HMRC – keeping you updated | Glasgow Chamber of Commerce
HMRC Logo
Share the news...

HMRC – keeping you updated

What's new?

If you didn’t file your Self Assessment tax return on time and think you may have a reasonable excuse, watch this new YouTube video to find out what to do next.

This is just one of many help & support videos available, please subscribe for more information from HMRC.

Have you declared all your business income?

The Card Transaction Programme is an opportunity for businesses who haven’t declared all their income to HMRC to bring their tax affairs up to date.

You need to declare all income, irrespective of whether you receive the money by credit card, debit card or cash payments.

If you have not registered with HMRC or have failed to declare all income, you’ll need to tell HMRC about the income you haven’t declared by making a voluntary disclosure. To find out more about the Card Transaction Programme click here.

Fulfilment House Due Diligence Scheme

From 1 April 2018, the Fulfilment House Due Diligence Scheme will open for online applications.

Businesses in the United Kingdom that store any goods imported from outside the European Union (EU) owned by, or on behalf of, someone established outside the EU, will need to apply for approval by HMRC if those goods are offered for sale.

Businesses that only store or fulfil goods that they own, or that are imported from within the EU, are not required to register.

Read more

National Minimum Wage and National Living Wage

The Government is increasing the National Minimum and National Living Wage rates on 1 April.

This includes the largest increases in a decade for the rates that apply to 18-20 and 21-24 year olds.

As the minimum wage increases more employers than ever will be directly affected, including those who currently pay above the minimum.

You and your members can view the new rates here and see if any changes need to be made

Let Property - help for landlords

Do you have income from property? HMRC have revised their income from property webinar and case studies, in order to make it even easier for landlords to find help and support. The webinar has been broken down into shorter, easy-to-follow sections. The case studies cover different scenarios, helping you to get your tax right when you become a landlord.

Read more

Update Note: Digitalisation of the VAT Retail Export Scheme (RES)

Following meetings with stakeholders, we recognised that the RES industry wanted clarification of whether there are likely to be any changes to HMRC’s policy and the essential scheme requirements when the process is digitalised.

We can confirm that:

  • the general principles set out in current VAT law and in policy (as outlined in VAT Notice 704) are not expected to change significantly
  • the digital system will still require the traveller’s details to be recorded and the eligibility of the traveller to be verified
  • the digital VAT407 claim form will still require a customs endorsement - albeit electronically applied
  • any changes to law or policy will focus on enabling the digital process.

Any questions can be sent directly to the project team mailbox -

resconsultation.idt@hmrc.gsi.gov.uk

Our Partners

© Copyright 2017 Glasgow Chamber of Commerce. All Rights Reserved.
Glasgow Chamber of Commerce is British Chamber of Commerce Accredited.
Website by Beam Digital and Design. SEO by Boyd Digital