February 2020 News Update – featuring additional news developments from our newsletter series. Welcome to February 2020 News Update – This month finds HMRC go a little “list” mad with a top ten list of criminal convictions for the last 12 months for tax fraud along with a top ten list of HMRC self-assessment excuses, and HMRC press release outlining self-assessment deadline day by numbers...
HMRC’s 31st of January Self-Assessment deadline is fast approaching and many continue to leave this important financial experience to the last minute – some even go beyond the deadline in endeavoring to complete their assessment on-time resulting in penalty charges galore. Furthermore, by leaving your tax return to the very last minute you could make serious unintended errors by not having enough time to scrutinise...
Welcome to August 2019 News Update from Prestige Business Management August 2019 News Update – featuring additional news developments from our newsletter series. Welcome to August News Update – This month sees Brexit preparations roll out new EORI number scheme to help businesses trading with the EU, HMRC crackdown on Cryptocurrency announced, and over a million registrations for Making Tax Digital after the first deadline...
Welcome to July 2019 News Update from Prestige Business Management July 2019 News Update – featuring additional news developments from our newsletter series. Welcome to July 2019 News Update – This month sees HMRC making big announcements about major deadlines. The first is the Making Tax Digital deadline in August and the second is the upcoming Tax Credit renewal deadline at the end of July....
Over the past three months, HMRC has hit the headlines as they have aggressively stepped-up their continuing efforts to reclaim unpaid tax through specific schemes they now define as tax evasion/avoidance under law. The new 2019 Loan Charge changes adopted by HMRC go back to the Finance Act 2017 which empowered the Treasury to go after tax avoidance with fervour. However, the Loan Charge will...
HMRC’s Making Tax Digital changes are coming and businesses are unprepared for these new changes. According to Accountancy Age, a third of VAT-registered businesses are not even ready for the Making Tax Digital start date. Furthermore, senior sector bodies like the ATT, ICAEW and CIOT have all voiced their concerns regarding the MTD deadline – even going so far as to suggest a possible delay?...
If you’re an entrepreneur or contractor, running a limited company or register as a sole trader, based in the UK, you need to know about the penalties imposed by Companies House and HMRC and how they could impact your business. By understanding these deadlines, you can plan ahead allowing you to focus on your business. Whether you are a freelancer, subcontractor or micro business owner,...
A little background “Ministers confirm a new timetable for Making Tax Digital ” … An apt understatement from a Government without direction. The new announcement, on July 13th, 2017, stated that “three million of the smallest businesses and landlords will be able to move to the new digital system for keeping tax records at a pace that is right for them.” The delay is a...
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