Latest News
HMRC pushing Help to Save account for the lower paid
More than 132,000 people have signed up to the government-backed savings account Help to Save, depositing more than £31.4 million. The account offers working people on low incomes a 50% bonus on what they save –rewarding them with 50p for every £1 they put away. Over four years, a maximum bonus of £1,200 is available on savings of up to
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Domestic reverse charge set to make big impact
HMRC’s new VAT domestic reverse charge for construction services comes into force on 1 October 2019. It will require the recipient rather than the supplier to account for the VAT due on certain construction services. The domestic reverse charge will be introduced without a transitional period and will have a significant impact on the cash flow of businesses in the
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How will 2019/2020 tax year changes affect the self-employed?
We’re now four months into the new tax year, which has seen the introduction of several big changes including some notable increases in tax thresholds. It’s been widely acknowledged that these changes will see millions of employed people paying less tax, but is the news as positive for the UK’s self-employed workforce? If you are self-employed some of the latest
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Chancellor accelerates Brexit preparations for businesses
HMRC is stepping up efforts to ensure businesses are ready to trade post-Brexit by automatically enrolling companies in an important customs system and doubling the numbers registered, the Chancellor has announced. More than 88,000 VAT registered companies across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in the next two weeks in order to keep
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‘Greedy’ Christchurch builder failed to pay tax
A “greedy” builder from Dorset has been jailed after failing to pay almost £110,000 in tax while working on high-end projects in London. Christopher Nash, of Christchurch, pocketed £49,000 in cash and cashed cheques totalling £199,000 as he completed building and construction schemes in the capital over the course of seven years. But he was foiled following an investigation by
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Campaign group calls for tax on ‘excessive calories’ in food
A tax on “excessive calories” in food has been mooted by a campaign group, which said the move could mirror the widely-acknowledged success of the soft drinks industry levy introduced last year. Action on Sugar and Action on Salt, based at Queen Mary University London, suggested the tax should be levied on all calorie-dense processed food, the criteria for which
Read more Update from HMRC: Getting ready for Brexit
The Government has said the UK will be leaving the EU on 31 October whatever the circumstances. 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. UK businesses will have to apply customs, excise and VAT processes to goods sold into the EU
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HMRC Talking Points
HMRC’s regular Talking Points provide ongoing information, guidance and tips to help you to understand tax issues. Here’s a selection of some of the Talking Points webinars coming up. There are a limited number of spaces, so you are advised to book your place early. VAT Flat Rate Scheme: This webinar covers: what the Flat Rate Scheme is limited cost business
Read more German sausages under attack!
German politicians are looking at abolishing meats special VAT status, in an effort to reduce consumption and help save the planet! Germany currently levies 7% VAT on meat (the same as bread and milk), but there are calls to nearly treble the VAT to 19%. This would class meat as a luxury item and it would be taxed the same
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