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Recognising genuine HMRC contact

2019-11-01T21:08:16+00:00November 3rd, 2019|Categories: HMRC|Tags: , |

Broadly, phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy source in an electronic communication. This is generally carried out by email spoofing or instant messaging, and it often directs users to enter personal information at a fake website which matches the look and feel of the legitimate site. Most people are aware of the increase in volume and sophistication of phishing campaigns in recent years, but worryingly, there has also been a notable rise in reported incidents of phone calls and/or electronic communications from [...]

HMRC consultation on Partial Exemption and Capital Goods Scheme

2019-08-23T16:22:56+00:00August 2nd, 2019|Categories: Blog, HMRC|Tags: |

At Spring Statement 2019, the government announced that it would launch a call for evidence exploring ways to improve the operation of Partial Exemption (PE) and the Capital Goods Scheme (CGS), following the findings of the 2017 Office of Tax Simplification (OTS) VAT review. HMRC have now published the consultation document covering both subjects. These are two areas of VAT which can involve a significant amount of administration for businesses, with complex calculations often being required for some businesses to determine the amount of input tax that they are entitled to recover. The call for evidence is split into three sections: [...]

Voluntary disclosures

2019-09-02T11:24:03+00:00March 8th, 2019|Categories: Blog, HMRC, Personal Finance|Tags: , , , , |

HMRC have updated their online guidance on disclosing unpaid tax to include information on authorising an agent to deal with a disclosure made through the Digital Disclosure Service (DDS). The DDS gives individuals and companies a chance to bring their affairs up to date in a simple, straightforward way. Anyone who owes tax on your income you must tell us about any unpaid tax now. Anyone who owes tax on income or gains must tell HMRC about any unpaid tax. They will then have 90 days to calculate and pay what is owed. - How to make a voluntary disclosure to HMRC explains [...]

HMRC reaffirm income tax charge on winding up

2019-09-01T23:09:18+00:00February 27th, 2019|Categories: Blog, HMRC, Taxation|Tags: , , |

HMRC have published Spotlight 47, which provides guidance on tax avoidance schemes that try to avoid the income tax charge on distributions when a company is being wound up. In recent years, HMRC have endeavoured to prevent schemes being used by shareholders to take advantage of more favourable capital gains tax rates when extracting value from their company. Until 6 April 2016, under arrangements known as 'phoenixism', an individual shareholder who intended to carry on the company's activities could arrange matters enabling them to wind up the company and receive the company's undistributed profits. The profits would be classed [...]

HMRC warn of tax scams targeting university students

2019-09-01T23:07:54+00:00December 2nd, 2018|Categories: Blog, HMRC|Tags: , , |

HMRC have published a series of warnings that university students are being targeted by scammers with fake tax refunds in an effort to steal money and personal details. The scammers are using seemingly legitimate university email addresses (for example '@uc.ac.uk') in order to avoid detection, and HMRC have received thousands of fraud reports from students at colleges across the UK. This is the first time HMRC has seen a tax scam attack directly targeting university students in such high volumes.  HMRC never inform people about potential tax refunds by email, text or voicemail. Therefore, if someone does receive such [...]

Software requirements under MTD

2019-09-01T23:07:17+00:00November 22nd, 2018|Categories: Blog, HMRC, MTD|Tags: , , , |

Under HMRC's new Making Tax Digital (MTD) regime, which kicks in for VAT-registered businesses with a taxable turnover in excess of £85,000 from April 2019, businesses will no longer be able to keep manual records. Currently, spreadsheets are commonly used - not only to maintain records, but also to convert the information from accounting software into the VAT return figures. MTD requires spreadsheets to interact directly with software. Overcoming these issues may be challenging. Compatibility MTD requires businesses to maintain relevant information about sales and purchases in an electronic format, using 'functional compatible software'. Compatible software is a software product [...]

Making use of the trading allowance

2019-09-01T23:07:09+00:00November 18th, 2018|Categories: Blog, HMRC, Self Employment|Tags: , , , |

The introduction of the new trading and property allowances for 2017/18 onwards mean that those with low levels of income from these sources may not need to report it to HMRC. The trading allowance is £1,000 for 2017/18 and 2018/19. Broadly, those with trading income of less than £1,000 a year, no longer need to report it to HMRC. This may be particularly useful for people with casual or small part time earnings from self-employment, for example, someone who up-cycles old furniture for resale on eBay or similar. Where the trading income is more than £1,000, the trader has the [...]

HMRC launch MTD campaign

2019-09-01T23:06:09+00:00November 4th, 2018|Categories: Blog, HMRC, MTD|Tags: , , |

According to recent research undertaken by the Institute of Chartered Accountants in England and Wales (ICAEW), over 40% of businesses that will be affected by Making Tax Digital (MTD) for VAT are not yet aware of it. With only six months to go until MTD goes live for some businesses in April 2019, HMRC have only recently launched a major communications campaign to try and build awareness amongst small businesses. The ICAEW survey also shows that although there has been a significant increase in the number of businesses now using accounting software, a quarter of all businesses are still [...]

Class 2 NICs to remain

2019-09-01T22:08:17+00:00October 20th, 2018|Categories: Articles & Guides, Blog, HMRC, Self Employment|Tags: , , , , |

Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992. Former Chancellor, George Osborne, made proposals to abolish Class 2 NICs and reform the system for paying Class 4 NICs. The proposals were designed to simplify the tax system for the self-employed and offer them more equal access to contributory benefits. However, the Treasury recently announced that it will not now proceed as [...]

How to get your SA302 for mortgage applications

2019-09-01T22:08:01+00:00September 21st, 2018|Categories: Articles & Guides, HMRC, Personal Finance|Tags: , , , , |

How to get proof of earnings for mortgage or loan applications. What’s new? From 4 September 2017 HMRC will not send SA302s on paper to Agents. HMRC maintain a list of lenders who have agreed to accept the online self-service copy in place of a SA302. Tax overviews and online copy of SA302 tax calculation HMRC advise that a large number of mortgage or loan lenders should now be accepting a self-service copy in place of a paper SA302 sent from HMRC. Typically, the lenders will want to see a tax overview and full tax calculation for the tax years they [...]

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