Undisclosed Offshore Income

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If you have undisclosed offshore holdings or investments, for example: offshore bank accounts overseas assets like property, eg a holiday let shares or other interests in an offshore company or trust inherited money from overseas You have until 31st December 2015 to disclose these. After that date a penalty could be charged up to 200% […]

Research and Development tax relief: Advance Assurance

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From November 2015 HMRC introduced Advance Assurance for companies that claim Research and Development (R&D) tax relief. If your company carries out R&D for itself or other companies, it could qualify for Advance Assurance. This means that for the first 3 accounting periods of claiming for R&D tax relief, HMRC will allow the claim without […]

Scottish Rate of Income Tax

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From the 6 April 2016 the Scottish rate of income tax will come into effect. This will mean that some of the Income Tax collected under the Scottish rate will fund the Scottish government and the rest will fund the UK government. This will affect all individuals living in Scotland, and all employers with employees […]

Corporation Tax Return Filing Deadlines

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There can be no late filing penalty for corporation tax returns if the return is filed with HMRC by the date on which the accounts are due at Companies House. There have been cases where HMRC have incorrectly raised a penalties based on tax return due dates being earlier than Companies House accounts due dates.   […]

HMRC clearance on salary sacrifice

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You can ask HMRC Clearances Team to confirm the tax and NICs implications of a salary sacrifice arrangement once it is in place. However, this is not a requirement.   HMRC would want to see: evidence of the variation of terms and conditions (if there is a written contract) payslips before and after the variation […]

Errors on VAT Returns

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If you make an error on a VAT return then you simply adjust for it on the next VAT return, providing the error does not exceed £10,000.   However, if HMRC were undertake a VAT investigation and found the error was caused due to not taking ‘reasonable care’ then they could still charge a penalty. […]

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