Payment on account letters delayed
Letters normally issued at the end of July advising self assessment taxpayers of the amount due have been delayed by a month due to increased demand.
Tax credits – one week left to claim
HMRC has issued a reminder that the deadline for renewing tax credit claims is the 31 July and that failure to renew by that date will result in payments being stopped.
Cutting down on financial reporting
The Institute of Chartered Accountants of Scotland has called for financial statements to be cut by at least 30%.
Finance Bill receives Royal Assent
The Finance Bill received Royal Assent on 19 July. It contains the provisions brought in during the 2011 Budget including a change in lifetime allowances for pensions.
The Chartered Institute of taxation has welcomed a consultation on tax evasion – noting that anyone who is uncertain about their tax position should get professional help.
Caution over HMRC cost savings
The National Audit Office (NAO) has raised concerns over HMRC’s plans to save costs lead by IT and staff changes.