Over £1.6 billion in tax owed to HMRC by self-employed

Over £1.6 billion in tax owed to HMRC by self-employed

Sep 05, 2019

According to the latest industry research, HM Revenue & Customs (HMRC) is currently owed £1.6 billion in late tax payments from self-employed individuals for 2017 and 2018. That figure is expected to rise further, meaning that it could become the fourth ...

Blog, Tax

Thousand-year-old coin collection is the earliest form of tax fraud

Sep 02, 2019

A thousand-year-old collection of Norman coins has been revealed as the earliest form of tax evasion. The coins were discovered by detectorists in a field in the Chew Valley, Somerset in January. The collection of 2,528 coins was buried in a field ...

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 ...

Blog, Tax

Everything you need to know about electric company cars and tax

Jul 22, 2019

The number of electric cars in Britain recently hit the 200,000 milestone, indicating that the UK is finally coming round to the inevitable idea of an emission-free future. But why wait until then? Electric car owners are already experiencing the cost-saving ...

Blog, Business Advice, Tax, VAT

VAT Reverse Charge for building and construction services – What you need to know

Jul 18, 2019

In an attempt to tackle fraud in the construction industry, HM Revenue & Customs (HMRC) is be introducing a domestic reverse charge which will take effect from October 2019. The reverse charge legislation will now place the responsibility on a contractor ...

Blog, HMRC, Tax

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 ...

Blog, Tax

Could the IHT seven-year rule on gifts be cut to five?

Jul 08, 2019

At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid. However, the Office of Tax Simplification (OTS) has recently suggested that this deadline ...

Blog, HMRC, Tax

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, ...

Blog, HMRC, Personal accounting, Tax

HMRC refunds £1.8 million child benefit tax penalties

Jun 10, 2019

HM Revenue and Customs (HMRC) has issued £1.8 million in refunds after reviewing cases where families were hit with penalties for failing to register for a charge relating to their child benefits. Thousands of penalties have been cancelled as a result ...

Blog, Tax

HMRC backs down from pension tax case

Jun 03, 2019

HM Revenue and Customs (HMRC) has recently withdrawn an appeal in a key court case over a 55 per cent charge it wanted to levy. As a result, this could mean savers who have accidentally breached their lifetime allowance fixed protection ...

Tax