HMRC phases in new IT system
The current VAT mainframe computer will be decommissioned next year. HMRC is preparing for this by moving businesses to a new IT system over the next few months. Why might this mean problems with payments?
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Deadline to pay Class 1B NI
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Company owners' personal tax affairs under scrutiny
Company owners are being urged to check their personal tax affairs as a new compliance campaign focuses on transactions between limited companies and the people who control them. Loans, personal expenses and the use of company assets are among the areas attracting attention. Could you have overlooked a tax liability?
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HMRC speeds up National Insurance refunds
HMRC has confirmed that it is using a new automated process to speed up National Insurance refunds. Where its records suggest that someone may have overpaid, HMRC will write to them asking them to check their employment and contribution details before any refund is processed. Could you be due money back?
HMRC intends to start moving taxpayer accounts to a new IT system in July 2021 and hopes to finish by September 2021. This change will affect:
- VAT-registered businesses that are not signed up to Making Tax Digital, i.e. mainly voluntary registrations; and
- businesses that pay their VAT bills by direct debit.
To comply with banking regulations, HMRC has to inform businesses that pay by direct debit of the amount and payment date before the payment is taken. Due to the short timeframe between the return due date and the payment date, HMRC says it will only be able to do this by email following the change. If a business has no email on record, the direct debit will be cancelled, meaning the business is at risk of paying late. It is therefore worth logging into the business tax account now to ensure there is an email address on record.
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