News

25,000 companies receive penalties for the late filing of accounts in just one month
03 October 2019

The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September. This date marks a common deadline for companies, according to Companies House, with a further 643 companies narrowly avoiding...
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HM Revenue & Customs has started carrying out PAYE tax investigations remotely
03 October 2019

It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely. The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants that the wording of some of these questions could trip up unwary...
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Wages rise at the fastest rate in a decade
03 October 2019

According to the Office for National Statistics (ONS), averages wages in the UK are growing at their fastest rate since 2008. The ONS has revealed that average earnings, including bonuses, grew by four per cent in the four months between May and July. This is the highest rate in a decade and means that wages in the UK have been...
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Renovated homes that have been empty for two years can qualify for a reduced rate of VAT
03 October 2019

Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent. There are two circumstances in which this can apply. The first is where a dwelling has been empty for the whole...
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Government delays introduction of VAT reverse charge!
11 September 2019

The controversial introduction of the VAT reverse charge in the construction sector has been postponed by a year and will now take place on 1 October 2020, following concerns that the industry wasn’t ready for this monumental change. The new VAT reverse charge had been due to come into force on 1 October this year...
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Making a voluntary disclosure to HMRC
11 September 2019

Taxpayers are actively encouraged by HM Revenue & Customs (HMRC) to inform the tax authority if they realise that they did not pay the correct tax at any time in the past. This process is known as a voluntary disclosure and will usually allow a taxpayer to settle their affairs and settle any underpayment without...
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MTD for VAT filing deadline missed by one in ten businesses
11 September 2019

HM Revenue & Customs (HMRC) has reassured the 120,000 businesses that failed to meet the 7 August deadline for Making Tax Digital (MTD) for VAT that the tax authority will not be issuing fines to them for missing the date. Under MTD, all businesses with a turnover of £85,000 or more must keep computer-based records...
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Boots, Asda and Specsavers push back against business rates
11 September 2019

Some of the UK’s top retail stores, including Asda and Boots, have joined the fight against spiralling business rates. It comes after many leading retail bodies published a letter calling for the Chancellor of the Exchequer, Sajid Javid, to address tax rules to boost the UK high street.
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Half of all SMEs make VAT return mistakes
11 September 2019

Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research. The data also revealed that just 27 per cent of small businesses are confident that they have filed their return correctly, even though they have spent more than an hour checking their figures.
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Tax investigations reap in £13 billion for the treasury
11 September 2019

The latest official data from HM Revenue & Customs (HMRC) shows that the actual cash collected from all tax investigations hit £13 billion in 2018/19. This was up 27 per cent from the previous tax year in which £10.3 billion was collected. The data also showed that transfer pricing fines for multinationals have risen to £413,000.
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