HMRC has dismissed claims that its proposed new powers to force firms and individuals to pay up front any disputed tax associated with a tax avoidance scheme will lead to an increase in insolvencies. Accountancy firms have claimed that as many as 10,000 businesses could be affected by the accelerated payment notices, which are part … Continued
http://www.hmrc.gov.uk/news/business-records-checks.htm
Downing Street is actively considering the merger of income tax and NI in the next parliament. Sources said the Chancellor has long considered NI a stealth tax and came close to implementing the plan in the last budget. Serious concerns were raised, however, over whether the two computer systems involved could be successfully integrated. Under … Continued
HMRC has extended the time that micro employers – those with nine or less employees – are allowed to report PAYE in real time. They will be allowed to continue reporting the information on or before the last payday of each month, rather than on every individual payday. HMRC director general for personal tax Ruth … Continued
The UK’s 1.5m micro-businesses are to be exempt from certain financial reporting requirements following a government consultation on implementing a new EU directive aimed at reducing the regulatory burden for very small entities. This means less admin time for the small business owners and/or less work for their accountants – a good way to save … Continued
HMRC is to change the tax status of agency staff from self-employed to employee in a move that could see the Treasury collect an extra £520m next year. The bulk of the extra revenue will come from employers through NI payments, however, agency staff may suffer a cut in wages along with a higher tax … Continued
Landlords who have failed to declare their rental earnings are being warned to pay up or face harsher penalties. HMRC’s Let Property Campaign is targeting widespread tax evasion on property lettings, and estimates that 1m buy-to-let and other private landlords are not declaring their rental income, depriving the public coffers of £550m a year. Source: … Continued
https://www.gov.uk/government/news/hmrc-reveals-10-worst-excuses-for-not-paying-the-minimum-wage
HMRC has considered putting a limit on the amount individuals can transfer into trusts tax-free in an effort to clamp down on the use of multiple trusts to avoid inheritance tax. Under the new rules, a couple would only be able to set aside £650,000 tax-free through the use of trusts whereas current rules allow … Continued