Tax
Universities warned that students are vulnerable to tax scams
Sep 30, 2019
With universities across the UK welcoming new and returning students, HM Revenue & Customs (HMRC) has issued a warning about tax scams. The move has been prompted by fears that fraudsters are using what appear to be legitimate university email addresses, ...
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Number of non-doms in the UK has fallen to a record low
Sep 23, 2019
According to figures published by HM Revenue and Customs (HMRC), the number of people who live in the UK but pay no tax on their offshore income has fallen to a record low. Since last year, the amount of tax paid ...
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120,000 businesses failed to meet the Making Tax Digital deadline
Sep 16, 2019
HM Revenue and Customs (HMRC) has revealed that 1.1 million businesses have now signed up for Making Tax Digital (MTD) and so far, 1.2 million VAT returns have been successfully submitted through the service. Figures suggest that 490,000 VAT-registered businesses with ...
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Over £1.6 billion in tax owed to HMRC by self-employed
Sep 05, 2019
According to the latest industry research, HM Revenue & Customs (HMRC) is currently owed £1.6 billion in late tax payments from self-employed individuals for 2017 and 2018. That figure is expected to rise further, meaning that it could become the fourth ...
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Thousand-year-old coin collection is the earliest form of tax fraud
Sep 02, 2019
A thousand-year-old collection of Norman coins has been revealed as the earliest form of tax evasion. The coins were discovered by detectorists in a field in the Chew Valley, Somerset in January. The collection of 2,528 coins was buried in a field ...
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HMRC investigates a quarter of estates that pay IHT
Jul 25, 2019
In the 2018 to 2019 tax year, HMRC opened 5,537 inheritance tax (IHT) investigations, which equated to almost a quarter (23 per cent) of the 22,000 estates on which the tax is applicable. IHT is levied at a rate of 40 ...
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Everything you need to know about electric company cars and tax
Jul 22, 2019
The number of electric cars in Britain recently hit the 200,000 milestone, indicating that the UK is finally coming round to the inevitable idea of an emission-free future. But why wait until then? Electric car owners are already experiencing the cost-saving ...
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VAT Reverse Charge for building and construction services – What you need to know
Jul 18, 2019
In an attempt to tackle fraud in the construction industry, HM Revenue & Customs (HMRC) is be introducing a domestic reverse charge which will take effect from October 2019. The reverse charge legislation will now place the responsibility on a contractor ...
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HMRC defeated in latest high profile IR35 case
Jul 15, 2019
A radio presenter has become the latest high profile person to win an IR35 tribunal case against HM Revenue & Customs (HMRC). The latest case involved Paul Hawksbee, a presenter on Talksport radio, who appealed an IR35 determination over a £140,000 ...
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Could the IHT seven-year rule on gifts be cut to five?
Jul 08, 2019
At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid. However, the Office of Tax Simplification (OTS) has recently suggested that this deadline ...
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