Tax investigations are set to become more likely as the government signalled its intention to continue its drive to close the “tax gap”. Figures released by HM Revenue and Customs (HMRC) on 18 October estimated the tax gap for 2010/11 at £32 billion, or 6.7 per cent of tax due, compared to 7.1 per cent… Read more…

Small and medium-sized firms are being invited by HM Revenue and Customs (HMRC) to sign up to receive regular emails giving help and support. The new service, launched by HMRC on 27 September, is aimed at small and medium-sized enterprises (SMEs) and particularly where those involved in the SME are new to business, setting up… Read more…

New measures designed to give firms more flexibility in managing their workforce and to cut employment red tape, have been announced. Launching consultations on 14 September, Business Secretary Vince Cable said: “We have been looking across the range of employment laws with a view to making it easier for firms to hire staff while protecting… Read more…

Compliance investigations into small and medium sized enterprises (SMEs) by HM Revenue & Customs jumped 39 per cent in the last year, according to new research. According to the data, published on 20 October, investigations into SMEs netted HMRC £434 million in extra tax and fines – on top of tax already paid by the… Read more…

Legal professionals, solicitors and hairdressers are among the latest groups to be targeted in a new tax crackdown by HM Revenue & Customs (HMRC). The initiatives, launched on 18 September, are expected to recover more than £19.5 million by targeting those who do not pay the right amount of tax. Taskforces will focus on: the… Read more…

Changes to VAT arrangements, originally announced in the March 2012 Budget, take effect from 1 October. The changes, which are designed to tackle anomalies within the VAT regime, apply to hot food and premises; sports nutrition drinks, listed buildings; hairdressers’ chairs and self-storage. Anti-forestalling measures also take effect from 1 October in relation to the… Read more…

One-third of small businesses are not aware of Real Time Information (RTI) and how it will affect their PAYE systems, according to new research. Business software specialist Sage surveyed 1,100 UK SMEs and found that 64 per cent were aware of the changes that will come into effect in April 2013. However, only one in… Read more…

Salhan Accountants is advising anyone worth more than £1 million to ensure that their tax affairs are in order after HM Revenue and Customs (HMRC) announced a fresh crackdown on tax avoidance among high net worth individuals. Under new plans unveiled by Treasury Chief Secretary Danny Alexander, around 200,000 more people will be targeted by… Read more…

Businesses could slash their tax bills by up to £2 billion by using self-employed contractors, according to professional advice website unbiased.co.uk In its Small Business Tax Action Report, published on 1 August, unbiased.co.uk highlighted the tax benefits to small and medium-sized enterprises (SMEs) of using freelance workers but warned they needed to be careful to… Read more…

HM Revenue & Customs (HMRC) has recently launched another amnesty to people who sell door-to-door, either householders or businesses and is giving them until 28 February next year to pay any outstanding tax bills, in return for which, he or she will face lower penalties for having come forward. The amnesty is open to all… Read more…