From time to time, HMRC turns the compliance headlight on a particular business sector. This year restaurants and takeaways come under scrutiny. Staff tips are one high risk area.
Disposing of property? There are important tax changes on the horizon.
High-level fraud, where criminals impersonate HMRC in order to steal from bank accounts, or get access to sensitive personal financial information, has become increasingly common.
There has been a last-minute change to the start date for the VAT domestic reverse charge for building and construction services. This was scheduled to begin on 1 October 2019 and is now delayed until 1 October 2020.
From 6 April 2020, a major shake-up to the off-payroll (IR35) rules is expected. Draft legislation is already published, though changes to the Check Employment Status Tool (CEST) and adaptations to HMRC guidance are still expected.
NHS pensions made news this year, consultants and GPs blaming large tax bills, linked to pension statements, for making some work uneconomic. But why should high-earning power, coupled with pension provision, spell trouble – even for top-earners outside the NHS?
Making Tax Digital for VAT (MTDfV) is up and running. Most VAT-registered businesses with taxable annual turnover above £85,000 will now be signed up to HMRC’s new system to keep digital records and file VAT returns using MTDfV-compliant software. But as the system beds in, there are some key points to remember.
A major change in the way that VAT is accounted for in the building and construction sector takes effect later this year.