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Tax gap lowered according to HMRC

20/06/2018 – HMRC has published figures that show the tax gap for the 2016-17 tax year was 5.7%. The tax gap is basically the difference between the amount of tax due and the amount of tax collected by the Exchequer. The gap includes tax that has been avoided in the UK’s black economy, criminal activities and by the use of tax avoidance and evasion … More...

M&S lose expensive VAT case

20/06/2018 – The First-Tier Tribunal recently heard an appeal that considered the correct VAT treatment of a promotional offer by the retailer, Marks and Spencer (M&S). The issue concerned a frequently run promotion referred to as 'Dine In for £10 with Free Wine'. Using this offer, customers could buy 3 items of food (comprising a main course, … More...

Self-assessment second instalment due end of July

20/06/2018 – Taxpayers that make payments on account should be aware that the second payment on account for 2017-18 is due on or before 31 July 2018. The amount due for payment is usually the same as the first payment on account made on 31 January 2018 in relation to the 2017-18 tax year. These payments are based on 50% of your previous year’s net … More...

Is the email really from HMRC?

20/06/2018 – HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link within the email can result in personal information … More...

Are you on track to qualify for a full State Pension?

20/06/2018 – Anyone aged 16 or over and at least 30 days from their State Pension age can request a State Pension statement from the Department for Work & Pensions (DWP). The statement provides an estimate of how much State Pension they can expect to receive when they reach State Pension age. The estimate is based on the applicant's National … More...

Payment deadlines for VAT Annual Accounting Scheme

20/06/2018 – The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. Businesses that use the scheme are only required to file one VAT return at the end of each year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns. … More...

Plumber wins landmark gig economy case

20/06/2018 – The Supreme Court has upheld the Court of Appeal's decision and confirmed that a plumber who was classed as self-employed was actually a 'worker'. The Supreme Court dismissed the appeal by Pimlico Plumbers and agreed that the employment status of the person in question was that of a worker which conferred basic employment rights including … More...

Impact on pensions of maternity leave

17/06/2018 – The Pensions Advisory Service (TPAS) has published a “Maternity Leave Spotlight” outlining the impact on pensions of maternity leave. It also covers what happens when the employee returns to work and the impact of having a baby on the state pension. Although aimed at employees rather than employers, the Spotlight is a useful summary for … More...

Dormant assets scheme to be expanded

12/06/2018 – The government has announced that the dormant asset scheme is to be expanded to include to a wider set of financial assets including stocks, shares, pensions or bonds. The government has appointed four 'industry champions' to expand the dormant assets scheme across these four important financial sectors. The Independent Dormant Assets … More...

VAT reverse charge may be coming to the construction sector

12/06/2018 – HMRC has launched a new consultation inviting comments from interested parties regarding the introduction of new VAT reverse charge legislation for certain construction services. The new legislation will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. This move … More...

The maternity allowance

12/06/2018 – The maternity allowance is a financial benefit for pregnant women who are self-employed, who are working but do not qualify for statutory maternity pay (SMP) or who have recently stopped working. The maternity allowance is paid directly by the Department for Work and Pensions for up to 39 weeks for qualifying applicants. An application … More...

Claim back pre-registration VAT

12/06/2018 – There are special rules that determine the recoverability of VAT incurred before a business registers for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and services and VAT can only be reclaimed if the pre-registration expenses relate to the supply of taxable goods or … More...

 

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Tax gap lowered according to HMRC

20/06/2018 – HMRC has published figures that show the tax gap for the 2016-17 tax year was 5.7%. The tax gap is basically the … More...

M&S lose expensive VAT case

20/06/2018 – The First-Tier Tribunal recently heard an appeal that considered the correct VAT treatment of a promotional offer by the … More...

Self-assessment second instalment due end of July

20/06/2018 – Taxpayers that make payments on account should be aware that the second payment on account for 2017-18 is due on or … More...

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