HMRC resource shortage spreads to self-assessment
HMRC has announced that the general self-assessment helpline will be closed to taxpayers for several months. When will it reopen, and what should you do in the meantime?
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Accounting for VAT if there is no cash payment
Your business has submitted repayment returns for the last two quarters and you are concerned that you might have underpaid output tax on some supplies where no money has changed hands. Are your concerns justified?
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Treatment of distributions under review
The government has launched a consultation on modernising the tax treatment of distributions and repayments of capital by companies. The proposals could affect the distinction between dividends taxed as income and capital payments subject to CGT. What changes are being considered?
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Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
HMRC’s self-assessment helpline (0300 200 3310) will be unavailable from 12 June until 4 September 2023. The agent dedicated line has previously been restricted (though the service resumed on 5 June), and the VAT registration helpline was also closed recently in an effort to divert staff to help clear backlogs in other areas. This latest move shows just how much pressure HMRC is under in relation to staffing. It should be noted that the summer is typically a quieter time for tax return filing, and the helpline will be open again in time for the traditionally busier autumn and winter months, but it's issued some guidance on where to find help online in the meantime:
- Registration
- Checking if a tax return is needed
- Ordering paper self-assessment forms; and
- Accessing the extra support team.
If you've been issued with a tax return but don’t meet the criteria that require one to be filed, you (or your authorised agent) need to formally request that it be withdrawn. This can’t be done online via the personal tax account, so you will either need to write a letter or use the HMRC webchat service.
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