Tag: <span>HMRC</span>

Coronavirus Update: Tax appeal deadlines extended

HMRC has extended the period available for taxpayers to appeal a tax decision by an additional three months, in light of the current pandemic. Under normal circumstances, HMRC writes to tell individuals if they can appeal, and they usually have 30 days in which to do so. Updated guidance now states that if an individual…




What are the benefits of using accounting software?

Even if you’ve hired an accountant, accounting software is an invaluable tool for every business, no matter its size. Whether you’re a freelancer or an e-commerce business, accounting software will help you to record, manage, and analyse your business’ finances and performance. Having all your financial information stored in one organised, digital place makes your…




90,000 Savers Stop Putting Money Into Pensions Due To Tax

A report in the FT this week revealed that 90,000 savers have stopped putting money in their pensions to avoid a hefty tax bill on pensions worth over 1 million. The news will come as a further blow to anyone hoping for a comfortable retirement and follows a succession of new tax rules that seem…




Further Disappointment For Landlords As Legal Challenge Over Tax Fails

It has been a good 12 months for landlords – particularly those paying the higher rate of income tax – as an attempt to challenge the new tax increase fails. The legal challenge led by Cherie Booth called for a judicial review of the new rules which are seen as unfairly penalising landlords. The new…




Don’t Get Caught Out By New HMRC Bank Details

According to recent newspaper reports, businesses have ended up missing their tax payment deadlines due to the HMRC changing its bank details for payments from overseas. The missed deadlines will have resulted in penalty notices being issued as well as payments bouncing. The issue is affecting businesses that were due to make payments from February…




Biggest Earners Asked Shoulder More Of The Tax Burden

According to data released by the institute of Fiscal Studies (IFS) the number of adults paying tax has fallen dramatically since 2007-08 as the government has passed more of the burden to higher earners. The study shows that only 56% of adults pay income tax in the UK at a time when the government needs…




HMRC’s Digital Revolution Raises Concerns

In its drive to modernise the process of collecting tax returns, the increased digitisation of the process is raising concerns that it will lead to more fines, investigations and even the prospect of submitting multiple tax returns during the year. While the vast majority of the self-employed and landlords will have submitted their tax returns…




Major Job Cuts Planned For HMRC

The saying goes that there are only two things certain in life – death and taxes, but not a job for life at the HMRC as thousands of staff are facing job cuts as a result of cutbacks. 137 local tax offices are set to be closed by 2027 and replaced with regional centres which…




Beware Of HMRC Charging For Tax Debt Home Visits

Anyone thinking that a visit from the taxman over tax debts will be just an unpleasant experience that can either be avoided or endured without too much fuss should think again. The HMRC is hitting people with charges for home visits. With HMRC under pressure to improve the amount of money it recovers from taxpayers,…




HMRC Verify Identity Assurance Scheme Trial

Her Majesty’s Revenue & Customs are trialling a verification scheme this week in the busiest online week of the year for its tax return service. A small selection of people using the self-assessment tax return system online will be expected to verify their identity during this trial period. According to their blog; “We are not…