Inland Revenue Archives | Taxfile

Taxfile passes HMRC inspection with flying colours!

Mark — Mon, 17 Nov 2014 08:30:55 +0000

HMRC have recently been targeting tax agents who file high volumes of tax returns and, as one of the UK’s top 100 tax return preparers by volume, Taxfile had the honour of having an inspection by HMRC inspectors during late October. The two senior inspectors met all Taxfile staff who prepare tax returns and analysed […]

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Record haul by HMRC in tax avoidance crackdown

Mark — Fri, 11 Jul 2014 15:47:24 +0000

Back in January we reported that HMRC had raised an extra £20.7 billion in additional revenue for the financial year 2012-13 as a result of it’s drive on tax compliance and a massive crackdown on tax avoidance by organisations and individuals alike. Now we can confirm that the financial year 2013-14 figures are in and […]

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The Taxpayers Charter & how it can help you

Mark — Fri, 30 May 2014 11:47:02 +0000

Many ordinary working taxpayers do not even know it exists, but The Taxpayers Charter is there to make sure that HMRC give you a service that is even-handed, accurate and based on mutual trust and respect. HMRC also want to make it as easy as possible for you to get things right. The Charter is […]

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HMRC’s ‘Direct Recovery’ of owed tax – straight from your bank account!

Mark — Thu, 15 May 2014 10:50:46 +0000

Part of the Chancellor’s recent Budget included plans to recover tax owed to the Treasury direct from the debtor’s bank account — all done directly and without a Court Order being necessary. This has been criticised widely but HMRC says that only 17,000 people in the UK per year would fall into this potential scenario […]

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It’s official: thousands are on the wrong tax code!

Mark — Thu, 30 Jan 2014 14:10:19 +0000

With the tax return deadline being only hours away (midnight 31 January 2014) there is still time to get professional help if you need it – particularly because HMRC often get it wrong according to new research by UHY Hacker Young. In just one example, HMRC sent a tax bill to a pensioner which demanded […]

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HMRC’s fight against tax avoidance is bearing fruit

Mark — Wed, 15 Jan 2014 14:04:09 +0000

HMRC has reported that it raised an extra £20.7 billion in additional revenue during the financial year 2012-13, a result of its continued push on tax compliance and anti-avoidance measures. That’s an increase of £2.1 billion on the preceding year and is actually £2 billion above its original target. This information comes hot on the […]

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Assets hidden offshore? Not for long!

Mark — Sun, 17 Nov 2013 17:33:00 +0000

Financial information sharing now reaches the Cayman Islands, Isle of Man, Jersey and Guernsey. On November 5th, Her Majesty’s Revenue & Customs (‘HMRC’) announced that the Cayman Islands had joined the ever-growing list of offshore territories which will now automatically share financial information with them in respect to UK taxpayers who may have accounts there. […]

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HMRC now has landlords in their sights

Mark — Wed, 23 Oct 2013 14:57:51 +0000

HMRC (Her Majesty’s Revenue & Customs) has announced some new initiatives over the course of the last month and one of these is The Let Property campaign which is a campaign designed to recover undeclared tax from those receiving income from residential property lets. The idea is to encourage those landlords with under-declared income or […]

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HMRC now see payments you receive via credit card!

Mark — Tue, 10 Sep 2013 15:29:53 +0000

On September 1st 2013 new legislation kicked in which allows HMRC automatic access to data showing payments made to businesses via credit card, going back as long as 4 years. HMRC will receive this information direct from the companies who process credit card payments on behalf of businesses (‘merchant acquirers’). No personal data identifying the […]

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What is equitable liability?

Taxfile — Mon, 24 Mar 2008 10:58:00 +0000

Information about equitable liability was published in the Revenue’s Tax Bulletin in August 1995. Most people keep their tax affairs up to date and pay their tax in time time. However, where a taxpayer has not submitted his or her return, HM Revenue & Customs can determine the taxpayer’s likely tax liability so that the […]

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