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HMRC collects record £133 billion in VAT December 4, 2019

Data published by HMRC has revealed that the Revenue collected a record £133 billion in VAT during the 2018/19 tax year. HMRC revealed that total VAT receipts increased by 5.3% in 2018/19 when compared to the previous financial year. According to the data, incorporated businesses accounted for the largest share of the VAT population and
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Research reveals UK firms spent £25 billion on R&D in 2018 December 4, 2019

Research published by the Office for National Statistics (ONS) has revealed that UK businesses spent £25 billion on Research and Development (R&D) in 2018. The ONS data found that total R&D expenditure increased from £23.7 billion in 2017 to £25 billion in 2018. The aviation industry saw the largest increase in R&D expenditure at a
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Off-payroll changes to be reviewed December 4, 2019

The expansion of the off-payroll rules into the private sector will be reviewed, says Chancellor Sajid Javid. In 2017, HMRC introduced new off-payroll rules to the public sector, which saw some contractors’ net income cut significantly. HMRC also shifted the responsibility for compliance from the individual contractor to a public body or recruitment agency. From
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Politicians pledge to take action on late payments November 28, 2019

The Liberal Democrats and the Labour Party have both pledged to take action to combat late payments that damage small and medium-sized enterprises (SMEs). The Liberal Democrats published their election manifesto on 20 November, which includes a specific promise to tackle the problem. According to the Liberal Democrats’ manifesto, they will ‘require all government agencies
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HMRC issues self assessment scam warning November 28, 2019

Over the past year, HMRC has received almost 900,000 reports from the public about suspicious communication from criminals masquerading as the tax authority. It said more than 100,000 of the reports were about phone scams, in addition to 620,000 about bogus tax rebates. HMRC is warning taxpayers to be aware of the risks that fraud
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