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880,000 VAT-registered businesses unprepared for MTD

New analysis from RSM suggests there could be as many as 880,000 VAT-registered businesses in the UK that are unprepared for new digital taxation rules that come into force from next April. Recently released statistics from the Office of National Statistics show that in March 2018 there were 2,669,440 VAT-registered businesses in the UK, up slightly on the previous year.

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HMRC puts focus on IHT take

A total of 5,400 investigations into Inheritance Tax (IHT) returns were launched by HMRC in 2017/18, up 5% from 5,100 the previous year, according to research by UHY Hacker Young. HMRC is treating IHT as an increasingly lucrative source of income. Rising asset prices such as property means that the amount of IHT at stake can be very substantial. If

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Government to reform apprenticeship levy

The government has raised the amount of the apprentice levy that larger companies can transfer to smaller firms in their supply chain from 10% to 25% in a bid to make the scheme more accessible. “The changes are aimed at providing flexibility for businesses so they can take full advantage of the benefits of employing apprentices, and to help as

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Companies House: those late filing excuses

Each year Companies House receive a whole stack of unusual excuses from directors who fail to file their company accounts on time. Here are just some of the most outrageous reasons given: “I found my wife in the bath with my accountant.” “Pirates stole my accounts.” “Goats ate my accounts.” “We delivered the accounts to the betting office next door

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Revenue promotes online work-related expenses claims

HMRC is urging millions of employees such as nurses, hairdressers and construction workers to go online and directly check if they can claim extra cash back for work-related expenses, amid concerns they could be missing out on their full tax relief entitlement by using agencies instead. The tax authority says some 85% of eligible taxpayers currently pay agents to claim

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HMRC clarifies VAT rules on domestic service charges for landlords

HMRC has published updated guidance for property management companies and others clarifying the VAT exemption for domestic service charges and what to do if it has been wrongly applied. The extra statutory concession (ESC) 3.18 for the VAT exemption for all domestic service charges was introduced in April 1994 and applies only when residential leaseholders and freeholders pay a mandatory

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HMRC reminds self-employed of imminent deadline

Self-employed people who are preparing to submit a Self Assessment return for the first time must register by Friday 5 October, HMRC is warning. This means they can then complete their return by 31 January 2019. If taxpayers aren’t sure if they need to do a Self Assessment return they should go to the Self Assessment page on GOV.UK. HMRC is

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Late filing of annual accounts up almost a quarter since 2014

Figures from Companies House show the number of private and public limited companies getting penalties for late filing has increased by 23% in four years. In 2014/15, the number of penalties issued in England and Wales stood at 165,000, with a total value of around £78m. However, in 2017/18, the number had reached 204,000 – with a cost to businesses

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Chancellor announces date for 2018 Autumn Budget

Philip Hammond has announced the date of this year’s Autumn Budget – Monday 29 October. The chancellor said he would reveal the government’s spending plans for next year exactly five months before Britain is due to leave the EU. In announcing the date via Twitter, he promised to deliver a plan that would support public services while building a stronger

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