Tax Champion Blog

CIS: An Update Jul 28, 2014

After an initial 27 year period of content, the Construction Industry Scheme has seen several changes over the last 15 years. Now, HMRC is looking to make another update to the scheme; this time loosening the reigns rather than tightening them. HMRC have proposed a series of changes, some of which are fundamental. Here is a summary:   Softening of compliance test for gross payment status Mandatory online filing (possibly via RTI) Ability to amend CIS returns online No more nil CIS returns Mandatory online verification Improved verification process Up to date online CIS account accessible to subcontractors   The aim of the proposed changes is to make the scheme more efficient without negatively affecting its integrity;......Read More

Penalty Shoot Out Jul 7, 2014

Filing your company tax return late could now incur an escalating penalty based on the size of your business, and increasing monthly until the return is filed and the debt paid. As part of the government’s new penalties system, which will apply to tax returns from the 2013/14 period onwards, businesses who file late tax returns will be fined £100 per 50 employees for each month that the return is outstanding. In addition, due to the implementation of RTI (real-time information) and penalties for late and non-filing, HMRC has changed its approach to late PAYE return penalties. Now, when a late return is received by the Revenue, it will issue a revised penalty notice with the correct amount due. This new process will also affect tax years 2012/13......Read More

Steve Knowles does Funny Business! Jun 19, 2014

On October 23rd 2014, eight men and one woman will take to the stage at Sheffield City Hall to be funny for money. Tax Champion founder and MD, Steve Knowles is one of those people. Funny Business is an annual event run by Weston Park Hospital Cancer Charity, that allows average Joes to get their 15 minutes of fame, all whilst raising money for a very worthy cause. Before being let loose on the stage, the fledgling comedians are put through their paces in a 5 week training course by Sheffield-born policeman turned comic,  Alfie Moore :     So, if you love comedy and hate Cancer, support Steve and his 8 fellow charity comics by joining us at Sheffield City Hall on October......Read More

HMRC outsource overpaid tax credits to debt collectors Jun 19, 2014

Have you been overpaid tax credits? You could soon be visited by private debt collectors, hired by the Revenue to recover money paid into people’s accounts in error. According to an investigation by  False Economy , HMRC has hired twelve third party debt collectors to call, text and write to millions of UK taxpayers who have been overpaid tax credits. It is believed that in some cases they have even visited recipients at home. There are reportedly around 4.7 million outstanding cases of tax credit overpayments. The government is hoping to recoup the £1.6billion of overpayments and bring down the benefits bill. Many of the effected have been overpaid through no fault of their own, and cannot afford to give back the total amount owed immediately. In......Read More

Small Business Rate Relief: What you need to know Jun 19, 2014

Small Business Rate Relief has been extended until 31 st March 2015, allowing businesses with only one property with a rateable value of less than £12,000 to receive a discount. Rate relief began on 1 st October 2010 and was due to end on 31 st March 2014, however the government has acknowledged the fact that UK small business need support and has extended the discount scheme by one year. Now, until 31 st March 2015, properties with a rateable value of £6,000 or less will get 100% relief, meaning they will pay no business rates. The rate of relief gradually decreases from 100% to 0% on a sliding scale for properties with a rateable value between £6,001 and £12,000. To find out how your rate is worked out,......Read More

Take That Tax Evasion! May 14, 2014

Gary Barlow could be in danger of losing his OBE, according to  the guardian , after a partnership that he and his fellow Take That band members invested in was deemed to be a tax avoidance scheme. The pop star and X Factor judge could be asked to pay millions of pounds in tax as a result of the ruling by Judge Colin Bishopp, after investing at least £26 million along with bandmates Howard Donald and Mark Owen, and manager Jonathan Wild in a scheme run by Icebreaker Management, back in 2012. 51 partnerships managed by the company were found to be tax avoidance schemes masquerading as “music-industry investment schemes”. Tax avoidance is not always illegal, it is even encouraged by the Revenue to pay as little tax......Read More

HMRC's New Powers are not Limitless May 14, 2014

According to the UK tax authority, in  an article by the BBC  “an estimated 17,000 people a year will have their accounts raided for unpaid tax under new rules”. You may remember Osborne making reference in the Budget to new powers allowing HMRC to recover tax debts from the accounts of anyone owing more than £1,000, either in tax or as a result of tax credit overpayments. Well, the Revenue has recently revealed the limits to their new found powers, which are: HMRC must only target those who have long-term debts and have received at least four demands for payment It must ensure that at least £5,000 is left in total across all debtor’s accounts, including savings, building societies, and even ISAs The funds must......Read More

Budget 2014 Mar 21, 2014

Were you on Budget Watch on Wednesday? What did you think of Osborne’s announcements? Here is our breakdown of the Budget 2014: Growth Forecast Economy expected to grow by 2.7% in 2014, higher than December forecast of 2.4% 2015 growth forecast to be 2.3%, 2.6% in 2016 and 2017   Welfare Cap Set at £119bn in 2015-16, rising to £127bn in 2018-19   Tax Avoidance 15% stamp duty on properties worth £500,000+ bought by corporations Increase in HMRC’s budget for tax avoidance prevention New “guilty until proven innocent” approach   Business £7bn cut from energy bills for manufacturers No employee NI for under 21s Increased investment allowance......Read More

