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Tougher procedures for civil fraud investigations
HMRC's contractual disclosure facility (CDF) is a new opportunity for taxpayers to own up to tax fraud...
Coding out small debts of up to £3,000
From April 2012, HMRC will be able to collect small debts through the taxpayers PAYE code...
Simple interest only due on VAT repayments
Taxpayers are unlikely to be entitled to billions of pounds in unpaid interest on overpaid VAT...
Happy holidays?
Christmas is not a time of unrelating celebration for some as the following HMRC statistics on the submission of 2010/11 tax returns show...
2012 Budget
This year's Budget will take place on Wednesday 21 March
Alternative dispute resolution trial extended...
HMRC's alternative dispute resolution (ADR) trial, which provides small and medium-sized enterprises with an alternative way of resolving tax disputes in compliance checks, is to be extended.
Deadline Dates
Here are the important dates for February 2012...
Property abroad under HMRC's microscope
Wealthy individuals with overseas property are being targeted by a newly formed 200-strong team of investigators and specialists...
Scrap metal dealers targeted by taskforces
Five more taskforces have been set up by HMRC to tackle tax evasion in different areas of the country. The new taskforces will target...
Deadline Dates
Here are the important dates for December 2011...
HM Treasury confirms ISA limits for 2012-13
Following the publication of inflation figures for September, HM Treasury has announced that subscription limits for Individual Savings Accounts (ISAs) from April 2012 will increase to £11,280 (up to half of which can be saved in cash)....
New Self-Assessment Penalties
In one of the biggest changes to self-assessment since its inception in 1997, new penalties are being introduced this autumn for late filing and late payment...
Filing Changes
There have been a number of changes to the filing requirements across the main taxes in recent years which are summarised below...
Beware Phishing Attacks!
Any individual receiving an email claiming to be from HMRC telling the taxpayer he or she is due a tax repayment should NOT follow the email's instructions, says the department...
Notification of NI numbers
HMRC stopped issuing replacement National Insurance (NI) number cards in October 2010...
Deadline Dates
Here are the important deadline dates for November 2011...
Future VAT treatment unchanged
Revenue & Customs Brief 32/11 explains HMRC's policy following the First-Tier Tribunal decision in Reed Employment Ltd (TC1069)...
Taxing the rewards for work carried out for a UK-based employer
HMRC has added another scheme to the Spotlights section of its website, highlighting avoidance arrangements it believes do not work...
Death Knoll for secret Swiss bank accounts
The governments of the UK and Switzerland are initialling an agreement which will see existing funds held by UK taxpayers in Swiss banks being subjected to a one-off deduction of between 19% and 34% to settle past tax liabilities...
Deadline Dates
Here are the important deadline dates for October 2011...
The National Minimum Wage
The Department for Business, Innovation and Skills has announced the National Minimum Wage rates from 1 October 2011...
On line filing for VAT registered businesses with turnover under £100,000
On current plans, from 1 April 2012 virtually all VAT registered businesses with an annual turnover under £100,000 will have to file their VAT returns online and pay any VAT due electronically – or face penalties.
Autumn Statement
The Chancellor has announced that his Autumn Statement will be on Tuesday 29 November 2011.
VAT notes 3 2011
HMRC has published VAT notes 3 2011 giving information about recent VAT developments. Included in the notes are the following:
HMRC statement on Full Time Work Abroad
At the June 2011 meeting of the joint forum on expatriate tax and NICs, HMRC explained its approach to the residence status of individuals whose period of full-time work abroad is interrupted by events in the Middle East and the following statement appears as an annex to the minutes...
Plumbers' Plan
Plumbers, gas fitters and heating engineers have only one month left to tell HMRC about tax they owe and to make arrangements to pay any interest and penalties due.
Enterprise Zones
The locations of four more enterprize zones in Birmingham, Bristol, Leeds and Sheffield have been announced by the government.
Deadline Dates
Here are the important deadlines for September 2011...
SME simplification
As part of its review of small business taxation, the Office of Tax Simplification has set out a number of options in two consultation papers...
Companies House postpones mandatory online filing
Companies House has decided, particularly in light of the government's wish not to add new regulations affecting small businesses, that it will not proceed with legislation to mandate electronic filing by March 2013...
Educating new businesses
HMRC is piloting a 'telephone education strategy' aimed at new small businesses, offering: "to talk them through some of the main things they need to know a a new business and to signpost them to available help online".
Deadline Dates
Here are the important deadlines for August 2011...
HMRC boost to voluntary sector
HMRC has pledged to spend £2 million over the next 4 years aiding the voluntary sector.
New tax cheats campaigns
HMRC has announced it will launch several campaigns later this year to target tax evasion by online traders, private tutors and personal trainers - in addition to another, as yet unspecified, trade sector.
