HMRC withdraws ‘little used’ IR35 business tests

HMRC is to withdraw the business entity tests (BETs) intended to help taxpayers assess whether they might be caught by the IR35 legislation, after a review conducted by the IR35 Forum found that the tests were used “very little” and were not fulfilling their intended purpose

Newsletter 85

Headlines from our latest newsletter.  Please click on any of the links below for more information :

MIS-SOLD INTEREST RATE HEDGING PRODUCTS

Following a review of the way some banks sold Interest Rate Hedging Products (IRHP), some businesses are entitled to redress payments. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#MIS-SOLD

GIFT AID AND FREE ADMISSION

HMRC have updated their guidance for charities to explain that the terms and conditions attached to a donation that gives a right of admission to property cannot include a right to a full or partial refund of the admission payment. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#GIFT

UK BROADBAND VOUCHER SCHEME OVERHAULED

Businesses are being urged to take advantage of a scheme to get faster, cheaper broadband. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#UK

LATEST FAKE ‘HMRC’ PHISHING SCAM

We are aware that there is a new bogus email which is phishing scam aimed at taxpayers. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#LATEST

DEADLINE FOR ‘PAPER’ SELF ASSESSMENT TAX RETURNS

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2013/14 return is 31 October 2014. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#DEADLINE

LATEST LABOUR MARKET EMPLOYMENT FIGURES

The Office for National Statistics has announced that the latest statistics, based on the period May to July 2014, show that employment continued to rise and unemployment continued to fall. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#LABOUR

HMRC Gets it wrong again !

Leaked e-mails from within HMRC allegedly reveal that HMRC have yet again made serious miscalculations of peoples tax liabilities.

Following on from last years fiasco when it admitted that over 5 million people might have been charged incorrectly, attempts at correction have apparently not resolved the issue and notices which advised taxpayers are apparently, and according to HMRC, not demands for tax to be paid!  An HMRC spokesman in admitting the problem has said that it will take 6–8 weeks to resolve the latest issue.  Taxpayers, predominantly those on PAYE who have received refunds have been requested not to cash the cheques!  The leaked e-mail suggests that the miscalculations are due to the changeover to Real Time Information software which businesses now use to calculate payroll.