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ICAEW slams HMRC for IR35 failings

In a letter to the Financial Secretary to the Treasury, the ICAEW stated that HMRC’s check employment status tool (CEST) was not suitable for use in the private sector. This follows up an admission from HMRC that it has no detailed proof to demonstrate that the tool is accurate following a series of Freedom of Information (FOI) requests as part of…

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Interest Rate Cut: Reaction

The Bank of England has cut interest rates for the first time in 7 years. Reacting to the UK’s decision to leave the EU, the Bank announced a range of measures: official interest rates have been cut to 0.25% extending the quantitative easing programme by a further £60 billion (bringing a total of £435 billion) £10 billion in corporate bonds…

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What HMRC’s latest raid means for contractors

If you’ve used an offshore trust before, you may be considering alternatives after hearing about the most recent raids by HMRC. Raids on offshore trusts will affect a large number of people, causing growing concern that hits a multitude of people, however, those most concerned by the raid will most definitely be those exposed by it. To the unaffected, those…

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Corporation Tax forms move online

HMRC will stop providing some paper forms for corporation tax as part of its move towards digital tax accounts to make things easier for you. The changes to business tax accounts will come into effect from 15 August 2016. HMRC wants to be able to provide electronic forms accessible via a computer, and in preparation has reviewed the corporation tax…

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Taxman pays out £1.9m for causing firm to fail

The taxman has paid almost £2M in compensation after an “unjustified” demand was issued to a company, causing its collapse. HMRC said it later withdrew the tax demand which resulted in a liquidation order, but by then it was too late. It wasn’t until the company was “wound up” that it was realised by officials that the order was not…

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