It's already a legend. According to figures released by HMRC last week, the government collected just short of £1.2bn in tax from property transactions throughout March. The dosh comes thanks to more than 173,000 property transactions, a record-breaking monthly number of purchases and sales. And it's all down to the new 3% stamp duty surcharge
Does the government genuinely understand how business works? A whole lot of business leaders think the answer is 'no', as one of the most significant regulatory changes to hit Britain looms closer. The new order involves small businesses having to account for corporation tax quarterly rather than annually. It's a dramatic change. But the government
The flat rate scheme was set up to simplify VAT returns for a small business who make yearly taxable sales of less than £150,000. What is it, exactly, and can you claim input tax if you join the scheme? What is the Flat Rate Scheme? The amount of VAT your business pays or claims back
HMRC is a prime target for phishing and other cyber attacks. Fraudsters frequently send out email messages disguised to look as though they come from HMRC, and some of them are extremely convincing. Luckily they're on the case. According to an article on the Computing website, the revenue prevented fraud totalling a monster £103m in
In the wake of the Panama papers leak, HMRC's treatment of a group of 209 scammed pensioners seems ironic in the extreme. The pension savers were unwittingly involved in a £12 million pension liberation scam so serious it lost everyone involved their money and ended up in the High Court. And HMRC is blaming the
Just when you thought HMRC were going to do the decent thing and simplify their tax systems and rules for the greater good, they bring out new, far more strict guidelines. It looks like government bodies who want to reclaim VAT back from the tax man for big IT buys will face stricter rules than
According to the government, HMRC has 'intercepted' more than £96 million in 'fraudulent or incorrect' tax repayment claims thanks to their new system, which spotted over 17,000 unjustified tax repayment claims. They checked an awesome 3.4 million self-assessment tax returns in all, a third of the 10.39 million filed, examining both online and paper returns.
There was uproar when the government announced its making tax digital initiative, especially since it looked very much like self employed people would end upo having to fill in four tax returns a year, one every quarter. If you've ever had to complete a tax return you can understand people's dismay. It has long been