Auto Enrolment - The Facts Mar 18, 2014

If your employer hasn’t adopted auto-enrolment yet, chances are, they soon will. On April 1 st  2014, all businesses with 160 or more employees will have to offer a workplace pension, and all staff  must  be auto-enrolled. From April 2017, it will become compulsory for  all  businesses with employees, no matter how few, to enrol them in a workplace pension scheme, whether they like it or not. To find out the staging date for your business, grab your PAYE reference and  go here . As an employee, you can choose to opt-out, but your employer will be legally required to enrol you on a scheme – if you do not wish to participate in the scheme your employer will have to un-enrol you the following month and refund......Read More

Budget 2014: Predictions Mar 18, 2014

It’s that time of year again. That’s right, the Budget will be announced tomorrow, and we’ve got a few predictions to share with you.   Energy Bills The price of non-renewable fuels could come under the microscope again this year, with the manufacturing industry body, EEF , requesting a reduction in the carbon price floor, or the carbon tax.   Tax While it’s possible that income tax and National Insurance (NI) may eventually be combined into one single ‘earnings tax’, in the meantime Osborne could raise the threshold to lower the amount of NI paid by low earners. From 6 th April 2014, the income tax threshold is due to increase to £10,000, however, employee NICs begin to be charged at 12% on earnings......Read More

Employers' Allowance - 1 Month To Go Mar 7, 2014

  On April 6 th every business in the UK will be able to claim a refund of £2000 per year for their employer National Insurance contributions (NICs). From next year, around 450,000 small businesses which employ up to four adults or ten 18-20 year olds full time on the National Minimum Wage, or one person on up to £22k a year, will no longer be required to pay a penny in NICs.  In total, the Employment Allowance will benefit approximately 1.25m employers, including businesses, charities and community amateur sports clubs. A list of the excluded employers can be seen here . Employers can claim the cashback using their normal payroll software, and depending on the specific software package, it could be as simple as ticking a......Read More

The Dentist, the Revenue & the P35 Mar 3, 2014

Recently, another story came to light that further proves HMRC can’t be trusted to give reliable advice. A Dentist has lost his appeal against HMRC at  First Tier Tribunal , after being charged £500 for the late submission of a P35 for the 2010/11 period.  Mr Heslop retired from his dental practice in September 2010, and having settled his PAYE liabilities, phoned HMRC to make sure nothing else was required of him. He was told that he had provided everything they needed and nothing more was required. In September 2011, he was informed that he must file a P35 for the 2010/11 period, which he did, and was duly charged a £500 penalty for late submission. In the circumstances, he believed he stood a good chance if he appealed......Read More

Scammers Con Taxpayers with Fake Tax Return Site Mar 3, 2014

Were you one of the unlucky victims of a scam that conned thousands of innocent people as they tried to complete their tax returns last week? A site which almost exactly replicates the official HMRC website for filing tax returns has been set up by three men from the North East, who insist that the scheme is completely legal and merely takes advantage of loopholes in the law. The men, who are all university educated in business, set up a network of websites that copy the exact layout, colours, font, and even text from genuine government sites, to trick honest, hard working men and women into paying hundreds of pounds for services that are usually provided free of charge. Only a few short sentences in the website’s small print......Read More

Tax Relief for Flood Affected Businesses Mar 3, 2014

HMRC and the government have announced a series of measures to help those affected by the recent floods, with the worst affected area experiencing extreme weather conditions, flooding, power cuts and a limited or non-existent rail service. Businesses affected by the bad weather can apply to their local authority for three months’ worth of business rate relief, and those who take advantage of Time To Pay could have their arrangements extended for up to three months for VAT, PAYE and CT. A £10m fund for farmers has been announced to restore agricultural land affected by the flooding. A £5k repair and renew grant will be available for homeowners and businesses with flood damage to help pay for repairs. Major Banks have pledged £750m for customers who have been......Read More

Page 1 of 4  > >>

Tax & VAT

Tax & VAT Enquiries/Checks

What to do when

What to do when
HMRC visits

How to deal with HMRC enquiry

How to deal with
HMRC enquiry

Tax & VAT Advice

Tax & VAT Advice

Tax Papers

Tax Papers

Penalty Advice

Penalty Advice

Fee Protection

Fee Protection

Recent Tax Testimonial

Siobhan* was a driving instructor who had turnover of £25,000.00 per year and did her own tax return. HMRC thought that she should be achieving more than she had shown on her tax return and opened up an enquiry into...

[Read More...]

Recent Tax Testimonial

John had a problem with his VAT registration which HMRC were trying to cancel. He owned a recycling business which had turnover of £200,000.00 every month. John had charged VAT on his sales, and wanted to claim back the VAT...

[Read More...]

Request Callback

Your Name

Your Number

Copyright Tax Champion Limited. Created by Website Design Sheffield. Hosted by Squirrel Hosting