Business News

Renovated homes that have been empty for two years can qualify for a reduced rate of VAT

Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent. There are two circumstances in which this can apply. The first is where a dwelling has been empty for the…

HM Revenue & Customs has started carrying out PAYE tax investigations remotely

It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely. The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants that the wording of some of these questions could trip up unwary employers and prompt…

25,000 companies receive penalties for the late filing of accounts in just one month

The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September. This date marks a common deadline for companies, according to Companies House, with a further 643 companies narrowly avoiding a penalty by filing…

Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit

Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU. However, businesses that are not registered for VAT will need to register for an EORI number…

New figures show a sharp increase in Inheritance Tax (IHT) receipts

New figures published by HM Revenue & Customs (HMRC) have revealed a significant increase in the number and value of Inheritance Tax (IHT) receipts. The figures, which relate to the 2016/17 tax year, show a 15 per cent increase in the number of estates paying IHT in comparison with the previous year, rising from 24,500…

Overseas employees potentially face double NICs liability following a no-deal Brexit

Employees working overseas on secondment could face paying twice as much in National Insurance Contributions in the event of a no-deal Brexit, HM Revenue & Customs (HMRC) has warned. If the UK leaves the EU without a withdrawal agreement then current agreements to avoid double payment of the equivalent of National Insurance Contributions (NICs) in…

HMRC trialling self-assessment checks to help local authorities to recover council tax

HM Revenue & Customs (HMRC) has announced that it is entering into data-sharing arrangements with local authorities to help clamp down on council tax debt. In the 2017/18 tax year, councils in England had an £818 million deficit for council tax arrears, which has prompted HMRC to work with local authorities by sharing information about…