Posts Tagged 'HMRC'

HMRC On War Path

Intent on improving our lives ever-further our good friends at HMRC are launching a revised Business records Check programme.   SMEs in London are at greatest risk here as HMRC are targeting London-based SMEs though to be keeping inadequate records.

The checks take the form of a phone call followed up with a visit.  But beware it is vital you understand that these are serious compliance checks and large penalties can be levied on any business failing to keep proper records.  So you have been warned.

Sc: MGBAUKBA

Further information by completing the comments box below or martin.parry@mgba.co.uk

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HMRC Grabs More Tax From SMEs

You will recall that I recently warned that the blessed HMRC were going to start cracking down on SMEs. Well surprise, surprise extra tax from HMRC investigations into small and medium-sized businesses jumped by 39% in the past year.  That’s according to research undertaken by accountancy group UHY Hacker Young.  They found that tax yield following investigations into SMEs rose by £123m to £434m in 2011/12.

I think Roy Maugham of UHY is absolutely right when he says, “Small businesses are more likely to make innocent errors in their tax calculations than larger businesses, meaning the small business community offers plenty of opportunity for HMRC,”

Maugham is quite right. Also small businesses are easy pickings because we don’t have the resources to engage in long legal battles with HMRC and we are all too busy trying to keep our heads above water to waste time fighting battles we are always going to lose.

So what do you think?  Why not put your views in the comment box below or drop an email to martin.parry@mgba.co.uk.

Sc: UHY Hacker Young; MGBA; UKBA

Retailers and Grocers in South Wales – Watch Out!

If you are in the grocery or retail industry and in South Wales you should be quaking in your boots! Why? Because HMRC are after you.  Mike Eland of HMRC says they are are out to get you. “HMRC can and will track you down if you choose to break the rules. We are on target to collect more than £50 million as a result of taskforces launched in 2011/12,” he says.

So watch out!.  Now read on: http://hmrc.presscentre.com/Press-Releases/Grocery-and-retail-trade-targeted-in-tax-cheat-crackdown-6803b.aspx

Sc: MGBA

Contractors Beware – IR35 Letters On The Way

According to Contractor UK, the IT Contractors website, the first contractors to face investigation under HMRC’s new IR35 tax regime have received letters telling them that they potentially fall within the scope of the rules. The letters ask contractors who believe the IR35 rules do not affect them to provide supporting evidence for that claim. Earlier this year, HMRC issued new guidance on IR35 along with a set of ‘business entity tests’ to help contractors evaluate their activities and examples of the type of evidence they could use to demonstrate their compliance should they face investigation.

More details form Contractor UK

MGBA

Online traders Get Final Chance From HMRC

If you are in the e- commerce space read on.  If you haven’t paid your tax yet the HMRC is giving you a limited period of grace in which to disclose any unpaid tax at a lower penalty rate. 

You have until 14 June to notify HMRC, and until 14 September to give details of any tax owed and arrange to make a full payment, including any interest or penalties due.

Some online traders making a disclosure within this period will not face any penalty, and most will receive a penalty of no more than 10% of what they owe. Online sellers who fail to make a disclosure and are found to owe tax could receive penalties of up to 100% and even face criminal investigation

More information 

MGBA


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