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Are you missing out on tax credits?

by mike tombs
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There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled.   According to a recent announcement by HMRC, many parents do not realise that they need to deduct any statutory parental pay from their salary when renewing tax credits.   In more detail, HMRC advise:   Thousands of parents could be at risk of missing out on hundreds of pounds from [...]

Don’t fall for spoof “taxman” emails

by mike tombs
in news
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New figures show that HM Revenue and Customs (HMRC) requested a record 20,750 malicious sites to be taken down in the past 12 months, an increase of 29% on the previous year. Despite a record number of malicious sites being removed, HMRC is warning the public to stay alert as millions of taxpayers remain at risk of losing substantial amounts of money to online crooks. The warning comes as Scam Awareness month, run by Citizens Advice, draws to a close. HMRC has brought in cutting edge technology to tackle cyber-crime and target fraudsters. However, the public needs to be aware and report phishing [...]

Penalties to be points based

by mike tombs
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Drivers face disqualification from driving if they accumulate 12 or more penalty points for driving offences. The resulting ban can last from 4 to possibly 11 years depending on the gravity of the offence.   HMRC seem to think that this point based system is a good idea and they now intend to include draft clauses to the forthcoming Finance Bill that will introduce a points system covering the late filing of tax returns.   In their notes attached to the draft clauses HMRC say:   The government wishes to encourage compliance with regular return submission obligations but does not [...]

Tax security deposits to be extended

by mike tombs
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We have listed below details of a forthcoming change to the taxation of companies that were disclosed in the draft clauses published last week for the forthcoming budget. The change outlined expands the rights of HMRC to demand a security deposit from “at risk” tax payers.   In their draft notes HMRC say:   HMRC can require some businesses to provide a security, in the form of cash or a performance bond, where this is considered necessary to protect the revenue. Securities may be required where a taxpayer has a poor compliance record and in “phoenix” type cases where a [...]