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BEWARE! HMRC-related Phishing Emails

Please be aware that HMRC will never send notifications by email for tax rebates, refunds, or personal or payment information.

Burgess Hodgson would like to make you aware that a large amount of HMRC related phishing or bogus emails are being sent at the moment. These are increasingly sophisticated/realistic and are obviously timed to coincide with the paper statements HMRC are currently sending out in the post.

If you receive one of these fraudulent emails DO NOT open any attachments or links within the email, as they may contain malicious software or direct you to a bogus website, and do not respond. You can notify HMRC by forwarding the message to: phishing@hmrc.gsi.gov.uk. We recommend you delete the email once forwarded.

If you have any queries about your tax payments, please contact us and we will be happy to assist you.

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Supreme Court dismisses appeal against removal of CIS Gross Payment Status

A recent Supreme Court case (JP Whitter (Water Well Engineers) Ltd v HMRC) has upheld the right of HMRC to remove Gross Payment Status from sub-contractors under the CIS scheme.

Gross Payment Status allows sub-contractors to be paid without the deduction of tax – which can give a significant cash flow benefit. The rules regarding mean that Gross Payment Status is only available to sub-contractors with good tax compliance records – and can be withdrawn if compliance failures arise in future.

The recent case involved Gross Payment Status being withdrawn due to late payments of PAYE. The case eventually reached the Supreme Court where the judgement supported the right of HMRC to withdraw Gross Payment Status.

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HMRC update guidance for Community Amateur Sports Clubs (CSAC’s)

HMRC have re-issued guidance on Community Amateur Sports Clubs. The status has been available since 2002 but the HMRC guidance has been re-issued to clarify some issues around travel costs paid to players.

To qualify clubs have to meet various conditions – particularly in respect of the club being open for all to join. If clubs do qualify then the clubs can obtain tax reliefs broadly similar to those offered to registered charities – including the ability to receive donations under the Gift Aid scheme.

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Financial Reporting Council issues critical report on audit quality of ‘Big 4’ firms

The accountancy regulator has issued a critical report on the quality of audits conducted by the ‘Big 4’ accountancy firms. The FRS found audit quality had declined across the 2016/17 period. The fall in quality is attributed due to a number of factors, including a failure to challenge management and show appropriate scepticism across their audits, poorer results for audits of banks.

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HMRC publish Fraud & Error Statistics for Tax Credits

HMRC have published statistics relating to the level of fraud and error in the Tax Credit system for 2016/17. Figures suggest that 4.9% of total entitlement is lost to fraud and error in favour of the claimants – estimated to equate to £1.32 bn. This is reduced from around 9% of the total in 2007/2008.

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HMRC Consultation on self-funded training costs closes

HMRC is considering relaxing rules regarding the tax relief on self-funded training. The current tax rules are very restrictive as to when tax relief is available for self-funded training. For the employed tax relief is only generally available where the training is a contractual requirement. For the self employed tax relief is available for enhancing additional skills but not developing new ones.

The early stage plan is for new legislation to be introduced to broaden and equalise the tax relief available for self-funded training costs.

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HMRC Consultation on CGT payments on account for residential property closes

The current system is that capital gains tax (CGT) is payable on residential property in line with normal income tax payment dates. This can mean that any CGT due is paid up to 21 months from the date of the transaction. From 2020 #HMRC propose to collect a payment on account of the CGT within 30 days of the transaction.

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HMRC estimate ‘Tax Gap’ to be £33 billion for 2016/17

  • ‘Tax Gap’ is the difference between what HMRC thinks the total tax collected should be and what is actually collected

  • Up from £32bn in 2015/16

  • The expected tax collection is calculated based on estimated levels of economic activity

  • Tax Gap due to criminal activity, tax evasion and errors.

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World Cup 2018 and Employee Productivity

Watching the #WorldCup at work can boost productivity and morale. Have you organised a screening for monday’s England match?

Learn more about the Burgess Hodgson community:

www.burgesshodgson.co.uk/about-us/community/

#ENG
#BHFC
#BurgessHodgsonheretohelp
#FIFA

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Sick leave and the World Cup 2018

While we all want to relish in the excitement of an England match, it’s still important to maintain productivity at work! Read more from #ACAS to find out how to deal with #WorldCup sickness leave. Click here to find out more from ACAS

#BurgessHodgsonheretohelp #FIFA

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