Newsletter...
February 2019 Newsletter
In this month’s Enews we consider the unbelievable excuses taxpayers make for not filing their self assessment returns on time, consider advice from the Insolvency Service on protecting your pension pot and the latest post-Brexit Customs guidance. With the Making Tax Digital pilot now open to all eligible businesses there are lots of issues to update you on.
- Businesses urged to prepare for post-Brexit Customs Declarations
HMRC is urging VAT-registered UK businesses which trade exclusively with the EU to be prepared for a no deal Brexit.
In a letter sent to 145,000 affected businesses, HMRC explains changes to Customs, Excise and VAT procedures in the ‘unlikely event’ that the UK leaves the EU without a Brexit deal........read more
- MTD for VAT – pilot extended to all eligible businesses
HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October 2019........read more
- HMRC’s Voice ID database
Since 2017, HMRC has captured millions of callers’ voice data on its Voice ID system by encouraging the caller to say a key phrase instead of the conventional password to gain access to their accounts.........read more
- Spring Statement date announced
The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement on Wednesday 13 March 2019........read more
- ‘Unbelievable excuses’ for late filing of tax returns
HMRC has revealed some of the most ‘bizarre excuses’ taxpayers have given for failing to file their self assessment tax return on time. Excuses included ‘I’m too short to reach the post box’, and ‘my boiler had broken and my fingers were too cold to type’. One taxpayer claimed that a junior member of staff ‘forgot to wear their glasses’.......read more
- Protect your pension pots
The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees'. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes.......read more
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