HMRC Confirms Late RTI Penalties
By floorinsite.com at December 7, 2012 | 1:12 pm | 0 Comment
Details on the penalties for late and inaccurate returns submitted via the new Real Time Information (RTI) system have been published by HMRC. HMRC's programme director for RTI, Suzanne Newton, confirmed it will give most employers a year to get used to reporting in real time before implementing the new penalties. RTI will require almost all businesses and pension
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Tax avoidance: Consultation on general anti-abuse rule launched
By floorinsite.com at June 22, 2012 | 4:38 pm | 0 Comment
Tax avoidance: Consultation on general anti-abuse rule launched The Government has launched a consultation on a new general anti-abuse rule (GAAR) designed to tackle what it terms 'artificial and abusive tax avoidance schemes'. It follows an independent review by Graham Aaronson QC in 2010 that concluded such a rule would deter avoidance,
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HMRC cleared of ‘sweetheart deals’ with big businesses
By floorinsite.com at June 21, 2012 | 2:23 pm | 0 Comment
HMRC cleared of 'sweetheart deals' with big businesses HMRC's handling of settlements involving multi million pound disputes between large corporations has been judged as 'reasonable' by the National Audit Office (NAO). The accusations of 'sweetheart deals', including five high profile cases with
Six new taskforces launched by HMRC
By floorinsite.com at June 18, 2012 | 1:58 pm | 0 Comment
Six new taskforces launched by HMRC HMRC has launched six new taskforces with the aim of recovering up to £23 million from traders who fail to pay the taxes they owe. The latest taskforces, which target specific 'high risk' sectors in certain areas around the UK, form part of HMRC's wider plans to launch 30 more over the coming tax year. The specialist
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HMRC’s tax tests for contractors criticised
By floorinsite.com at May 17, 2012 | 2:06 pm | 0 Comment
HMRC has come under fire over the release of new guidance for contractors and freelancers on the complex tax legislation IR35. In the 2011 Budget, the Chancellor recognised that the legislation needed simplifying and consequently set up the IR35 Forum asking business groups to contribute and explore new approaches to the way IR35 is administered. New
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Real Time Information to affect ‘digitally excluded’ SMEs
By floorinsite.com at May 10, 2012 | 4:12 pm | 0 Comment
HMRC's introduction of Real Time Information (RTI) will cause problems for small employers that lack internet access or are not computer savvy, a tax advisory body has warned. According to the Low Incomes Tax Reform Group (LITRG), HMRC's assessment of the impact of the new system - designed to make the process
New mobile apps to help small firms with record keeping
By floorinsite.com at April 19, 2012 | 10:41 pm | 0 Comment
New mobile apps that will allow small businesses access to simple record keeping accounts on the go are to be produced by commercial software houses, following consultation with HMRC. Aimed at small businesses and the self-employed that have a turnover below the VAT threshold of £77,000, the apps will provide links to related record-keeping guidance, helping
HMRC's Real Time Information (RTI) pilot launched
By floorinsite.com at April 19, 2012 | 10:38 pm | 0 Comment
A pilot project marking a significant change in the way that PAYE payments are calculated has been launched by HMRC, with the first volunteer employers testing the new Real Time Information (RTI) system. Under RTI, employers and pension providers will inform HMRC about any PAYE payments, such as tax and NICs, each month as opposed to at the end of each tax year. 10
HMRC launches latest tax avoidance campaigns
By floorinsite.com at February 20, 2012 | 7:24 pm | 0 Comment
HMRC is set to launch various new campaigns throughout the coming year as it continues its drive to clamp down on those who attempt to dodge the taxman. Higher rate taxpayers and those failing to make tax returns will come under HMRC's spotlight, as will trades people in the home improvement market and e-marketplace traders selling direct to others. The tax authority
