Lifetime Allowance (LTA) caps your pension savings without extra tax charges, excluding the state pension. Downsides Reduces Retirement Income: Hefty tax charges for exceeding the LTA. Penalizes Savers: Diligent savers may face unexpected penalties. Upsides Promotes Balanced Savings: Encourages diverse…

Neglecting the tax function can be costly for businesses. If HMRC finds an error and loses confidence in a taxpayer's compliance, it may expand its inquiries into other tax areas, leading to increased taxes, penalties, and wasted resources. This scrutiny…

IPSE calls for better HMRC oversight by the government to build trust with the self-employed. Proposals include appointing a minister for HMRC, scrapping off-payroll rules, and increasing the trading allowance to £5,000. CEO Derek Cribb highlights the sector's potential to…

Over three quarters of media businesses were challenged by HMRC over R&D claims, according to a survey by Tax Experts. The research found that 40% of firms made at least one claim for R&D tax relief, but only 24% had…

HMRC has reported that form VAT 484 has been utilised in fraudulent attempts to gain access to business VAT repayments. The department is taking action to address this issue, including writing to businesses to confirm changes made to their details…

HMRC facing delays in processing VAT error corrections, aiming for 40 working days turnaround; more complex cases may take longer. Errors from past 4 years must be separately notified if exceeding specific limits. Form VAT652 online submission preferred, paper option…

Blog Post Outline: Views sought on new R&D contracting out rules and overseas restrictions Introduction Overview of HMRC's technical consultation Contracted-out R&D Activity Explanation of contracted-out R&D activity Importance of understanding the new rules Overseas Rule Changes Elimination of the…

Taxpayers argued Sensations poppadoms were zero-rated due to gram flour, but HMRC saw them as standard-rated, like potato crisps. The tribunal agreed with HMRC, disregarding the product description. Surveys on customer perception were irrelevant. Appeal dismissed. The judge sided with…