If you are self-employed, the new tax year may be longer than you think. If you are self-employed, until 2023/24, you have normally been taxed on the profits made in the accounting year that ends…
HMRC sets its sights on hidden electronic sales
It wasn’t that long ago that HMRC was paying particular attention to businesses understating large cash sales. Now, the decline of cash, especially since Covid-19, has led to a proliferation of software used to suppress…
Making Tax Digital delayed once more
With the self-employed and landlords facing a challenging economic environment, the government has again delayed the introduction of the Making Tax Digital (MTD) scheme for income tax self-assessment (ITSA) – this time by two years…
The marshmallow paradox – VAT or no VAT?
The biggest marshmallows are in fact VAT free. The intricacies of VAT continue to delight or inflame, with marshmallows the latest food product to come under the spotlight. The outcome of a recent First-Tier Tribunal…
Finding the right mix in mixed use properties
A recent tribunal found in HMRC’s favour when a residential property was questionably deemed mixed use. On the purchase of a mixed use property, stamp duty land tax (SDLT) is paid at non-residential rates rather…
UK Prime Minister’s Statement – 14 October 2022
On 14 October, as an important deadline loomed for Bank of England support of the government bond markets to expire, the government’s political turmoil ratcheted up as the fallout from the ‘fiscal event’ of 23…
Making Tax Digital: avoiding VAT penalties
From 1 November 2022, VAT-registered businesses that do not yet comply with the Making Tax Digital (MTD) requirements will face penalties. Businesses should also be aware of the new VAT penalty regime being introduced from…
The rise of mini umbrella company fraud
The rise of mini umbrella company fraud continues to concern HRMC which has recently updated its guidance for businesses that either place or use temporary labour. Mini umbrella companies can be used to abuse the…
Six-fold increase on late payment interest rates
HMRC late payment interest rates have now been raised six times during 2022 – from 2.6% at the start of the year to a current rate of 4.25%. However, at least there’s some good news,…
Getting in touch: HMRC’s new email facility
Although there is no general facility to contact HMRC by email, it is slowly moving into the 21st century by providing the option to receive an email response. But of course, this comes with a…