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HMRC urge people to prepare for CGT payment change

2020-04-01T19:40:32+01:00April 12th, 2020|Categories: Blog, HMRC, Taxation|Tags: , , , , |

Property owners are being urged to get ready for changes to the deadline of capital gains tax (CGT) payments. Broadly, from 6 April 2020, a UK resident who sells a residential property in the UK will have 30 days to tell HMRC and pay any CGT Tax owed. HMRC are currently developing a new online service to allow taxpayers to report and pay any CGT owed. A CGT report and accompanying payment of tax may be required where the taxpayer sells or otherwise dispose of: - a property that they have not used as their main home; - a holiday [...]

Changes to off-payroll working rules delayed until 2021

2020-04-01T19:37:57+01:00April 8th, 2020|Categories: Blog, HMRC, Limited Company|Tags: , , , |

Amid concerns about their potential impact during the coronavirus pandemic, the government has announced a one year delay to changes to the off payroll working rules, due to take effect from April 2020. In an announcement at the end of the parliamentary debate on the Budget speech, Steve Barclay, chief secretary to the Treasury, said that the government is postponing the reforms to the off payroll working rules (known as the IR35 rules) from April 2020 to April 2021. Off-payroll working rules, known as IR35, were introduced in 2000 to ensure that someone working like an employee, but through their [...]

HMRC advisory fuel rates from 1 December 2019

2020-01-03T11:58:05+00:00January 5th, 2020|Categories: Blog, HMRC, Taxation|Tags: , , |

HMRC have published company car advisory fuel rates for use from 1 December 2019. The rates apply when employers reimburse employees for the cost of fuel for business travel in their company cars or require employees to repay the cost of fuel used for private travel. HMRC review rates quarterly on 1 March, 1 June, 1 September and 1 December. The rates applying from 1 December 2019 are as follows: Petrol and LPG Engine size 1400cc or less: petrol 12p per mile, LPG 8p per mile 1401cc to 2000cc: petrol 14p per mile; LPG 9p per mile Over 2000cc: petrol [...]

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+01:00August 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+01:00March 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+01:00February 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+01:00December 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+01:00November 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+01:00November 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 [...]

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