News
Pension holders to be refunded £54 million of overpaid tax
05 November 2019
New figures released by HM Revenue & Customs (HMRC) have revealed that it handed back more than £54 million to people who had overpaid tax on pension withdrawals in the last three months alone. The latest quarterly data for 1 July 2019 to 30 September 2019 is the highest figure since pension freedoms were introduced in 2015.
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Newly cohabiting parents warned over new tax charge
05 November 2019
Newly cohabiting couples, where at least one of the partners is a parent, have been warned by a leading insurer to be aware of a new tax charge, if either earns more than £50,000 a year. NFU Mutual has said that cohabiting couples need to be aware of the High Income Child Benefit Tax Charge, which sees Child Benefit payments...
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HMRC trialling self-assessment checks to help local authorities to recover council tax
03 October 2019
HM Revenue & Customs (HMRC) has announced that it is entering into data-sharing arrangements with local authorities to help clamp down on council tax debt. In the 2017/18 tax year, councils in England had an £818 million deficit for council tax arrears, which has prompted HMRC to work with local authorities by sharing information about taxpayers.
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Overseas employees potentially face double NICs liability following a no-deal Brexit
03 October 2019
Employees working overseas on secondment could face paying twice as much in National Insurance Contributions in the event of a no-deal Brexit, HM Revenue & Customs (HMRC) has warned. If the UK leaves the EU without a withdrawal agreement then current agreements to avoid double payment of the equivalent of National Insurance...
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New figures show a sharp increase in Inheritance Tax (IHT) receipts
03 October 2019
New figures published by HM Revenue & Customs (HMRC) have revealed a significant increase in the number and value of Inheritance Tax (IHT) receipts. The figures, which relate to the 2016/17 tax year, show a 15 per cent increase in the number of estates paying IHT in comparison with the previous year, rising from 24,500 to 28,100.
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Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit
03 October 2019
Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU. However, businesses that are not registered for VAT will need to register for...
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25,000 companies receive penalties for the late filing of accounts in just one month
03 October 2019
The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September. This date marks a common deadline for companies, according to Companies House, with a further 643 companies narrowly avoiding...
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HM Revenue & Customs has started carrying out PAYE tax investigations remotely
03 October 2019
It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely. The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants that the wording of some of these questions could trip up unwary...
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Wages rise at the fastest rate in a decade
03 October 2019
According to the Office for National Statistics (ONS), averages wages in the UK are growing at their fastest rate since 2008. The ONS has revealed that average earnings, including bonuses, grew by four per cent in the four months between May and July. This is the highest rate in a decade and means that wages in the UK have been...
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Renovated homes that have been empty for two years can qualify for a reduced rate of VAT
03 October 2019
Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent. There are two circumstances in which this can apply. The first is where a dwelling has been empty for the whole...
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