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HMRC publishes new IR35 guidance

New guidance has been published on the HMRC website, covering changes to the off-payroll working rules known as IR35 which will come into effect next year.

From 6 April 2020, medium and large-sized businesses will be responsible for deciding the employment status of workers they enter a contract with.

For every contract a business agrees with an agency or worker, it must...

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HMRC steps up Brexit preparations

HMRC has started automatically issuing businesses with identification numbers for its customs system, to allow them to trade with the EU after Brexit.

Economic Operator Registration and Identification (EORI) numbers enable businesses to be identified by customs authorities when trading.

If a business doesn't have one, it will not be able to continue trading with EU member states...

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120k firms miss MTD for VAT deadline

More than 120,000 VAT-registered businesses in the UK missed the August deadline to file returns through Making Tax Digital (MTD).

HMRC confirmed that around 116,000 businesses with quarterly obligations and 5,000 firms that file monthly returns did not sign up in time.

Most VAT-registered businesses with annual taxable turnover of more than £85,000 have to keep digital records...

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Tax investigations net HMRC £13.14bn

HMRC's tax investigations reclaimed just under £13.14 billion in 2018/19, according to its annual report and accounts.

The Revenue's actual compliance yield stood at £13.138bn last year, an increase of £2.7bn on the previous year's figure of £10.3bn.

Overall, HMRC fetched a record total of £627.9bn in taxes and duties on behalf of the Treasury in 2018/19 - up 3.6% year-on-year....

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Javid rules out stamp duty shift

Chancellor Sajid Javid has rubbished reports he is planning a stamp duty overhaul in his first Budget this autumn.

House buyers in England and Northern Ireland currently pay stamp duty land tax at various percentages on property purchases that cost more than £125,000.

Media reports suggested that the Treasury was exploring radical options to shift the burden of paying the...

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