Are you an animal breeder? If so, it’s important to be aware of HMRC’s recent outreach to individuals who may have underpaid tax on income from breeding or selling animals, including dogs and cats. HMRC’s Letter Campaign HMRC is sending letters to individuals they believe may have failed to declare…
HM Revenue and Customs (HMRC) is running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are schemes designed to bend the rules of the…
Government Launches Pilot Program for Bounce Back Loan Scheme. In a bid to tackle potential fraudulent applications under the Bounce Back Loan Scheme (BBLS), the Department for Business (DBT), the Cabinet Office, and HM Revenue & Customs (HMRC) have joined forces to launch a groundbreaking pilot program. This initiative focuses…
Welcome to the March 2023 Tax Update! In this edition we look ahead to the Spring Budget, ‘nudge’ letters from HMRC about R&D claims, penalties for errors in tax submissions, the updated advisory fuel rates for company cars and key dates on the Accounting Horizon. Will the Spring Budget Stimulate…
HMRC has identified and successfully challenged several false claims for Research and Development (R&D) tax credit relief made by purported R&D Consultants. Over the last 12 months Folkes Worton has made over 20 claims for clients ranging between Ā£13.5k and Ā£150k - they have all been accepted by HMRC.
Reports to HMRC of possible furlough fraud have doubled in recent months. The Furlough scheme has protected 11.4 million jobs, costing Ā£57 billion of Chancellor Rishi Sunakās total bailout plan of Ā£352 billion. Reports of potential fraud on this and other COVID support schemes such as the ābounceā backā loan…
From April 2023 a holiday home will only be liable for business rates and potentially qualify for Small Business Rates Relief (SBRR) and that it is actually let as holiday accommodation for a minimum number of days. Homeowners need to have evidence of this starting from April 2022.
With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as Ā£3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to Ā£1,000 profit a year…
With the tax year end only a week away, are you looking for an accountant to deal with your tax returns? In a year unlike any other, if you have been selling items on Ebay or any other platform, HMRC allow a maximum of Ā£1,000 to be earned from what…
Penalties of up to the full amount claimed will be imposed by HMRC on businesses found to have overclaimed any of the support provided by the Government during the current crisis. Investigations into Coronavirus Job Retention Scheme (CJRS), Self-Employed Income Support Scheme (SEISS) and Eat Out to Help Out claims…