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Blog: HMRC

Tax bill warning as HMRC names avoidance schemes

Anyone involved with questionable tax avoidance schemes have been warned by H M Revenue & Customs (HMRC) to withdraw from them as soon as possible. HMRC issued the warning after naming Absolute Outsourcing’s or Purple Pay Limited’s Equity Participation Scheme and said people should withdraw to avoid building up a hefty tax bill. This is

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Latest deadline for Making Tax Digital for VAT comes into force

A major change in the way VAT is reported comes into force from April. Every small business that charges VAT will have to file accounts through the HM Revenue & Customs (HMRC) Making Tax Digital (MTD) system. All VAT-registered businesses must use MTD for VAT for their first VAT return starting on or after 1

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HMRC to launch new mandatory P87 expenses form

HM Revenue & Customs (HMRC) is to launch a new mandatory P87 form from 7 May to create a consistent standard for the P87s it receives. What is a P87 form? Workers and their agents can use a P87 form to claim tax relief on work expenses. The form can only be used to claim

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R&D Tax Credits – What is changing next year

Several important changes are happening to research and development (R&D) tax reliefs in April 2023, which could affect what income qualifies for R&D tax relief that businesses need to account for in their plans. These new measures are still being considered by Parliament, but details of the upcoming amendments to the R&D tax relief system

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Company tax returns must include COVID-19 grants says HMRC

Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline to pay

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Are you making the most of super-deduction tax relief?

Businesses across the UK are already benefitting from the temporary tax relief offered by the super-deduction but many more could still be missing out on this vital support. The super-deduction scheme was introduced on 1 April 2021 and will run until 31 March 2023. It allows firms investing in qualifying plant and machinery assets to

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UK Single Trade Window to save traders time and money in wake of Brexit

The Government is planning to build a central hub to “encompass everything traders do” to support businesses in the wake of Brexit. Known as the Single Trade Window, the digital service will allow international traders to input all of their import and export data in one place. Here’s what we know so far. What is

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Benefits of cloud accounting software far outweigh costs, study reveals

Cloud accounting software adopters are more likely to experience the benefits of Making Tax Digital (MTD) for VAT than those using only bridging software, a new study has revealed. The research, published by HM Revenue & Customs (HMRC), comes ahead of the extended rollout of the new digital tax regime. The survey of small businesses

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HMRC’s guidance on reasonable excuses for late tax payments updated

It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments. But the penalties charged by HM Revenue & Customs can be mitigated if the taxman accepts what is a ‘reasonable excuse’ for failing to meet a payment deadline. HMRC guidelines have

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