Regulator tells banks to stop victim-blaming

The increasing sophistication of bank scams means that customers who lose money to such schemes should not automatically be blamed, the Financial Ombudsman Service has said. Caroline Wayman, Chief Ombudsman and Chief Executive of the Financial Ombudsman Service, said: “It’s not fair to automatically call a customer grossly negligent simply because they’ve fallen for a scam. “That’s especially true in light of the sophisticated way

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A quick guide to the new penalties for late MTD filing and payments

HM Revenue & Customs (HMRC) has announced a pair of penalty systems for late filing and late payment under Making Tax Digital (MTD) for VAT, which is due to come into effect in April 2019. Late filing will attract penalty points, which will accrue on the basis of how late the filing is and how many filings have been submitted late. After four late submissions,

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One in ten small businesses are concerned about business failure

A new study has revealed that in the last three months the number of SMEs predicting they could close has doubled from five per cent to 10 per cent. Produced by Hitachi Capital Business Finance, the report makes for worrying reading as the proportion of small business owners reporting their concerns about business failure have remained consistent at around four to five per cent for

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HMRC releases new advisory fuel rates for company car users

With the price of fuel going up, employees and businesses will welcome new changes to the fuel advisory rates, which from 1 September 2018 have slightly increased on the previous quarter for some vehicles. Advisory fuel rates from 1 September 2018 Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 12p (11p) 7p (7p) 1401cc to 2000cc 15p (14p)

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Reminder on changes to Corporation Tax notices

On 19 September 2016 HM Revenue & Customs (HMRC) decided to stop sending out paper copies of several important documents relating to Corporation Tax. Despite this move taking place nearly two years ago, a quick search online indicates that many taxpayers are not aware that HMRC has changed some of its administration procedures for Corporation Tax returns. The changes implemented by the Revenue, as part

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Taxpayers warned of Requirement to Correct as deadline approaches

Taxpayers with undeclared offshore tax liabilities, including Income Tax, Capital Gains Tax or Inheritance Tax, are obligated to disclose these liabilities to HM Revenue & Customs (HMRC) on or before 30 September 2018 under HM Revenue & Customs’ Requirement to Correct (RTC) regime. The same rules apply to taxpayers with undeclared UK tax liabilities that involve offshore matters or transfers. Taxpayers who fail to disclose

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More than 100,000 first-time buyers benefit from Stamp Duty Land Tax reforms

HM Revenue & Customs (HMRC) has published data which reveals that more than 100,000 first-time buyers have benefited from Stamp Duty Land Tax (SDLT) reforms announced at the last Budget. During the period until 30 June this year, 121,500 first-time buyers saved a combined total of £284 million according to HMRC. First-time buyers who purchase homes of £300,000 and below pay no SDLT, while those

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