Tens of thousands of fake HMRC websites taken down

August 1, 2018: Figures published by HM Revenue & Customs (HMRC) show that 20,750 malicious websites have been taken down over the last year – 29 per cent more than in the previous year. Although it has brought in cutting-edge technology to tackle the problem, the Revenue is warning the public to remain alert, as substantial amounts of... Read more

Taxpayers warned of Requirement to Correct as deadline approaches

August 1, 2018: Taxpayers with undeclared offshore tax liabilities, including Income Tax, Capital Gains Tax or Inheritance Tax, are obligated to disclose these liabilities to HM Revenue & Customs (HMRC) on or before 30 September 2018 under HM Revenue & Customs’ Requirement to Correct (RTC) regime. The same rules apply to taxpayers with undeclared UK tax liabilities that... Read more

More than 100,000 first-time buyers benefit from Stamp Duty Land Tax reforms

August 1, 2018: HM Revenue & Customs (HMRC) has published data which reveals that more than 100,000 first-time buyers have benefited from Stamp Duty Land Tax (SDLT) reforms announced at the last Budget. During the period until 30 June this year, 121,500 first-time buyers saved a combined total of £284 million according to HMRC. First-time buyers who purchase... Read more

MTD for VAT clarified in new communication from HMRC

August 1, 2018: HM Revenue & Customs (HMRC) has finally issued a new notice on Making Tax Digital for VAT in which it has clarified many of the questions that businesses had. VAT notice 700/22: Making Tax Digital for VAT has been created to act as a point-by-point guide to the new regime and includes new advice from... Read more

HMRC collects more than £30 billion worth of extra tax in last financial year

August 1, 2018: New figures from HM Revenue & Customs (HMRC) have revealed that the tax authority brought in a total of £605.8 billion in the year to April 2018 – an increase of nearly £30 billion on the previous year. This 5.4 per cent increase in the Revenue’s tax collection over the previous year includes: £186 billion... Read more

Reminder on changes to Corporation Tax notices

August 1, 2018: On 19 September 2016 HM Revenue & Customs (HMRC) decided to stop sending out paper copies of several important documents relating to Corporation Tax. Despite this move taking place nearly two years ago, a quick search online indicates that many taxpayers are not aware that HMRC has changed some of its administration procedures for Corporation... Read more

Documents reveal HMRC plans to secretly access bank account information

August 1, 2018: Documents published online have revealed HM Revenue & Customs’ (HMRC) plans to secretly access bank account information. The planned new powers come in the form of information orders, which are used by the Revenue to determine that taxpayers are paying the correct amounts of Income Tax, Corporation Tax, Capital Gains Tax and VAT. Banks, building... Read more

Payroll and auto enrolment processes – time for a ‘health check’?

July 27, 2018: The constant changes in the payroll and auto enrolment legislation affects all employers, regardless of the size of the business. The once simple payroll process completed on a weekly/monthly basis has now turned into a task that can take hours with various reporting requirements to HMRC and pension providers. In April 2018, we saw the... Read more

Small businesses say the Government should simplify business rates

July 3, 2018: A survey has revealed strong support from the UK’s small business community for measures to simplify business rates. A total of 71 per cent of the small businesses questioned said business rates should be simpler and have a greater degree of flexibility. Meanwhile, 49 per cent of SMEs said the Government is doing too little... Read more

Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

July 3, 2018: The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has called on the Treasury to resist pressure to reduce the VAT threshold from its current £85,000 until after the implementation of Making Tax Digital (MTD) and Brexit. The call came after the Office of Tax Simplification (OTS) urged the Treasury... Read more

A quarter of dads may be missing out on paternity pay, according to a new report

July 3, 2018: The TUC has launched a new campaign calling on the Government to extend paternity pay to more workers, after discovering that a quarter of fathers may be missing out. It found that of the 620,000 new working dads last year, more than 140,000 did not qualify for paternity pay, which provides up to two weeks’... Read more

More than two-fifths of small business owners are still unaware of MTD

July 3, 2018: According to a new study, Making Tax Digital (MTD) is currently one of the biggest concerns for VAT-registered small business owners. The research, prepared by Intuit QuickBooks, found that more than three-quarters of SME owners found the legislation challenging and difficult to understand. It also reveals that 70 per cent were struggling to find the... Read more

