Latest News

Property investments once again hit by new tax rules
Posted: September 5, 2018

In the last few years the property sector has been hit by a number of new tax rules, but now there are two new things on the horizon that landlords must consider. Rent-a-Room Scheme The current Rent-a-Room scheme offers people up to £7,500 a year tax-free from letting out a spare room. However, HM Revenue _ Read more

Reminder on changes to Corporation Tax notices
Posted: August 2, 2018

On 19 September 2016 HM Revenue & Customs (HMRC) decided to stop sending out paper copies of several important documents relating to Corporation Tax. Despite this move taking place nearly two years ago, a quick search online indicates that many taxpayers are not aware that HMRC has changed some of its administration procedures for Corporation _ Read more

Taxpayers warned of Requirement to Correct as deadline approaches
Posted: August 2, 2018

Taxpayers with undeclared offshore tax liabilities, including Income Tax, Capital Gains Tax or Inheritance Tax, are obligated to disclose these liabilities to HM Revenue & Customs (HMRC) on or before 30 September 2018 under HM Revenue & Customs’ Requirement to Correct (RTC) regime.

More than 100,000 first-time buyers benefit from Stamp Duty Land Tax reforms
Posted: August 2, 2018

HM Revenue & Customs (HMRC) has published data which reveals that more than 100,000 first-time buyers have benefited from Stamp Duty Land Tax (SDLT) reforms announced at the last Budget. During the period until 30 June this year, 121,500 first-time buyers saved a combined total of £284 million according to HMRC. First-time buyers who purchase _ Read more

MTD for VAT clarified in new communication from HMRC
Posted: August 2, 2018

HM Revenue & Customs (HMRC) has finally issued a new notice on Making Tax Digital for VAT in which it has clarified many of the questions that businesses had.

HMRC collects more than £30 billion worth of extra tax in last financial year
Posted: August 2, 2018

New figures from HM Revenue & Customs (HMRC) have revealed that the tax authority brought in a total of £605.8 billion in the year to April 2018 – an increase of nearly £30 billion on the previous year. This 5.4 per cent increase in the Revenue’s tax collection over the previous year includes: £186 billion _ Read more

Tens of thousands of fake HMRC website taken down
Posted: August 2, 2018

Figures published by HM Revenue & Customs (HMRC) show that 20,750 malicious websites have been taken down over the last year – 29 per cent more than in the previous year.

Documents reveal HMRC plans to secretly access bank account information
Posted: August 2, 2018

Documents published online have revealed HM Revenue & Customs’ (HMRC) plans to secretly access bank account information.

UK’s tax gap continues to fall
Posted: July 4, 2018

Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall. The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and _ Read more

Small businesses say the Government should simplify business rates
Posted: July 4, 2018

A survey has revealed strong support from the UK’s small business community for measures to simplify business rates. A total of 71 per cent of the small businesses questioned said business rates should be simpler and have a greater degree of flexibility. Meanwhile, 49 per cent of SMEs said the Government is doing too little _ Read more