Business News

Public pilot of Making Tax Digital for VAT opens

7 Nov 2018

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the

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Payee names to be required for bank transfers in effort to combat fraud and errors

7 Nov 2018

From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked when making a transfer, something

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HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error

7 Nov 2018

The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator

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R&D Tax Credit system to be reviewed in light of fraudulent claims

7 Nov 2018

According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief, Philip Hammond

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Research reveals Inheritance Tax hotspots across the UK

7 Nov 2018

New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax the town in 2015/16, paying on average

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