Monthly Archives: March 2018

Thousands fined for late tax returns

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The self-assessment tax deadline has passed and with it, a total of 746,000 taxpayers, who missed the deadline, could be facing fines of £100. Around 11.4 million people are required to file a self-assessment tax return because they are either self-employed or they have a second source of income. The deadline for paper returns to be filed was the end… Read more »

Major MTD headache could hit firms from July

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HMRC and software companies have been urged to reveal information about those software packages that are compliant with Making Tax Digital (MTD). Such packages will need to be available in just five months’ time. 1 April 2019 is the earliest time for MTD to go live at firms with VAT above the threshold, but according to The Association of Taxation… Read more »

Will the minister have power to tackle IR35?

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Andrew Griffiths has recently been appointed the new Small Business Minister. It is Mr. Griffiths responsibility to build an environment in which all small businesses based in the UK can prosper. The UK has 5.7 million small businesses, and all have different needs, making the task a challenging one for the minister. Two million UK small business owners are self-employed… Read more »

Government not concerned about tax avoidance when outsourcing

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During a recent House of Commons debate, it became apparent that personal service companies are not the biggest offenders when it comes to tax avoidance. Many have complained that IR35 legislation tends to target the smallest businesses while larger multi-national companies appear to get away with avoiding tax. In 2013, this became clear when large companies such as Amazon, Google… Read more »

Brexit dampens contractors’ confidence

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Falling contractor incomes and Brexit have buffeted contractors’ confidence in the UK’s economy. That is according to research by IPSE, the freelancer group, and PPH, the freelance marketplace PeoplePerHour. In the last quarter, the confidence of contractors in the UK’s economy had improved after being at a record low in the second quarter of 2017. However, Brexit and a 17-per… Read more »

HMRC issues warning about tax scams

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HMRC has stopped messages reaching thousands of taxpayers, with 90 per cent of such messages now being stopped before they reach the phones. The tax authority has been working to raise awareness about tax scams, and this milestone comes during the Take Five to Stop Fraud Week. In recent years, fraudsters have been targeting taxpayers with scam text messages which… Read more »