Trade bodies have called for a total rethink on Business Rates following research showing that thousands of businesses could close after April’s revaluation. Continue reading Business rates due a complete overhaul, say industry bodies
Taxpayers, businesses and HM Revenue & Customs (HMRC) alike will “learn very quickly” from the Government’s year-long Making Tax Digital (MTD) pilot scheme, which will be phased in from April this year. Continue reading HMRC defends Making Tax Digital timescale at House of Lords
From 06 April 2017, all large companies with a turnover of £36 million or more will be forced to publish twice-yearly payment practice reports. Continue reading Large companies must reveal how quickly they pay suppliers, Government announce
New research suggests that UK small and medium-sized enterprises (SMEs) are spending an average of more than four hours a week completing administrative and finance-related tasks – and losing approximately £8.72billion every year as a result. Continue reading SMEs spending too much time on administrative tasks, says study
HM Revenue & Customs (HMRC) has hailed its new personal tax accounts (PTAs) ‘a success’, after data revealed that more 7.4 million taxpayers had signed up for its digital accounts by the end of 2016. Continue reading 7.4 million taxpayers now using HMRC’s digital personal tax accounts, says study
The European Courts are considering a move to lower the threshold in which businesses must report country-by-country revenues, it has emerged. Continue reading EU proposes markedly lower country-by-country reporting threshold
New research suggests that investigations into unpaid Capital Gains Tax (CGT) managed to raise an additional £140million for HM Revenue & Customs (HMRC) over the course of the last financial year. Continue reading Crack down on unpaid CGT raises £140m for HMRC
Around four pubs close their doors every day in the face of rising business rates, a new study has revealed. Continue reading Spiralling business rates close four pubs every day
A new study suggests that HM Revenue & Customs (HMRC) enquiries are taking longer to close – and that taxpayers had to wait an average of 60 days (or 24 per cent) longer for the Revenue to complete investigations last year.
Taxpayers facing enquiries under HMRC’s pensions and CSI (charities, savings and international) units were forced to wait an average of 303 days in 2015/16, up from 243 days in 2014/15, according to reports.
Furthermore, at the end of 2015/16 as many as 4,011 enquiries carried out by the two units remained unclosed – up from just 494 recorded at the end of the previous financial year.
Experts have criticised the Revenue on account of the fact that prolonged waiting times tend to put taxpayers under greater stress, while weighing heavily on their eventual legal bills.
Some argue that the advent of advanced payment notices (APNs), which put taxpayers under an obligation to pay up prior to a dispute being closed, have ‘reduced the incentive’ for the Revenue to promptly close their enquiries.
However, taxpayers are typically within their rights to seek to force HMRC to close an enquiry by applying to the tax tribunal for a direction compelling the Revenue to do so.
Important changes to the tax treatment of non-domiciled (non-dom) individuals in the UK are due to take effect from the beginning of April – and those who believe they might be affected are strongly urged to seek advice. Continue reading Tax changes for non-doms just around the corner