Latest News

Renovated homes that have been empty for two years can qualify for a reduced rate of VAT
Posted: October 3, 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 _ Read more



Wages rise at the fastest rate in a decade
Posted: October 3, 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 _ Read more



HM Revenue & Customs has started carrying out PAYE tax investigations remotely
Posted: October 3, 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 employers and prompt _ Read more



25,000 companies receive penalties for the late filing of accounts in just one month
Posted: October 3, 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 a penalty by filing _ Read more



Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit
Posted: October 3, 2019

Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU. However, businesses that are not registered for VAT will need to register for an EORI number _ Read more



New figures show a sharp increase in Inheritance Tax (IHT) receipts
Posted: October 3, 2019

New figures published by HM Revenue & Customs (HMRC) have revealed a significant increase in the number and value of Inheritance Tax (IHT) receipts. The figures, which relate to the 2016/17 tax year, show a 15 per cent increase in the number of estates paying IHT in comparison with the previous year, rising from 24,500 _ Read more



Overseas employees potentially face double NICs liability following a no-deal Brexit
Posted: October 3, 2019

Employees working overseas on secondment could face paying twice as much in National Insurance Contributions in the event of a no-deal Brexit, HM Revenue & Customs (HMRC) has warned. If the UK leaves the EU without a withdrawal agreement then current agreements to avoid double payment of the equivalent of National Insurance Contributions (NICs) in _ Read more



HMRC trialling self-assessment checks to help local authorities to recover council tax
Posted: October 3, 2019

HM Revenue & Customs (HMRC) has announced that it is entering into data-sharing arrangements with local authorities to help clamp down on council tax debt. In the 2017/18 tax year, councils in England had an £818 million deficit for council tax arrears, which has prompted HMRC to work with local authorities by sharing information about _ Read more



How to tell if an email is fraudulent
Posted: September 5, 2019

Email scams have become increasingly common, with fraudsters claiming to be from companies, banks and even HM Revenue & Customs (HMRC) to obtain your data and bank details. The fraud, which is also known as a phishing scam, can also involve malicious software that can infect your device with a virus. To stay protected, here _ Read more



Tax investigations reap in £13 billion for the treasury
Posted: September 5, 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 _ Read more