Nichola's SME Tax W-update 15 June 2023

Last Updated: 09 August 2023

Hello

HMRC needs to have a re-think to find ways to simplify their Making Tax Digital (MTD) project in order to avoid vast future cost overruns. A National Audit Office (NAO) report this week shows that HMRC is currently 400% over budget. As far as throwing money into a vast 'black hole', few thought that anything could beat the IT disaster that was the COVID-19 Track n' Trace app. I hope that this is a wake-up call for all concerned. The MTD project now needs to be reviewed and aptly refined to ensure that it keeps up with technological change, delivers value for money and creates a significant improvement in tax reporting.

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HMRC drops SA helpline bombshell

Last Updated: 09 August 2023

HMRC have announced that they are closing the Self Assessment telephone helpline for three months in order to re-direct staff to clear up the postal backlog. The closure comes after a decision to close its VAT registration helpline last month. Taxpayers who have tax queries are now being directed to search for answers to their queries online.

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Nichola's SME Tax W-update 8 June 2023

Last Updated: 09 August 2023

Hello

Following research and consultation, HMRC is consulting on new proposals for tackling PAYE non-compliance by ‘Umbrella companies’. Quite why we need more new rules when we could surely just sweep up any stragglers by broadening the Agency rules in Chapter 7 Part 2 ITEPA 2003 is beyond me. We will keep following the consultations for you and see what comes out.

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Nichola's SME Tax W-update 1 June 2023

Last Updated: 09 August 2023

Hello

There is news that the EU is going to introduce a new €7 visitor fee, yet another thing to slow us down at its borders! It has got me wondering just how long it will be before a British government can't resist a similar measure. In terms of administration, surely all anyone needs is a secure QR code at the border?

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Nichola's SME Tax W-update 25 May 2023

Last Updated: 11 October 2024

Hello

We have a diverse collection of news items for you this week. We pondered as to whether your average SME owner or adviser would be interested in 'Tonnage Tax'. At least one of us had seen this apply to a client of a small practice and we concluded that as this is something of a rarity: a new election to apply this tax, it was better to mention it than to stay silent on the matter.

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Employed? Claim expenses via HMRC's portal

Last Updated: 09 August 2023

HMRC is urging employees that they can claim for employment-related expenses directly from the Gov.uk website each year. Currently 70% of claimants are using repayment agents, who often take a hefty cut of any tax refund due.

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  1. ICAEW changes to a verifiable CPD model
  2. EIS, SEIS & SITR grow in popularity
  3. Nichola's SME Tax W-update 18 May 2023
  4. Nichola's SME Tax W-update 11 May 2023
  5. Nichola's SME Tax W-update 4 May 2023

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