News

It’s important to be up-to-date, HMRC is constantly evolving.

We continuously research and update our knowledge. As part of that, we share our insights and findings. Read our news articles; we hope you will find useful information.

If you have any questions or enquires, please don’t hesitate to get in touch.

Latest News

HMRC warning: time to declare offshore assets

HMRC warning: time to declare offshore assets

HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on...

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Making Tax Digital for VAT

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable...

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No Deal Brexit & VAT

No Deal Brexit & VAT

VAT for businesses if there’s no Brexit deal The Government has confirmed that in a no deal scenario, the UK will continue to have a VAT system that will largely mirror the existing procedure. The technical guidance published on 23 August 2018 outlines some VAT...

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GDPR compliance deadline looms

GDPR compliance deadline looms

With less than one month until the introduction of the new General Data Protection Regulation (GDPR), the Federation of Small Businesses (FSB) is warning small and medium-sized enterprises (SMEs) that time is running out for them to prepare. The business group stated...

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Making Tax Digital (MTD)

Making Tax Digital (MTD)

Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a...

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Minimum Wage Increases

Minimum Wage Increases

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on...

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Xitax Accounting Solutions

Preparation of sole traders, limited companies, partnership accounts, personal tax, corporation tax, management accounts and VAT returns.
Xitax Accounting Solutions
Xitax Accounting Solutions6 days ago
Credit Rating for Companies
For good credit rating, always file company accounts and confirmation statement on time. Late filing is the biggest contributor to decreased credit scores.
Xitax Accounting Solutions
Xitax Accounting Solutions6 days ago
Gift Aid Donation
If you pay tax at the higher or additional rate, you can claim the difference between the rate you pay and basic rate on your donation. You can do this either through your Self Assessment tax return or by asking HMRC to amend your tax code.

For example you donate £800 to a charity - they claim Gift Aid to make your donation £1000. You pay 40% tax so you can personally claim back £200.
Xitax Accounting Solutions
Xitax Accounting Solutions6 days ago
HMRC latest guidance for employers

HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on:

Reporting your payroll information accurately and on time

Irregular payments and completion of Full Payment Submissions

Starter Declaration on a Full Payment Submission (FPS)

PAYE Settlement Agreements and Scottish Income Tax

National Living Wage and National Minimum Wage – are you paying the correct rate?

Advisory Electricity Rate for fully electric company cars
Welsh Rates of Income Tax

Construction Industry Scheme (CIS) webinars

Postgraduate Loans

Benefits and Expenses: Company cars

Tax avoidance loan schemes – settle now

Completing an EYU in respect of Employee’s National Insurance Contributions

Employment Income: Draft Legislation

Deadline for post 16 Child Benefit looms.

For help with payroll matters, please contact us.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/734650/Employer_bulletin_August_2018.pdf
Xitax Accounting Solutions
Xitax Accounting Solutions1 week ago
HMRC late payment and repayment interest rates:

Late payment interest rate - 3.25% from 21 August 2018

Repayment interest rate - 0.5% from 29 September 2009
Xitax Accounting Solutions
Xitax Accounting Solutions1 week ago
From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the CRS.

It is expected that the CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received.

Taxpayers can correct their tax liabilities by:

Using HMRC’s digital disclosure service as part of the Worldwide Disclosure Facility or any other service provided by HMRC as a means of correcting tax non-compliance.
Telling an officer of HMRC in the course of an enquiry into your affairs.
Or any other method agreed with HMRC.
Once a taxpayer has notified HMRC of their intention to make a declaration, by the deadline of 30 September, they will then have 90 days to make the full disclosure and pay any tax owed. To ensure there is an incentive for taxpayers to correct any offshore tax non-compliance on or before 30 September 2018 there are increased penalties for any failures to correct by that date.

If taxpayers are confident that their tax affairs are in order, then they do not need to worry. However if you are unsure, please contact us.
Xitax Accounting Solutions
Xitax Accounting Solutions2 weeks ago
From 1 October 2018, the minimum penalty on unpaid tax relating to overseas assets will be 100% of the tax owed and could be much higher depending on circumstances.

HMRC are now receiving new information about offshore accounts, trusts and investments from jurisdictions around the world under the new Common Reporting Standards. More than 100 jurisdictions have signed up to exchange such information.

If you are UK resident and domiciled, no matter where your money and assets are, you must pay UK tax on all your worldwide income and capital gains. Typically overseas income includes interest from overseas bank or building society accounts, dividends and interest from overseas companies, rental income from overseas properties, wages and benefits etc.

On your death, your overseas assets will form part of your estate for inheritance tax.

Contact me to make a voluntary disclosure (under Worldwide Disclosure Facility) and put your tax affairs right.

XiTAX Accounting Solutions LimitedFeel free to get in touch

Email: info@xitax.co.uk
Phone: +44 (0)75 2583 1590

Address: Xitax Accounting Solutions, Pera Business Park, Nottingham Road, Melton Mowbray, Leicestershire LE13 0PB

Our certificates and accreditations:

Association of Chartered Certified AccountantsAssociation of Accounting TechniciansXero Bronze Partner

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