Building contractors will have to comply with complex new VAT rules

July 3, 2018: Those working in the construction and building industry are being encouraged to get to grips with a new way of accounting for VAT. From 1 October 2019, builders, contractors and other trades associated with the construction industry will have to change the way they invoice supplies of standard or reduced-rated building services between VAT-registered businesses... Read more

UK’s tax gap continues to fall

July 3, 2018: Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall. The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and... Read more

PW Payroll Solutions named in The Reward 300 index

June 20, 2018: Poole based payroll specialists, PW Payroll Solutions have been listed in the top 50 ‘knowledge and professionals services’ category of The Reward 300 index. The Reward 300 celebrates individuals who have been recognised as the most influential leaders and dedicated professionals working across payroll, HR, employee benefits, workplace pensions and associated sectors. It is formed... Read more

‘Bank of Mum and Dad’ feels the squeeze

June 4, 2018: The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of £21,600, those receiving assistance this year can expect an average contribution of £18,000. This equates... Read more

Gifts out of income and their benefits to beneficiaries

June 4, 2018: Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice? Gifts provided from surplus income – i.e. income less usual expenditure to... Read more

Employers attempting to avoid auto-enrolment penalties could have assets seized

June 4, 2018: The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules. However, it has also confirmed that it is willing to secure court orders if the... Read more

Twice as many workers receiving back pay through National Minimum Wage enforcement

June 4, 2018: According to HM Revenue & Customs (HMRC), the number of underpaid workers getting the money they are owed under the National Minimum Wage (NMW) legislation has more than doubled. The Revenue’s latest figures show that in the 2017/18 tax year its investigators identified £15.6 million in pay owed to more than 200,000 of the UK’s... Read more

Government Brexit redeployments to delay Making Tax Digital for Individuals

June 4, 2018: A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part of MTD for Individuals, will not be introduced as planned according to an HMRC stakeholders... Read more

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

June 4, 2018: With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution Foundation has floated the idea of a ‘lifetime receipts tax’, which would give individuals a... Read more

Ministers make an about-turn on tax haven transparency measures

June 4, 2018: In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that are registered there. The measures were contained in an amendment to the Anti-Money Laundering Bill... Read more

Vigilance urged as fraudsters fake security measures to access bank accounts

June 4, 2018: Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was supposedly from her bank saying that her account had been frozen owing to unusual transfers.... Read more

OTS calls for overhaul of ‘complex’ tax charges and reliefs

May 2, 2018: An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small and medium-sized enterprises (SMEs), the Office of Tax Simplification (OTS) has said. In a report published midway through April, the OTS looked closely at business... Read more

1.3 million SMEs hoping to branch out internationally to boost growth

May 2, 2018: An annual survey suggests that some 1.3 million UK-based small and medium-sized enterprises (SMEs) intend to branch out overseas this year in a bid to expand their horizons and fuel their growth plans. According to CitySprint’s latest annual survey of business owners and decision makers, ambitions among Britain’s SMEs remain strong despite the fact that... Read more

Workplace pension contributions more than double

May 2, 2018: The percentage of salary employers and employees must contribute to a workplace pension has increased from 6 April 2018. Employees will now contribute three per cent (up from one per cent) of their annual salary into a personal workplace pension, while employer contributions have increased from one to two per cent. Under the new rules,... Read more

Dividend Allowance cut could cost you £1,143. Is it time to restructure?

May 2, 2018: For a while, company directors have been able to make a tax-efficient living by taking a combination of salary and dividends due to the generous Dividend Allowance. However, changes which took effect from 6 April 2018 have cut the allowance from £5,000 to just £2,000. The changes are meant to level the playing field between... Read more

Do you offer an EMI scheme? These are the new rules you need to know about

May 2, 2018: EU State Aid approval for the Enterprise Management Incentives (EMI) scheme expired on 6 April 2018, meaning any share options received after this date may not be eligible for tax reliefs. This is an important change for employers who currently grant EMI share options or plan to do so in the future. The Government said... Read more

270,000 late penalty notices cancelled by the Revenue

May 2, 2018: A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014. The request was made by a partner in a ‘magic circle’ law firm, who was... Read more

Millions of people have not checked their online tax accounts for errors

April 3, 2018: Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax Accounts. The figure means that less than half of taxpayers have accessed their accounts, risking... Read more