Having focused attention on the public sector HMRC will from April 2020 focus their attention on the private sector to look at off-payroll workers. They have recently published new guidelines and these can be found here:
According to an Intuit QuickBooks survey UK small business owners spent an average of 86 minutes checking their #VAT returns for #HMRC. Over half (51%) made mistakes and only 27% feel confident their return is correct.
Don't risk penalties , as Intuit Quickbooks MTD ready pro advisors we can help. Quickbooks Online uses SmartScan™ technology to highlight possible errors or anomalies.
HMRC is utilising its sophisticated AI tools alongside its £80m Connect database when investigating taxpayers. Connect collects data from numerous sources, including offshore taxpayer’s information, under the Common Reporting Standard.
HMRC then cross-reference this against tax returns and other sources to flag up individuals and business for investigation.
The general position is that businesses need to sign up in time to submit their first return that is due under MTD. This should be after they have submitted their final return using the old system as once they have signed up to MTD they will no longer be able to file returns using the old method. For most businesses the first return affected by MTD is the one that starts on/after 1 April 2019....
There has been a recent increase of interest by HMRC into the employment status of those under IR35. IR35 is a highly contentious area of dispute and with the changes due to expand the Public Sector rules into the Private Sector for large and medium-sized businesses, in April 2020, now is a good time to review your compliance of the IR35 legislation.
Making Tax Digital for VAT registration (MTDfV) will take seven working days.
The latest HMRC notification updated its guidance for businesses looking to sign up to Making Tax Digital for VAT, pointing out those that pay VAT by direct debit will need to do so at least a week – seven working days - before sending a VAT return.
This means that businesses that pay VAT by direct debit cannot sign up i...
#HMRC has decided to delay sending late self-assessment penalty notices due to #Brexit. Which could see some of the 731,186 taxpayers, who missed the deadline, paying additional penalties on top of the initial £100 late fee.
For many, January is a tough month financially especially if you were paid early before Christmas. Don’t make matters worse by missing the self-assessment deadline on the 31st January. Avoid the £100 penalty and make sure you submit your tax return on time. #SATR #SelfAssessment