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VAT seizures increase
The number of businesses that have had assets seized and sold by HMRC to pay overdue VAT bills has increased, according to Syscap, an independent finance provider. Figures obtained by the firm show that 14 times more businesses were targeted last year than five years ago. In 2012/13, 3,657 businesses had assets seized by the Revenue using powers of distraint, compared with 263 in 2008/09. The taxman raised £95.2m from distraint for VAT last year.
VAT seizures increase
The number of businesses that have had assets seized and sold by HMRC to pay overdue VAT bills has increased, according to Syscap, an independent finance provider. Figures obtained by the firm show that 14 times more businesses were targeted last year than five years ago. In 2012/13, 3,657 businesses had assets seized by the Revenue using powers of distraint, compared with 263 in 2008/09. The taxman raised £95.2m from distraint for VAT last year.
PAYE
HMRC have published steps employers can take to eliminate some of the most common errors when reconciling PAYE.
Disability guide
The Low Incomes Tax Reform Group has launched a website for disabled people who take on a carer or personal assistant. Supported with funding from HMRC, it coincides with a series of workshops being jointly run by LITRG and Disability Rights UK.
ISA bulletin
The latest version of HMRC’s ISA bulletin contains an article on the changes to the ISA guidance notes.
SA returns
HMRC are sending brief versions of all self-assessment notes with tax returns this year. These notes focus on areas most likely to give rise to mistakes and use every-day language and visuals to help.
Stamp duty
From 28 April 2014, the stamp taxes on purchases of securities on recognised growth markets is abolished. Applications for approval of “recognised growth market” status from 28 April 2014 should be submitted to HMRC by the end of March 2014. More information can be found in HMRC’s guidance.
