HMRC services disrupted by strikes
You may experience difficulty or severe delays contacting HMRC’s helplines over the next few weeks, with several strikes planned. What are the scheduled dates, and how else might you resolve queries?
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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 helplines are already under huge pressure. One of the most common complaints is the long wait times experienced, which can increase costs and eat into time that could be better spent elsewhere in your business. Unfortunately, the next three weeks are set to be significantly worse, as strike action will mean over 400 workers walk out in disputes over pay, job security and pensions. This is likely to affect you if you need to contact HMRC about self-assessment, PAYE, NI, or the construction industry scheme. The strike dates are:
- May – 15, 16, 17, 18, 19, 22, 23, 24, 25, 26, 29, 30, 31
- June – 1, 2
Try to contact HMRC now if you have a genuinely urgent query. Remember that a lot of information can be obtained via your personal tax or business tax account. If you have an accountant or tax advisor, they may be able to help with any technical queries. Otherwise, HMRC has a number of other methods of contact that can help.
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