Latest News

Reminder on changes to Corporation Tax notices - August 7, 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 […more]

Taxpayers warned of Requirement to Correct as deadline approaches - August 7, 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 […more]

More than 100,000 first-time buyers benefit from Stamp Duty Land Tax reforms - August 7, 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 […more]

MTD for VAT clarified in new communication from HMRC - August 7, 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 […more]

HMRC collects more than £30 billion worth of extra tax in last financial year - August 7, 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 […more]

Tens of thousands of fake HMRC website taken down - August 7, 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 […more]

Documents reveal HMRC plans to secretly access bank account information - August 7, 2018


Documents published online have revealed HM Revenue & Customs’ (HMRC) plans to secretly access bank account information. The panned 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 […more]

UK’s tax gap continues to fall - July 9, 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 […more]

Small businesses say the Government should simplify business rates - July 9, 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 […more]

Professionals call on Treasury not to lower VAT threshold before MTD and Brexit - July 9, 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 […more]

Related Links

Tax App
Download our Free Tax App.