Business news

Reminder on changes to Corporation Tax notices

2 Aug 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 … Continue reading

Taxpayers warned of Requirement to Correct as deadline approaches

2 Aug 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 … Continue reading

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

2 Aug 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 … Continue reading

MTD for VAT clarified in new communication from HMRC

2 Aug 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.

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

2 Aug 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 … Continue reading

Tens of thousands of fake HMRC website taken down

2 Aug 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.

Documents reveal HMRC plans to secretly access bank account information

2 Aug 2018

Documents published online have revealed HM Revenue & Customs’ (HMRC) plans to secretly access bank account information.

UK’s tax gap continues to fall

4 Jul 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 … Continue reading

Small businesses say the Government should simplify business rates

4 Jul 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 … Continue reading

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

4 Jul 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) … Continue reading

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