Beware of ‘phishy’ email scam
HMRC is alerting taxpayers to a surge of fake ‘phishing’ emails sent out by fraudsters in the run up to the tax credit renewals deadline.
HMRC breathing down the neck of small businesses
The Association of Taxation Technicians (ATT) has expressed concern at the level of HMRC interest in small businesses at a difficult time for many when the economic situation needs the sector to prosper and grow.
Disguised Remuneration
The CIOT is yet another professional body to speak out against the complexity of the disguised remuneration legislation included in the Finance Bill 2011.
French Second Homes
British residents owning a second home in France may have to pay an additional property tax of 20% of its cadastral value (similar to rateable value) from 2012.
Small Business Tax Review
The Office of Tax Simplification (OTS) has set out its terms of reference for its review of tax administration for small businesses.
IR35 Forum Meets
An IR35 Forum has been established following the government's announcement it wished to improve the way IR35 legislation is administered.
Deadline dates
Here are the important deadline date for June 2011...
Non-Residence and Full Time Work
There has been a good deal of misinformation in the press recently about an apparent reassessment by HMRC of the tests used to determine residence in the UK for tax purposes.
Agency Workers Regulations - Guidance Published
The regulations come into force in the UK on 1 October 2011.
Unexpected Business Record Checks
Letters are being sent by HMRC to some businesses asking to arrange visits to carry out pre-return business records checks, under the provisions of FA 2008, Sch 36.
Royal Assent Granted for NI Holiday
The National Insurance Contributions Bill has been passed by Parliament and is now the National Insurances Contributions Act 2011.
Deadline for March Returns Brought Forward
Due to Friday 29 April having been declared a bank holiday, HMRC advises taxpayers that....
Key Changes for Employers
HMRC has flagged several changes affecting employer annual returns and starter and leaver PAYE forms which came into affect from April 2011...
EBT planning targeted
HMRC has made another additon to the 'Spotlights' section of their website highlighting avoidance schemes which HMRC believes do not work.
Email Scam Update
HMRC has issued the following warning to taxpayers to be vigilant following a surge in scam emails.
Expenses Do Not Count Towards the NMW
The National Minimum Wage (Amendment) (No. 2) Regulations came into force with effect for pay periods starting on or after January 2011 and mean that travelling and subsistence expenses eligible for tax relief under ITEPA 2003, s338 will not count when calculating national minimum wage (NMW) pay.
Extra 7 Days Given to Submit Repayment VAT Returns
HMRC has confirmed a business filing a repayment VAT return online will benefit from an extra 7 days to file the return, compared with a paper return, in exactly the same way as for a payment VAT return.
HMRC Manpower
HMRC deployed approximately 31,000 staff across all grades at 31 March 2010 on a variety of compliance issues....
Time to modernise VAT?
The European Commission has launched a public consultation on how the EU's VAT system can be strengthened and improved...
BillPay Address
Taxpayers wishing to pay HMRC over the internet with a debit card or a credit card should note the following change of address...
Deadline Dates
Here are the forthcoming important deadlines for February 2011....
UK tax system needs change
The UK tax system will require a radical overhaul if it is to be more equitable for taxpayers and make a greater contribution to the public purse.
Child's pay
A new tax free savings account for children, a 'Junior ISA' will offer parents a tax free way to save for their child's future.
Deadline dates for December 2010
Please note the following accounting dates...
NI card scrapped
HMRC has stopped sending out plastic National Insurance number cards and replaced the cards with a letter as it is the number which is of importance.
Deadline dates for November 2010
Please note the following accounting dates.....
No Pre-Budget Report
As George Osborne has scrapped the pre-Budget Report, the comprehensive spending review scheduled for 20 October will set departmental budgets until the end of the parliament and "implement the coalition's radical deficit-cutting programme."
Medics urged to declare
HMRC has revealed only 1,500 medical practitioners had made disclosures under its Tax Health Plan by the 30 June deadline.
HMRC hire debt collectors
HMRC has hired four debt collection firms in an attempt to recoup extra millions of unpaid taxes....
Deadline dates for September
Please note the following accounting dates....
Office of Tax Simplification
The Chancellor George Osborne and Exchequer Secretary David Gauke yesterday established the Office of Tax Simplification (OTS) - a Board of tax experts who will be responsible for leading the work of the OTS over the next year.
Budget 2010: Review of small business sees end of contractor tax hurdle
According to an article in this week's Daily Telegraph, individuals contracting their services are to see a “permanent” change to the way they are taxed as part of a wider review of small business taxation.
Deadline Dates for July
Please note the following accounting dates....
Chancellor Osborne today outlined over £6 billion of spending cuts
He stated the reductions across the rest of 2010-11 would be made while maintaining "frontline" services in key areas such as the NHS.
