (PAC) found that HMRC’s transformation programme is not deliverable as planned

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New HMRC powers ‘a worry’

Tax expert David Redfern has warned that new HMRC powers could spell disaster for many taxpayers. From April 2019, HMRC will be able to take additional tax revenue immediately from PAYE taxpayers where they have calculated that there has been an underpayment of tax by changing their tax code, rather than waiting until the end of the tax year to

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HMRC Talking Points sessions – January 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: Trade Losses: Looking at the different ways trade losses may be relieved. Friday 5th January – 1pm to 2pm: Register now We‌dn‌esd‌ay 17 Ja‌nu‌ar‌y – 1p‌m to 2p‌m: Register now Income from Property minimising

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Corporation Tax: check if you must amend your Company Tax Return

HMRC has issued the following guidance about some Corporation Tax legislation which changed in the Finance (No 2) Act 2017. Although the changes received Royal Assent on 16 November 2017 they’re effective from 8 March 2017 for appropriation to trading stock and 1 April for some other areas. This means some Company Tax Returns that included accounting periods ending between 8

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HMRC Agent Update – Issue 63

HMRC has published the latest issue of its Agent Update. Some of the top articles included are: Autumn Budget 2017: Links to key announcements from the Chancellor of the Exchequers Budget speech on 22 November 2017 Fulfilment House Due Diligence Scheme: From 1 April 2018 the Fulfilment House Due Diligence Scheme will open for online applications. Get ready to send

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HMRC Talking Points sessions – November and December 2017

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: Business Expenses for the Self-Employed: This meeting is to provide guidance on what is and isn’t classed as an allowable business expense and will include motoring and premises costs. We‌dn‌esd‌ay 29 No‌ve‌mb‌er – midday to

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HMRC issue further guidance on the SA302 tax calculation

On 5 September HMRC changed the way they deal with requests, from agents, for copies of the Self Assessment Tax Calculation (sometimes referred to as the SA302). HMRC will no longer send a paper copy of the calculation to the agent if the SA return has been filed online.  There are exceptions, for example where it is either not possible

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Taxpayers banned from using credit cards to pay personal tax bills

From 13 January 2018, HMRC will no longer be accepting payment of tax bills by personal credit card. Currently, HMRC is only allowed to accept credit card payments on the basis that there is no loss of public money, but new legislation means that HMRC will no longer be able to accept them. This will affect payments of income tax,

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