News

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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Government delays introduction of VAT reverse charge!
11 September 2019

The controversial introduction of the VAT reverse charge in the construction sector has been postponed by a year and will now take place on 1 October 2020, following concerns that the industry wasn’t ready for this monumental change. The new VAT reverse charge had been due to come into force on 1 October this year...
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Making a voluntary disclosure to HMRC
11 September 2019

Taxpayers are actively encouraged by HM Revenue & Customs (HMRC) to inform the tax authority if they realise that they did not pay the correct tax at any time in the past. This process is known as a voluntary disclosure and will usually allow a taxpayer to settle their affairs and settle any underpayment without...
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MTD for VAT filing deadline missed by one in ten businesses
11 September 2019

HM Revenue & Customs (HMRC) has reassured the 120,000 businesses that failed to meet the 7 August deadline for Making Tax Digital (MTD) for VAT that the tax authority will not be issuing fines to them for missing the date. Under MTD, all businesses with a turnover of £85,000 or more must keep computer-based records...
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Boots, Asda and Specsavers push back against business rates
11 September 2019

Some of the UK’s top retail stores, including Asda and Boots, have joined the fight against spiralling business rates. It comes after many leading retail bodies published a letter calling for the Chancellor of the Exchequer, Sajid Javid, to address tax rules to boost the UK high street.
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Half of all SMEs make VAT return mistakes
11 September 2019

Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research. The data also revealed that just 27 per cent of small businesses are confident that they have filed their return correctly, even though they have spent more than an hour checking their figures.
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Tax investigations reap in £13 billion for the treasury
11 September 2019

The latest official data from HM Revenue & Customs (HMRC) shows that the actual cash collected from all tax investigations hit £13 billion in 2018/19. This was up 27 per cent from the previous tax year in which £10.3 billion was collected. The data also showed that transfer pricing fines for multinationals have risen to £413,000.
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How to tell if an email is fraudulent
11 September 2019

Email scams have become increasingly common, with fraudsters claiming to be from companies, banks and even HM Revenue & Customs (HMRC) to obtain your data and bank details. The fraud, which is also known as a phishing scam, can also involve malicious software that can infect your device with a virus.
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Government’s draft IR35 legislation contains important changes
16 August 2019

After much anticipation, the Government has now published its draft legislation for the off-payroll working (IR35) rules, which will be enforced in the private sector from 6 April 2020. The latest policy document for the private sector shares a number of similarities with that already in force in the public sector.
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Construction businesses only have weeks left to prepare for the VAT reverse charge
16 August 2019

Businesses in the construction industry now have only a matter of weeks left to prepare for the new VAT domestic reverse charge regime. These new rules will be enforced from 1 October 2019, significantly changing the VAT affairs and tax liabilities of companies in the construction industry.
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