Tax
Government’s insolvency priorities switch ‘will harm UK economy’
Government plans to prioritise payments of debt to HMRC over repayments to other creditors in insolvency cases have been slammed by leading industry figures, who say the move “will have serious consequences for the UK economy”. In a letter to Chancellor Sajid Javid, signed by among others representatives from R3, ACCA, ICAS, ICAEW and the Insolvency Practitioners Association, the government
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Getting ready for Brexit – update
The Government has said the UK will be leaving the EU on 31 October. Leaving the EU without a deal means there will be immediate changes to the way UK businesses trade with the EU that may impact your business, your clients’ businesses or the business you work for. HMRC has started writing to VAT registered business to let them
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Making Tax Digital VAT service progress update
HMRC has provided a further update on the rollout of Making Tax Digital (MTD) for VAT. Below are the headlines of recent weeks and information on what is planned for the coming weeks. As August drew to a close over a million VAT businesses had signed up to MTD and submissions for the first time exceeded the number of sign-ups.
Read more HMRC – Brexit Agent Update
HMRC’s Agent Update – Brexit Edition is now available, it features: Brexit communications resources grants for businesses completing customs declarations HMRC Brexit webinars changes for UK employers sending workers to the EU, the EEA or Switzerland Transitional Simplified Procedures merchandise in baggage claims for VAT on business expenses after Brexit To view this edition please click here.
Read more Scheduled maintenance to the Making Tax Digital Service
HMRC will be undertaking scheduled maintenance to the Making Tax Digital (MTD) VAT service from Saturday 21 September at 16:00 until Monday 23 September at 16:00, during which time the MTD service for VAT will be closed. During this period, customers and their agents will be unable to: Sign up for Making Tax Digital for VAT, Create an Agent services account
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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
Read more 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
Read more 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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