“Tidings of comfort and joy (potentially)” for Nyman Linden’s contractor clients
For those who have not yet reviewed the Coalition’s programme for government over the coming 5 years, Nyman Linden is very pleased to bring you good news (potentially).
Fears over proposed increase in Capital Gains Tax (CGT)
There is one issue that has accountants, shareholders and business owners worried ahead of the Budget on 22 June. It is the likelihood of Chancellor Osbourne announcing that the 18% CGT introduced by his predecessor, Alistair Darling, is to be increased in line with the rate of income tax.
£6bn cost-cutting plans
The Chancellor is set to announce details of the coalition's £6bn cost-cutting plans on Monday 24 May.
Chancellor announces date of emergency Budget
As well as setting Tuesday 22 June for his first Budget, the Chancellor also announced the creation of a new independent fiscal watchdog, the Office of Budget Responsibility.
Is the VAT cheque in the post?
As advised to our clients in Nyman Linden's e-newsletter 19, from 1 April 2010 all newly registered businesses (as well as businesses already VAT-registered having a turnover of at least £100,000), must file their VAT returns electronically and pay VAT liabilities electronically.
However, small businesses with a turnover of less than £100,000 which were already VAT-registered on 31 March 2010 can, if they wish, continue submitting their VAT returns by post and paying by cheque. If you have such a business, you will need to be careful!
Key Tax Measures Shredded
The Finance Bill has been left in tatters leaving accountants wondering whether to "stick" or "twist" when advising individuals and businesses on proposals that may become law in the future
Companies House taking a tough line with Annual Returns
The due filing date of your Annual Return is normally on the anniversary date of the incorporation of your company. If this deadline is missed and you ignore subsequent reminder letters, Companies House assumes your company is no longer required and takes steps to strike it off. When this happens, the company’s bank accounts are frozen and all funds in those accounts cannot be accessed.
New penalty regime for late payment of PAYE/NI
With effect from 6 April 2010 and for each tax year, HMRC will not enforce a financial penalty for the first late or missed payment; but penalties will be levied thereafter.
Incorrect Coding Notices
HMRC has refuted an allegation that difficulties with their new PAYE system have led to errors in a significant proportion of tax code updates being incorrect.
HMRC Cuts the Jargon
HMRC has rewritten more than 200 standard letters in an effort to make tax matters easier for taxpayers to comprehend.
March Deadline Dates
Here are forthcoming important deadlines for March 2010.....
Treasury Blocks 'Offensive' Charity Tax Relief Scheme
A group representing 400 charities on tax issues welcomed anti-avoidance rules to counter what Stephen Timms, Treasury Secretary, calls "an artificial, aggressive and offensive tax avoidance scheme" that seeks to abuse tax reliefs for donations to charity.
February Deadline Dates
Here are forthcoming important deadlines for February 2010.....
HMRC lose £40 billion last year to tax evasion and fraud
This £40 billion tax gap, amounting to 8% of the total take, would have gone some way to filling holes in the government’s spending plans.
Calls for Companies House to prevent fraud
A rising tide of identity theft is increasing pressure on Lord Mandelson's Business Department to tighten controls over access to confidential data held by Companies House.
The Chancellor's 2009 Pre-Budget Report
Many of the key changes will start to have an impact in the tax year 2011/12; but there are several announcements that will have a much more immediate effect.
Fears of credit card crisis as bank write-offs double
Fears that the banking system is facing a credit card timebomb were underlined as official figures showed that the amount of card debt banks have written off has unexpectedly doubled.
Breaking down barriers in the service sector
The service sector plays a major role in the economy of the European Union, accounting for up to 70% of the EU’s GPD, 68% of employment and 96% of new jobs - BUT only accounts for 20% of the intra-EC trade.
Most global banks are still unsafe, warns S&P
Standard & Poor's has given warning that nearly all of the world's big banks lack sufficient capital to cover trading and investment exposure, risking further downgrades over the next 18 months unless they move swiftly to beef up their defences.
Technology start-ups risk losing "race"
Technology start-ups are being “hollowed out” because of the need to conserve cash and a lack of Government help, leading investors have warned.
Why the recession will change business for good
The CBI predicts less gearing, closer supplier ties, better sustainability, more flexible workforces...
Government introduces Financial Services Bill
The Government has today introduced the Financial Services Bill to Parliament. The Bill delivers significant reforms that will provide greater rights and information for consumers, in addition to stronger financial regulation to make banks safer and more robust in the future.
U.S. Offshore Tax Amnesty yields Big Response
Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said today.
New small firms need tax break
Newly established small firms should be given some form of tax exemption for their first year or two of business, a report has concluded.
The date is set for Darling’s pre-budget report
It was announced today that the Chancellor, Alistair Darling, is to deliver his crucial pre-budget report on 9 December.
