HMRC issues record £23.8m fine for money laundering breaches! The largest fine ever issued by HMRC to MT Global Limited, a money transfer service for serious breaches in money laundering regulations. Companies are measured on: • risk assessments and associated record-keeping • policies, controls, and procedures • fundamental customer due to diligence measures “Money laundering […]
Are businesses facing cashflow problems because of Brexit? Changes in import VAT are resulting in extra cash flow pressures. Leaving the EU VAT regime means UK businesses will treat EU members as countries outside the EU, as of January 1, 2021. “UK buyers will be required to pay VAT on goods with a value exceeding […]
What does voluntary disclosure mean? Voluntary disclosure is simply the act of letting government services like HMRC know about a mistake or non-compliant activity without being prompted. Examples include a business that has not declared all of its income or a business that’s trading and has not registered with HMRC for one or more taxes. […]
IR35 where are we now? After the government postponed the IR35 changes last year, the off-payroll in the private sector reforms are almost upon us. The focus of decision-making and tax liability moves almost universally away from the contractor and to end clients and recruitment agencies. April 5th 2021 is the implementation date, with Brexit […]
Do you need more time to pay? The self-assessment tax deadline is looming on 31st January, you must submit and pay any tax due. Once you have filed your return HMRC will calculate the tax you owe, as well as the National Insurance contributions you need to pay. The deadline for paying your tax return […]
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