Implications of not Complying with Tax Law

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 can also affect business sales, exposing vendors to price reductions and damaging reputations. To avoid […]

Late payers will face tougher penalties

HMRC is updating late payment penalty rules from the Finance Act 2021. The new regulations will let HMRC charge the second late payment penalty if tax isn’t paid within two years. This change stops taxpayers from avoiding the penalty by delaying payment until the end of the two-year period.

Erroneous HMRC Class 2 Refunds

The Association of Taxation Technicians (ATT) has revealed that some voluntary class 2 National Insurance contributions are being refunded unexpectedly. Due to delays in processing, payments made via self-assessment after 31 January cannot be accepted by HMRC, resulting in refunds for affected taxpayers.

Business urged to check details

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 since January 2024. An HMRC spokesperson stated, ‘We are taking action on the small number […]

HMRC takes 40 working days to process VAT error corrections

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 still accepted. HMRC Notice 700/45 suggests contacting error correction team if no response within 21 […]

Driving Progress: Engage in the Technical Consultation for R&D Contracting

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 term ‘qualifying overseas expenditure’ Implications of the overseas rule changes Benefits of R&D Tax Reliefs […]

HMRC updates

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 HMRC, considering the product similar to potato crisps in ingredients, packaging, and marketing despite being […]

Tax relief claimed on VCT investment grows

In 2021-22, investment in Venture Capital Trusts (VCTs) eligible for income tax relief surged by 61%, reaching £1,040m. The number of investors claiming tax relief also rose by 32% to 25,800. Most investors typically contribute under £50,000, with an average investment of £40,000. However, HMRC deferred the publication of 2022-23 figures to May 2024, citing […]

Update on Probate

From 17 January 2024, those applying for probate in England and Wales no longer need to complete an IHT421 probate summary to submit with their IHT400. Instead, the letter which HMRC sends confirming receipt and processing of the form IHT400 will provide a unique code and the details of the estate values which will be […]

Paternity Leave

From 8 March 2024, HMRC is making changes to the way paternity leave and pay can be claimed and taken, to make it more flexible. The changes will: allow leave to be taken in non-consecutive blocks allow leave and pay to be taken at any point in the first year after the birth or adoption; […]

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