HMRC
Budget 2024 – Higher HMRC interest rates on overdue tax
Budget 2024 – Higher HMRC interest rates on overdue tax As part of measures to clamp down on bad payers, the Chancellor advised that HMRC will have the power to hike up even further the rates of interest they charge. The current HMRC rate on late payment is 7.5%, which is 2.5% over the bank…
Read MoreDirectors being chased by HMRC
Directors being chased by HMRC Companies who are shutting up shop with money still owed to HMRC are contributing to the UK tax gap which was reportedly almost £40bn in the 2022/23 tax year. Now HMRC are ramping up efforts to stop this by chasing directors and other senior members of these businesses. There were…
Read MoreHMRC to hire extra compliance staff
HMRC to hire extra compliance staff The Treasury has announced plans for HMRC to hire an additional 5,000 staff to clamp down on tax cheats and set aside more investment for IT infrastructure. The newly appointed minister responsible for HMRC, James Murray, Exchequer secretary to the Treasury has set out a brief overview of plans…
Read MoreHMRC and R&D tax enquiries
HMRC and R&D tax enquiries Most companies making a research and development (R&D) tax relief claim are likely to get a HMRC compliance check at some stage over the years. In the past,checks into research and development (R&D) tax relief claims were considered to be rare and usually linked to an error within a claim.…
Read MoreSelf employment and Partnerships – HMRC has clarified transition profit
Self employment and Partnerships – HMRC has clarified transition profit HMRC have now issued guidance on how to work out ‘transition profit’ for the 2023 to 2024 tax year under basis period reform – but what does this actually mean? This change in reporting for the self-employed and partnerships came into effect from April 2024…
Read MoreHMRC advanced notification rules for R&D and the potential risks
HMRC advanced notification rules for R&D and the potential risks Since the new rules have come into play, Companies claiming research and development (R&D) tax relief now need to submit details in advance making it harder to backdate claims. In 2023 HMRC introduced a requirement which means that companies have to advise in advance if…
Read MoreScams Circulating as HMRC
Scams Circulating as HMRC Scams are not a new thing as we all know but we have been made aware of more scams recently. IF YOU RECEIVE ANYTHING FROM HMRC WHICH YOU HAVE NOT REQUESTED OR IS NOT HOW YOU USUALLY RECEIVE IT – STOP! A couple of examples; VAT Submission Scam We have been…
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