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13 June 2016
HMRC doubles down on evasion
Serious tax evasion cases have jumped 8% this year as the tax authority faces pressure to crack down. The 8% rise represents an extra crop of 3,000 cases referred for specialist investigation.
HMRC bank changes leaves millions unpaid
VAT and corporation tax payments worth tens of millions of pounds have bounced after HMRC changed its bank details without informing a number of companies.
The changes to HMRC’s bank details took place in February this year when the Revenue moved its account to Barclays
VAT flat rate scheme advantages restricted
The flat rate scheme (FRS) is used by numerous small businesses to simplify their VAT reporting. Lots of those businesses also gain a cash advantaged from using the scheme, but this advantage is due to be cut back significantly from 1 April 2017. The FRS will continue but many businesses will not find it economical to use.
Businesses who are trading under the VAT threshold of £83,000 may want to deregister from VAT with effect from 1 April 2017. Businesses who are trading over that threshold may need to withdraw from the FRS from the same date.