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
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.
You assumed the fine art of bookkeeping was a new thing, a child of the industrial revolution born of the consumer age? Not so. Humans have been keeping books for millennia, and according to a fascinating discovery from a recent archaeological dig in south east Turkey, they liked to keep things simple. How we did
The super-rich and big business are allowed to avoid paying tax while ordinary people are not. It's a hard theory to dispute when the HSBC tax avoidance scandal has made such a splash. But, at long last, a government minister has demanded an overhaul of the HMRC's culture. Norman Lamb stands firm for ordinary people
It looks like Britain’s poorest families are bearing the brunt yet again. They've suffered the most from the government tax hikes and welfare cuts put in place since 2010. And the shortfall has been quantified as an average loss of £1,127 a year. On the other hand, the wealthier you are the more you will
HMRC has just released this year's top ten chart of the worst excuses for missing the January 31st online tax return deadline. As you'd imagine, all of these failed to secure a successful appeal. If you're going to be late this year you'd better dream up something a lot better than this sad little lot,
Alex Wild, Research Director at the TaxPayer's Alliance, is the latest expert to highlight the impracticality of the British tax relief system. Many feel he has a point when he says, “How can HMRC be expected to administer Britain’s chaotic tax system if politicians keep passing so much legislation?” But there's much more than an
When the Single Market was born in '92, intra-EU trade and a real borderless union were supposed to sit at the heart of the VAT system. But politics and technology made it impossible to build a workable EU VAT system reflecting national tax practices for taxation at origin. The temporary system put in place at