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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ECD outlines timetable for reaching agreement on digital taxation of multinationals

The Organisation for Economic Co-operation and Development (OECD) has outlined a new timetable for reaching an agreement on the digital taxation of multinational businesses. EU member states have been unable to reach an agreement on plans for an international Digital Services Tax (DST). Consequently, the OECD now plans to introduce a global digital tax framework. [&hellip
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HMRC launches consultation on the operation of Insurance Premium Tax

HMRC has launched a new consultation on how the administration and collection of Insurance Premium Tax (IPT) can be ‘modernised’. The consultation also aims to review the extent to which there are emerging practices leading to ‘unfair tax outcomes’. HMRC has stressed that the consultation focuses on the operation of IPT, and does not, therefore, [&hellip
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DIT launches online tool for international investors

The Department for International Trade (DIT) has launched an online tool to help potential international investors set up and expand their operations in the UK. The new tool, termed the UK Investment Support Directory, enables international investors to connect with a range of businesses across the UK. The directory allows potential investors to find an [&hellip
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HMRC introduces new system to tackle scam phone calls

HMRC has introduced a new system designed to prevent criminals from spoofing government helpline phone numbers. According to HMRC, criminals often use ‘official’ helpline numbers to convince taxpayers to depart with large sums of money. In 2018, HMRC received 104,774 reports of so-called ‘phone scams’ – a significant rise when compared to 2017’s figure of [&hellip
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