Tax

HMRC to issue thousands of pounds of refunds for historic Child Benefit penalties

HMRC will be issuing thousands of pounds of refunds to taxpayers who unknowingly failed to notify HMRC that they were liable to the Child Benefit charge, and as a result, received a penalty, according to accountants Blick Rothenberg. Nimesh Shah, a partner at the firm, said: “HMRC will be reviewing cases going back to 2013 and will issue refunds where

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Stamp duty land tax payment period halved from March 2019

Commercial and residential property owners need to be aware the government is reducing the amount of time allowed to pay stamp duty land tax from 2019. The payment window for SDLT and for completion of tax returns is being cut from 30 days to 14 days, and will apply from 1 March 2019. This is earlier than the start of

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HMRC sending out letters to businesses affected by MTD for VAT

Now that HMRC has entered the public beta element of the Making Tax Digital pilot for VAT they have begun to send letters to businesses impacted by the changes to inform them of their obligations. The initial wave of letters will be sent to 200,000 businesses who are currently eligible to join the pilot.  HMRC expect the first 20,000 letters

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Outcome of consultation on addressing non-compliance with the off-payroll working rules in the private sector

In the Budget the Chancellor announced the outcome of the recent consultation on addressing non-compliance with the off-payroll working rules in the private sector. The off-payroll working rules (commonly known as IR35) ensure that individuals who work like employees pay broadly the same employment taxes as directly engaged employees, even where they work through their own personal service company. From

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HMRC returns to preferred creditor list

From April 2020, HMRC will have greater priority to recover taxes paid by employees and customers in the event of insolvency, a move aimed at ensuring ‘that an extra £185m in taxes already paid each year reaches the government’. Chancellor Philip Hammond announced in the recent Budget that HMRC will once again become a preferred creditor in insolvency cases, a

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Private sector ‘should prepare immediately’ for IR35 reform

Following the announcement in the Budget that medium and large companies in the private sector will be made responsible and liable for setting the IR35 status of contractors from April 2020, IR35 specialist Qdos Contractor has urged businesses to prepare well in advance of what it describes as “hugely short-sighted but manageable” changes. Seb Maley, Qdos Contractor CEO, commented: “For

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Voluntary tax returns: taxpayer rights safeguarded

The Chartered Institute of Taxation (CIOT) has welcomed the announcement that HMRC’s practice of treating tax returns that are filed by taxpayers voluntarily on the same basis as returns that are filed under a legal obligation is to be put on a statutory footing. The measure is retrospective and will apply from 1996/97, the year self-assessment was introduced. Over 450,000

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Summary of the Budget 29 October 2018

Chancellor Philip Hammond kicked off his Autumn Budget – the first on a Monday since 1962 – by announcing a “new chapter in the country’s economic future”. He hailed his Budget as signalling the “era of austerity finally coming to an end”. Measures outlined include: The National Living Wage to be raised to £8.21 from April, from £7.83. The personal

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VAT deadline for MTD delayed for ‘small minority’ of firms

HMRC has confirmed that ‘a small minority’ of VAT-registered businesses with more complex requirements will not be required to switch to its flagship Making Tax Digital (MTD) for VAT regime at the deadline of 1 April 2019, but will be given a further six months to prepare. According to an update on its MTD overview, the six-month deferral applies to

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