The online form for submitting requests for details about overlap relief will be available from 11 September, HMRC has announced. The planned date for the new form was 29 August, but in an update HMRC said: ‘Testing has highlighted the need for us to make some further refinements to the online service. This means […]
An online form for submitting requests for detail about overlap relief will be available from hmrc from 29th august.The aim is to provide a simple way to submit requests and make sure that these are dealt with separately from general post.tax payers with an accounting date other than 31 march or 5 april who are […]
HMRC paid more than £509,000 to individuals providing evidence about tax fraud in 2022-23, up from £f495,000 in 2012-22 and up 75% from the £290,000 paid five years ago, according to research by City law firm RPC. However, these payments are small given the size of the UK tax Gap and the exchequer could benefit […]
Customs Declaration Service (CDS) transition for exports will have a phased deadline. Some businesses can use CDS until 30 November 2023, while all others must switch by 30 March 2024. More information about the phased approach to CDS migration is available on GOV.UK.
Some 70% of digital transformations fail according to research. However this need not be the case says another firm which has suggested following steps.
The government is considering granting HMRC new powers to recover unpaid tax directly from digital wallets. This is in light of comments received in response to its earlier consultation on modernising tax debt collection from non-paying businesses.
HMRC’s new fuel rates for company cars, starting September 1, 2023, offer flexibility during the initial month of implementation. Employers can choose between previous and new rates, and supplement payments are optional. Hybrid cars are classified as petrol or diesel cars. These rates are eligible for VAT, but retaining receipts is vital. The advisory rate […]
HMRC emphasizes the procedure for rectifying payroll mistakes in prior tax years. Incorrect pay or deductions reported for 2020-21 onwards can be fixed by submitting a corrected full payment submission (FPS) with accurate year-to-date figures. For errors in the 2019-20 tax year, use an earlier year update (EYU) or a corrected FPS if feasible within […]
An online form for submitting requests for details about overlap relief will be available from HMRC from 11 September. The aim is to provide a straightforward way to submit requests and make sure that these are dealt with separately from general post. The planned date for the new form was 29 August but HMRC has […]
The trial period for the paper version of the capital gains tax on UK property return needed for 60-day reporting has been extended until the end of September 2023 to allow more time to determine whether it is meeting customers’ needs. The paper form is available for download from GOV.UK. HMRC says it will continue to review […]
Three in five businesses (61%) are involved in a tax dispute with HMRC which has lasted more than one year. The figures, which come from a survey of more than 500 mid-sized businesses, underline the difficulty that many businesses have in navigating the UK’s complex tax system. The delays also reflect concerns around HMRC’s resources […]
HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase the base rate to 5.25%. From 14 August 2023, the rate for late paid corporation tax quarterly instalment payments is 6.25%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation […]