HMRC
VAT receipts rise to record £133 billion
Dec 02, 2019
The amount of VAT collected in the last 12 months has risen to a record £133 billion, with a significant contribution from the retail and wholesale sectors. The latest figures from HM Revenue & Customs (HMRC) indicate that revenue has increased ...
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Fall in number of arrests for tax evasion
Nov 28, 2019
According to industry figures, the number of people arrested in the UK on suspicion of tax evasion has reached the lowest level for five years. The figures obtained by law firm RPC revealed that there were 782 arrests made during 2018/19, ...
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HMRC’s five money-saving tips
Nov 11, 2019
HM Revenue and Customs (HMRC) has highlighted five money-saving tips to help boost your finances. First-Time Buyers’ Relief If you are a first-time buyer you can claim First-Time Buyers Relief on your property purchase made on or after 22 November 2017. This means that you ...
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Universities warned that students are vulnerable to tax scams
Sep 30, 2019
With universities across the UK welcoming new and returning students, HM Revenue & Customs (HMRC) has issued a warning about tax scams. The move has been prompted by fears that fraudsters are using what appear to be legitimate university email addresses, ...
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120,000 businesses failed to meet the Making Tax Digital deadline
Sep 16, 2019
HM Revenue and Customs (HMRC) has revealed that 1.1 million businesses have now signed up for Making Tax Digital (MTD) and so far, 1.2 million VAT returns have been successfully submitted through the service. Figures suggest that 490,000 VAT-registered businesses with ...
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Government to allocate trading numbers to more than 88,000 UK firms ahead of Brexit
Aug 22, 2019
Ahead of a potential no-deal Brexit, the Government has announced that it will start automatically enrolling UK firms in the customs system. As a result, this will enable UK businesses to continue to trade with European Union (EU) members after the ...
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HMRC investigates a quarter of estates that pay IHT
Jul 25, 2019
In the 2018 to 2019 tax year, HMRC opened 5,537 inheritance tax (IHT) investigations, which equated to almost a quarter (23 per cent) of the 22,000 estates on which the tax is applicable. IHT is levied at a rate of 40 ...
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HMRC defeated in latest high profile IR35 case
Jul 15, 2019
A radio presenter has become the latest high profile person to win an IR35 tribunal case against HM Revenue & Customs (HMRC). The latest case involved Paul Hawksbee, a presenter on Talksport radio, who appealed an IR35 determination over a £140,000 ...
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HMRC issue incorrect CGT allowance to thousands of taxpayers
Jul 01, 2019
HM Revenue and Customs (HMRC) has recently issued nearly 350,000 incorrect short tax returns, indicating an error in taxpayers’ capital gains allowance. CGT is payable on the overall gain from the sale of an asset such as a business, second home, ...
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Is your business compliant with the Making Tax Digital rules?
Jun 24, 2019
According to new research, thousands of UK businesses could find themselves under scrutiny from HM Revenue & Customs (HMRC) for failing to follow new rules on keeping digital records. Under the new called Making Tax Digital (MTD) initiative, more than one ...
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