HMRC has published its second booklet in the New CIS Update series; the first booklet is available here.
Under the new scheme which comes into force in April 2007, contractors are required to ‘verify’ subcontractors with HMRC in order to determine whether they should pay them net or gross.
Each month the contractor will then […]
If you have recently applied to become VAT registered, you may have to wait up to 12 weeks, although HMRC may complete the job more quickly if the VAT 1 does not require amendment, and there are no queries.
HMRC made this announcement yesterday, following a growing number of complaints about how long it takes to […]
HMRC has advised us of a software glitch for anyone trying to file a CT return online using the HMRC software.
If the period end is 1 April 2006 or later an error will occur. We understand that this problem should be fixed by mid-November but an announcement will appear in due course on the […]
Taxpayers could face 10 years prison for a failure to disclose information, as HMRC is to get new powers to prosecute taxpayers for fraud for deliberately failing to disclose information where they have a legal requirement to do so. Currently taxpayers can only be prosecuted for fraud for knowingly making false statements, rather than […]
You may be aware of the new method the Taxman is using to make enquiries into tax returns - intervention letters. Well, we are now hearing of intervention telephone calls which could be very dangerous.
If a taxpayer is caught on the hop they could easily reveal too much informaiton in a seemingly innocent discussion […]
Many small businesses seek to reduce their tax bill by paying a small salary to their spouse. We have no problem with this but we would point out a couple of issues that the Taxman will look into during an investigation:
- make sure you actually pay the wages into your spouse’s bank account - […]