Author Archives for: Susan

Tax experts call on the Chancellor to take a more considered approach to making tax policy

CIOT, the Institute for Fiscal Studies (IFS) and Institute for Government has written to the new Chancellor Rishi Sunak ahead of next week’s Budget, saying more needs to be done to tackle the ‘confusion and burden on businesses and individuals created by the proliferation of tax measures over the previous two decades’ #Budget2020 #CIOT #RishiSunak [&hellip
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HMRC raises £16 for every £1 it spends on staff carrying out investigations

HMRC raises £16 for every £1 it spends on staff carrying out investigations into the #tax affairs of individuals and small businesses.  Figures show HMRC collected £4.9bn in extra tax from investigations into individuals and small businesses in 2018-19, but only had to spend £309m on staff to achieve that. This extra tax included £1.2bn [&hellip
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Around 460,000 people chased HMRC for refunds

Around 460,000 people chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI request by insurance company, Royal London @Accountancy Daily has the full story. https://www.accountancydaily.co/hmrc-faces-460k-requests-income-tax-refunds
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“Taxes are high” Accountancy Daily

Taxes are high by historical standards accounting for over a third of GDP at 34.4%, increasing almost 7% from the 1950s. @Accountancy Daily has the full story. https://www.accountancydaily.co/uk-taxes-highest-1950s 
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HMRC “Businesses need to be careful when claiming R&D tax reliefs”

HMRC is looking at £612m in questionable research and development tax relief underpayments claims by large UK businesses. Showing that businesses need to be careful when claiming R&D tax reliefs to avoid potentially expensive and unnecessary tax disputes
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Are you making the most of Entrepreneurs’ Relief?

According to the Institute for Fiscal Studies (IFS) incentives such as entrepreneur’s relief are encouraging business owners to shift around their income to minimise tax payments. https://www.ifs.org.uk/uploads/WP201925-Intertemporal-income-shifting-and-the-taxation-of-owner-managed-businesses.pdf
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#Brexit. Estimated to cost £15bn a year for ongoing administrative costs

HMRC has revised its assessment on the cost to business in the case of a no-deal #Brexit. Estimated to cost £15bn a year for ongoing administrative costs for UK-EU trade and up to £56 per declaration. http://bit.ly/2APwfuN 
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Wholesales suppliers have claimed the top spots on HMRC latest quarterly list

Wholesales suppliers have claimed the top spots on HMRC latest quarterly list of deliberate tax defaulters paying over £1m in penalties for unpaid tax. Grocery shops and fast food outlets are among the businesses that have been ‘named and shamed’ owing £13m. 
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Need help with your 5 April 2019 tax return?

Taxpayers who are having difficulties with their tax bills have limited awareness of the help available to them. Research shows taxpayers believe HMRC should be doing more to promote any available support. Get in touch to see what support we can offer you!
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HMRC publishes guidance on new rules for off-payroll workers.

From April 2020, within the private sector, it will be the employer’s responsibility to determine an individual’s employment status. HMRC has published guidance on the new rules for off-payroll workers. https://www.gov.uk/guidance/april-2020-changes-to-off-payroll-working-for-intermediaries
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