Autumn Budget statement 2022

Autumn Budget statement November 2022

Autumn Budget statement 2022All you need to know Table of Contents The Autumn Statement 2022 from Chancellor Jeremy Hunt aimed to maintain public service funding, protect economic development and restore stability. We have broken down announcements from the Autumn Statement 2022 into various sections so you can find out what this budget means for you?…

VAT errors- HMRC online reporting launched

VAT errors- HMRC online reporting launched

VAT errors- HMRC online reporting launched HMRC has introduced a new digital form so that a company can quickly and easily report VAT errors made on earlier VAT return submissions. What does this indicate for your business? Disclosing past VAT errors The new online form is now HMRC’s preferred option for disclosure of past VAT…

Tax authorities to target cross border crypto investorsV

Tax authorities to target cross border crypto investors

Tax authorities to target cross border crypto investors Plans to introduce a crypto-asset reporting framework will see tax authorities exchanging investor details cross-border, explains Dion Seymour, crypto and digital assets technical director at Andersen LLP On 10 October, the OCED announced that the technical text of the Crypto-Asset Reporting Framework (CARF) would be delivered to…

Suspended sentence for bounce back loan fraudster

Suspended sentence for bounce back loan fraudster

Suspended sentence for bounce back loan fraudster A director of a Middlesbrough telecoms company has been given a suspended sentence after fraudulently taking a £25,000 bounce back loan and then dissolving company the next day   Director has been sentenced to 15 months’ imprisonment, suspended for 18 months, after being convicted under the Companies Act…

Fraud Convictions and sentences October 2022

Fraud: Convictions & sentences – September 2022 Table of Contents Construction company director banned for £50k covid fraud Directors of construction and coaching companies have been banned from running a business for a total of 11 years after fraudulently claiming £73,000 worth of bounce back loans The director had also exaggerated the company’s turnover to…

B2L landlords targeted with HMRC nudge letters

B2L landlords targeted with HMRC nudge letters

B2L landlords targeted with HMRC nudge letters B2L landlords are being contacted by HMRC in its latest nudge campaign, which identifies people who may not be declaring their full rental income.   The campaign comes in advance of Jeremy Hunt’s first Autumn Statement and rumours of a further attack on the buy to let sector…

Tax tips- Employ your family

Tax tips – Employ your family You could hire/employ a member of our family who earns nothing else to work in your family business, saving significant amount of tax for the family as a whole.  To prevent an HMRC attack, care must be taken to ensure that the arrangements are commercial and that the level…

HMRC raises late payment interest rate to 5.5%

HMRC raises late payment interest rate to 5.5% HMRC will raise interest rates on tax debt from 22 November following the 0.75% increase in the Bank of England base rate The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are: late…

R&D tax credit scam- HMRC arrests 8

R&D tax credit scam- HMRC arrests 8 Table of Contents As part of a clampdown on the misuse of research and development (R&D) tax credit, HMRC has arrested a gang making fraudulent claims worth millions.    The arrests were part of a wider investigation into suspected criminal attacks, eight people were arrested on 12 October,…

Inheitance tax planning for main residence

Inheritance tax planning for main residence

Inheritance tax planning for main residence Table of Contents Looking for Inheritance tax planning for your main residence? Find my tax tips below.   Selling the main residence: IHT implication Sell the property, downsize, and give a donee a financial gift from the sale proceeds. In order to use the remaining funds to buy a less…

New ways to pay payroll taxes

new ways to pay payroll taxes

New ways to pay payroll taxes Background HMRC has just launched its “variable payment plan” for employers. What is it and is it something you should consider signing up for? Pay payroll by DD HMRC introduced a “Variable payment plan” for PAYE and other taxes on September 19, 2022 in response to comments on its…