HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes. According to HMRC, as many as half a million tax codes being used by employers across the UK could be incorrect, leading to employees either overpaying or underpaying tax. To address the problem, … Continue reading
A new code has been launched by 17 UK banks to protect customers who fall victim to a sophisticated form of fraud known as Authorised Push Payment (APP) scams. APP scams involve tricking people into making payments to fraudsters, who are masquerading as legitimate payees. Victims of these scams who notify the banks signed up … Continue reading
A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark. The EIS scheme saw the larger increase in approved funding, with an increase in funds raised of £28 million. In comparison, SEIS approved funding … Continue reading
A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that only 25 per cent of those who had made a gift had a ‘working knowledge’ … Continue reading
HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements. One of the changes, secured with the help of the Chartered Institute of Taxation (CIoT), relates to purchase invoices from suppliers. It has become apparent in sectors that receive a … Continue reading
From April next year, HM Revenue & Customs (HMRC) will rank third just after secured creditors, such as banks, and insolvency practitioners in order to recover additional outstanding tax from failing businesses. Currently, HMRC is ranked alongside unsecured creditors, such as suppliers, trade creditors, contractors and customers, who on average rarely recover more than four … Continue reading