Everything you need to know about the construction industry scheme VAT reverse charge

Mar 02, 2020

HM Revenue & Customs (HMRC) announced a 12-month deferral on the domestic reverse charge last year, which will now apply to construction services from 1 October 2020. The reverse charge legislation will place responsibility on the contractor to account for the ...

Blog, Business Advice, HMRC, SMEs, Tax

Chancellor offers reassurance regarding ‘soft’ IR35 landing

Feb 27, 2020

The new Chancellor, Rishi Sunak has offered reassurance to contractors that HM Revenue & Customs (HMRC) will ensure a soft landing is in place for the first year following the implementation of the IR35 rules. This means that HMRC will not ...

Blog, HMRC, Personal accounting, Tax

Last call on tax returns, says HMRC

Jan 28, 2020

HM Revenue & Customs (HMRC) is calling on taxpayers who have yet to submit their tax return to do so urgently. With less than a week to go until the 31 January 2020 deadline, three million taxpayers have reportedly yet to ...

Blog, Business accounting, HMRC, Tax, VAT

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 ...

Blog, HMRC, Tax

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, ...

Blog, HMRC, Tax

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 ...

Blog, HMRC, Tax

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, ...

Blog, HMRC, Tax, VAT

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 ...

Blog, HMRC

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 ...

Blog, HMRC, Tax

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 ...

HMRC