Tax

Clear Books successfully completes pilot Making Tax Digital filing

Clear Books has successfully submitted a pilot digital tax return to HMRC. The pilot submission was a vital milestone in preparation for HMRC’s Making Tax Digital (MTD) initiative, which will begin in April 2019 for VAT. MTD requires the UK’s 2.8 million VAT registered businesses to keep business financial records digitally and to submit quarterly returns using HMRC recognised software.

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issue. Forthcoming ones include: Business expenses for the self-employed: This webinar has been designed to provide guidance on what is and isn’t classed as an allowable business expense, and will include motoring and premises costs. HMRC subject matter experts will be online during the meeting to

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HMRC updates VAT cash accounting guidance

HMRC has updated its guidance on how the VAT cash accounting scheme works, to provide information on how businesses should account for VAT if they leave the scheme voluntarily, or if their turnover exceeds the ceiling. The scheme allows businesses to account for VAT on their sales on the basis of payments they receive, rather than on tax invoices they

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Update to the Government Gateway

As part of the work needed to update and enhance the Government Gateway, HMRC are changing the location of a number of Agent User Interfaces today (10 Sep‌tem‌ber 2018). This may result in users who attempt to access pages being presented with a blank screen, a page that can be read but not updated or a message advising them to

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Students urged to claim tax refunds

The Low Income Tax Reform Group (LITRG) is reminding students who have been working over the summer to make sure they have not overpaid tax and, if they have, to claim a refund from HMRC. Victoria Todd, Head of Team at LITRG, said: “Many students will be coming to the end of the temporary jobs they have held over the

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New online form for claiming VAT refunds for those not registered for VAT

HMRC have released a new online form for organisations not registered for VAT to claim VAT refunds. Online service (VAT126) can be used by charities, local authorities, academies and public bodies to claim back VAT. Claims must be submitted within three years after the end of the month in which the supply is received by a local authority or within

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New tax penalty proposals ‘unfair on taxpayers’

HMRC is being urged to amend proposals for a new penalty regime for late payment of tax in order to avoid unfair outcomes for taxpayers. According to the Association of Taxation Technicians (ATT), unless the plan is amended, it would mean that taxpayers who had agreed with HMRC to pay tax liabilities by instalments could incur substantial penalties even on

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Government U-turn on NI hike for self-employed workers

Plans to increase Class 4 National Insurance contribution levels for self-employed people have been dropped. In the Budget statement on 8 March, Chancellor Philip Hammond said a fair tax system should ensure that, “people doing similar work for similar wages and enjoying similar state benefits pay similar levels of tax”. He highlighted the gap between the amount of NICs paid

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HMRC advisory fuel rates for company car users from 1 September

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2018 introducing a 4p advisory electricity rate for fully electric cars. The advisory electricity rate for fully electric cars is 4p per mile. Electricity is not a fuel for car fuel benefit purposes. The advisory fuel rates apply from 1 September 2018 and

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