The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator may have wrongly computed the tax liability. The review will begin on 19 November 2018… Read more…

According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief, Philip Hammond has promised to clamp down on fraudulent claims by reintroducing a Pay As… Read more…

New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax the town in 2015/16, paying on average £231,000 each. In comparison, Wigan in Greater Manchester saw just 31 estates liable for IHT… Read more…

Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr Hammond said that “encouraging entrepreneurs must be at the heart” of the Government’s strategy but he recognised the relief as… Read more…

In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming this sudden pay rise, small business owners across the UK are being left to pick up the bill. From April… Read more…

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC). Individuals can use R40 forms to claim tax refunds on tax deducted from savings income. Following the CIOT report, HMRC has now confirmed that… Read more…

Minimum wage breaches, including breaches of the National Living Wage, have cost workers from across the UK a combined total of £15.6 million in lost wages. Figures released by the Government show that around 200,000 workers were affected in 2017/18, in what was the highest underpayment since the National Minimum Wage was introduced. In total,… Read more…

With only six months left until the launch of Making Tax Digital for VAT, HM Revenue & Customs (HMRC) has finally begun sharing information with businesses about the new regime. While accountants and professional advisers across the UK have been making clients aware of the new digital system for more than two years, the nation’s… Read more…