#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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Having trouble with MTD for VAT?

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.  Do contact us if you need help with Making Tax Digital for
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HMRC turns the spotlight on inheritance tax payments

HMRC turns the spotlight on inheritance tax payments as it focuses on anti-avoidance activity. In 18/19 HMRC opened over 5,000 IHT investigations which is nearly 25% of the 22,000 estates liable for inheritance tax. Totalling at 5,537 up from 5,354 the previous year
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Making Tax Digital update

Only 25% of VAT registered financial firms have signed up for Making Tax Digital despite the deadline fast approaching. HMRC have stated ‘we won’t be issuing filing or record keeping penalties to businesses doing their best to comply’ in the first year. Although sanctions could be put in place in cases on obvious non-compliance.
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HMRC increasingly targets Brits living offshore

HMRC increased efforts in targeting Brits living offshore has nearly doubled the tax yield in two years. Collecting £560m in unpaid taxes and launching over 800 investigations last year alone. 
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HMRC’s investigate businesses for tax evasion

HMRC’s powers to investigate and prosecute businesses for tax evasion has been bolstered by the ‘Criminal Finance Act’. Businesses are now liable for the action of any employees or contractors, under the ‘failure to prevent’ rules which were brought in last year. 
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HMRC utilising AI tools

HMRC is utilising 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 businesses for investigation
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