"Middle Britain" caught in Blitz on tax havens
HMRC investigators are focusing on the "middle classes" as part of its crackdown on tax evasion
December Deadline Dates
The deadline dates for December 2009 are....
Taxman turns to YouTube to target tax-avoiders
Today it was announced HM Revenue & Customs is using YouTube for the first time to warn people about 'fiddling' their taxes.
Record Phishing Levels
The BBC news website has just reported that 100,000 reports about phishing emails were made to HMRC on a single day in October and a record 83,000 scam e-mails offering fake tax refunds were reported to HMRC in September.
Swiss banks propose global tax collection service
The Swiss Bankers Association (SBA) has devised a plan to silence tax evasion critics by collecting levies on foreign clients - including expatriate contractors - on behalf of other countries.
Taxpayers Charter
The final proposal for a Taxpayer’s Charter has just been published that gives 9 rights and 3 obligations.
VAT Online
From 1 April 2010, businesses with an annual turnover of £100,000 and all newly registered VAT businesses will be required to file their VAT returns online and make payments electronically. If you want to learn more about VAT online, please contact your Nyman Linden partner
Recruiters must beware of umbrellas with holes
HM Revenue and Customs (HMRC) has issued a warning to end users, their recruiters and umbrella companies involved in the supply of temporary workers that certain 'arrangements' are under scrutiny because some are operating against the law.
New disclosure opportunity confirmed
After several weeks of drip-feeding information, HMRC has announced details of its new disclosure initiative allowing people with unpaid taxes linked to personal offshore bank accounts or assets to settle their tax liabilities at a favourable penalty rate.
A Threat To Umbrellas
The Treasury has launched a consultation regarding the abuse of tax reliefs for travel expenses of contractors engaged by umbrella companies and employment agencies. The inevitable reforms could cast doubt over the continued existence of some umbrellas.
Regulations and Taxes "Obstacles to Growth'
The Government has said it will unveil new measures this month (March 2008) designed to make it easier for firms to expand and become more productive.
Company Law changes for Private Companies
Following five years consultation with interested parties, the government finally brought company law up to date through the Companies Act 2006. However, it is only gradually being brought into effect on set dates until final implementation by 1 October 2009.
On 6 December 2007, Nyman Linden became the first accountancy firm to be confirmed as 'NOT' being caught by the Managed Service Company (MSC) legislation
As one of the UK's leading accountancy firms for contractor consultants and freelancers, Nyman Linden approached PricewaterhouseCoopers (PwC) last year to review our business and processes to check we are fully compliant with the new MSC legislation. We selected PwC above the other members of the "Big 4" because PwC was, and still is, the world's leading accountancy and consultancy firm.
A Victory For Common Sense
The House of Lords today has ruled in favour of Geoff and Diana Jones of Arctic Systems Limited and rejected HMRC’s attack on companies that are jointly owned by one revenue-earning partner and one non-earning partner.
Nyman Linden’s view of a crisis in the contracting market
From April 2007, all composite companies are banned and all dodgy umbrella companies brought into order. This virulent attack by the government on Managed Service Companies is a crisis about to hit the contracting market.
Company Law Reform Bill to Make Sweeping Changes
The Company Law Reform Bill will simplify company law and make it easier to understand.
Victory In The Court Of Appeal
Married couples in business together received an early Christmas present this week with a victory in the Court of Appeal in the landmark Arctic Systems case.
Tax Matters - In A Language You Understand
Nyman Linden is delighted to announce an Agreement with the Chartered Institute of Linguists appointing this firm as the preferred provider of accountancy services to the Institute's members.
Landmark Section 660A Appeal is Lost
Geoff and Diana Jones of Arctic Systems have lost their landmark Section 660A appeal, which was heard by Mr Justice Park at the High Court last month.
New HM Revenue & Customs Department Now In Place
The Commissioners for Revenue and Customs Act 2005 received Royal Assent on 7 April and the new department was officially opened on 18 April 2005.
Protect Your Business From Scams
There are various business-related scams that have been around for a long time. Many of them are not easy to recognise.
IR591 and Dividends
We wish to remind every client that, as from 1 April 2004, if your company's annual profits made after that date were less than £50,000, the tax cost of taking all that money out as dividends rises.
VAT Flat Rate Scheme
All Nyman Linden, clients with annual sales of less than £150,000 should now be benefiting from the reduced Flat Rate Scheme (FRS) introduced by the government at the beginning of last year. This has been excellent news for our IT Consultant clients and Management Consultant clients.
The Government's 10 Year Strategy For Childcare
As members of the Institute of Chartered Accountants for England and Wales, the Partners at Nyman Linden fully endorse the ICAEW Tax Faculty's view that the strategy has much to commend it, aiming for every child to receive the best start in life. However, we also share the Faculty's concerns in relation to the interaction of this strategy with the tax system.
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