Tax

HMRC Talking Points sessions – July and August 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: Income from property – What’s new: In this webinar HMRC will be looking at some of the recent changes to the taxation of property income that now apply to individual landlords. Including, the finance cost relief restriction

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LITRG welcomes new approach to treatment of late tax returns

The Low Incomes Tax Reform Group (LITRG) has given a qualified welcome to a new ‘penalty point’ model for late submission of tax returns, contained in draft legislation published earlier this month. The group thinks the penalty point approach should be easy for taxpayers to understand, but is concerned that other aspects of the new regime may prove more complex.

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SDLT payment window shortened to two weeks

From 1 March 2019, the time limit that individuals have to file a Stamp Duty Land Tax (SDLT) return and pay any tax due will be shortened from 30 to 14 days. According to HMRC, shortening the time limit will improve efficiency and will not affect many individuals as most returns are already filed within 14 days. The individuals who

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Two-tier Making Tax Digital penalty regime confirmed

The penalty system for Making Tax Digital will kick in within 15 days of an overdue payment and will be a two-tier system, the government has confirmed in the draft Finance Bill 2018-19, although there will be an initial grace period for late filers. The government has admitted that there were numerous complaints in the consultation responses stating that the

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Rent-a-room relief retained for shared occupation

The Association of Taxation Technicians (ATT) has welcomed the announcement by the Government that they will be making only limited changes to rent-a-room relief. The ATT had been concerned that significant restrictions could have been introduced to this valuable relief. The Draft Finance Bill 2018-19 legislation proposes that rent-a-room relief stay in place but, from 6 April 2019, it will

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HMRC update on Making Tax Digital

HMRC has released further information on Making Tax Digital (MTD) to support businesses and agents in the run up to the start of the mandatory MTD VAT service from April 2019. This includes: A new HMRC VAT Notice: This gives guidance on the requirements of MTD for VAT. A list of software developers: HMRC is currently working with a number of

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Ask Alexa about tax credits

HMRC has developed a customer-focused service via Amazon Alexa to help more than three million customers renew their tax credits by 31 July. Specifically for those seeking help with their tax credits renewal, customers with Amazon Alexa-enabled devices can ask Alexa to ‘open HMRC’ and ask for help with a change of circumstances, payment information, or a renewal. No personal

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HMRC plans points-based overhaul of penalties for late tax payments

HMRC is considering an overhaul of the penalties regime for late payments by businesses and individuals for corporation tax, income tax and self assessment. The measure proposes a points-based penalty system for late payment, and two changes to the way that interest is charged and repaid for VAT, with the VAT changes coming into force from April 2020. There is

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SMEs hit out at ‘intensive’ HMRC investigations

Half the UK’s small businesses believe HMRC tax investigations are too intensive, and a similar proportion do not believe the tax authority imposes penalties fairly, according to a survey from insurer PfP. PfP highlights HMRC’s own commissioned research that showed 52% of SMEs think HMRC’s tax investigations are too tough, while 56% do not think HMRC attempts to minimise the

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