Tax

Taxpayers could pay interest on incorrect payments to HMRC

Self assessment taxpayers may be subject to late payment interest due to incorrect payment reminders they have received from HMRC, tax and advisory firm Blick Rothenberg is warning. Stefanie Tremain, Senior Manager at the firm, said: “There is currently an issue in HMRC’s software which means some taxpayer accounts are not showing details of payments on account due and subsequently,

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HMRC sees £14m drop in late self-assessment penalties in three years

Fines totalling £75 million were levied by HMRC on those missing the self-assessment deadline in 2018 – down from £89 million in 2015. Some 10.7 million taxpayers submitted their return by 31 January deadline. Overall, there has been a 16% fall in the numbers missing the self-assessment deadline, from 890,000 in 2015 to 746,000 in 2018. Failure to file a

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Directors taxed under PAYE no longer required to file return

HMRC has amended its guidance on self-assessment tax returns to clarify that company directors with income taxed at source under PAYE and with no other tax obligations do not need to complete a tax return. HMRC has updated its guidance to clarify that anyone chargeable to income tax or capital gains tax (CGT) must tell HMRC they are chargeable to

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HMRC update partnership pack: preparing for a ‘no deal’ EU exit

HMRC have updated their partnership pack on G‌O‌V.U‌K to help businesses plan for the possibility of a ‘no deal’ EU Exit. The third edition of the pack is available to view here: https://www.gov.uk/government/publications/partnership-pack-preparing-for-a-no-deal-eu-exit. This pack includes information from, and directs people to, 5 online guides, which provide the information on the steps UK businesses trading with EU need to take now in order

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: Income from property for individual landlords – changes introduced by Finance Act 2, 2017: A comprehensive look at two measures introduced by Finance Act 2, 2017: the cash basis for property businesses. (From the 2017-18 tax year, the cash basis will be

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Making Tax Digital for VAT Pilot open to all businesses mandated from April 2019

HMRC have announced the Making Tax Digital for VAT pilot is now open to all businesses who will be mandated to use the service from April. The pilot is progressing well – over 3,500 businesses have already joined and HMRC have seen a dramatic increase in daily take-up from around 10-20 a day when the pilot first opened to well

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Double counting of taxable benefits could cost thousands

A number of employees could be incorrectly paying too much tax due to double counting of taxable benefits, say leading accounting firm Blick Rothenberg. Simon Rothenberg, a senior manager at the company, said: “When companies restructure their operations due to financial difficulties or when preparing for Brexit, it is often required that employees move from being employed by one legal

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HMRC one-stop shop gets 200k customers

More than 200,000 new businesses have used a new one-stop cross-government service allowing new start-ups to register their company and also register for tax at the same time. The Streamlined Company Registration Service, which has been set up in a collaboration between HMRC and Companies House, will ease the burdens on new businesses, enabling them to concentrate on what they

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: How to show self-employed business expenses on your tax return: This webinar has been designed to provide guidance on what is and what isn’t classed as an allowable business expense and will include motoring and premises costs. HMRC subject matter experts

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