Podcasts about customs hmrc

We break new ground for the podcast today by having two guests from His Majesty's Revenue and Customs (HMRC)! HMRC are the organisation who administer tax in the UK, and a little known fact about them is that they have volunteers who go into schools to deliver HMRC's very own programme of lessons all about tax - Tax Facts!We're very grateful to Amy Healey and Heather Hughes from HMRC who joined us in person and down-the-line from Newcastle to talk about the programme and what's involved. Thanks also to our very own Cameron Stewart, programme leader for PGCE Secondary Maths, who joined us to reflect on what this means for schools here in Wales who'd like to use external organisations to add a new angle to the subject of maths.If you'd like a Tax Facts ambassador to visit, you can email hmrc.taxeducation@hmrc.gov.uk or visit the Tax Facts page on the gov.uk website.We'll be back in two weeks - see you then!------------------------------------Recorded in studio D0.18 on 14th August 2023 (HMRC discussion) and studio B2.15 on 29th September 2023 (Cameron Stewart discussion)

In diesem Video erklärt dir Sebastian, warum Bernie Ecclestone eine Haft erspart blieb, obwohl einen Steuerbetrug in Höhe von 500 Millionen Euro vor Gericht gestand. Bernie Ecclestone, ehemaliger Geschäftsführer der Formel 1, wurde vor kurzem wegen Steuerhinterziehung in Großbritannien verurteilt. Er hatte vor Gericht zugegeben, eine Trust-Struktur in Singapur genutzt und dabei gegen Steuergesetze verstoßen zu haben. Der 91-jährige Ecclestone wurde zu einer bedingten Haftstrafe von 17 Monaten verurteilt. Ecclestone hat außerdem einen zivilrechtlichen Vergleich mit HM Revenue and Customs (HMRC) vereinbart, wonach er rund 750 Millionen Euro an Steuern, Zinsen und Strafen für 18 Steuerjahre zwischen 1994 und 2022 zahlen wird, sagte Staatsanwalt Richard Wright. Ecclestone hatte in Singapur eine Stiftung gegründet, um nicht deklariertes Vermögen im Wert von rund 500 Millionen Euro zu verwalten. Die britischen Behörden werfen ihm vor, dass er durch die Stiftung seine Einkommensteuerpflicht in Großbritannien umgangen hat. Ecclestone hatte die Vorwürfe stets bestritten und betont, dass er sich nichts vorzuwerfen habe - doch dann kam sein spektakuläres Geständnis. Der Fall Ecclestone gilt als einer der größten Steuerhinterziehungsfälle in der Geschichte Großbritanniens und hat für viel Aufsehen gesorgt.

If you thought tax was boring, the latest New Money Review podcast will change your mind.Dan Neidle was a top corporate lawyer for 23 years—ending up as head of tax at London law firm Clifford Chance. But in 2022 he retired to set up a new think tank called Tax Policy Associates. Its aim is to improve UK tax policy and to improve the public understanding of the subject. This nerdish-sounding mission statement gave no indication of the political fireworks Neidle's new venture was shortly to ignite. In July 2022, he accused then-Chancellor Nadim Zahawi of having avoided £4m in capital gains tax a few years earlier. It later emerged that Zahawi was under investigation by his own subordinates in His Majesty's Revenue and Customs (HMRC), as well as being the subject of a separate inquiry the National Crime Agency (NCA).Other campaigners had tried to expose Zahawi in previous years but had been put off by threats of legal action—the UK's infamous ‘strategic lawsuits against public participation' (SLAPPs), which often silence investigative journalists.But when Neidle received similar threats from Zahawi's lawyers he called the UK Chancellor's bluff. He went ahead and published his investigations. Zahawi was forced to back down.In September 2022, incoming UK prime minister Liz Truss replaced Zahawi as Chancellor and gave him another ministerial position. But in January 2023, Rishi Sunak, who had replaced Truss in October, fired Zahawi from the UK government. Citing the tax investigation which Neidle had been instrumental in bringing to light, Sunak said Zahawi had committed ‘a serious breach of the Ministerial Code'.Tax Policy Associates' more recent investigations touch on such sensitive topics as UK inheritance tax, the ‘carried interest' tax exemption enjoyed by private equity firms and the alleged involvement of the family of another Conservative politician, Michelle Mone, in a cover-up relating to government contracts for personal protective equipment (PPE) during the coronavirus pandemic. In the half-hour podcast discussion, I quiz Dan Neidle on a number of tax-related topics, including:Separating the goals of tax policy from the tax rulesWhether the complexity of tax codes aids illicit behaviourWhy the make-up of UK tax revenues has changed remarkably little over timeWhy the Liz Truss tax-cutting experiment went wrongThree ideas to improve UK tax policy (value-added tax, income tax and land tax)PPE contract fraudFailures in the UK's system of corporate transparencyWhy Companies House is a giant fraud robotWhy the UK remains a spectacularly successful venue for money launderingCoordinating the taxation of multinationalsWhy we should encourage the OECD's ‘Pillar 2' project

Common-sense (or folk) psychology holds that (generally) we do what we do for the reasons we have. This common-sense approach is embodied in claims like “I went to the kitchen because I wanted a drink” or “She took a coat because she thought it might rain and she hoped to stay dry”. However, the veracity of these common-sense psychological explanations has been challenged by experimental evidence (primarily from behavioural economics and social psychology) which appears to show that individuals are systematically irrational – that often we do not do what we do because of the reasons we have. Recently, some of the same experimental evidence has also been used to level a somewhat different challenge at the common-sense view, arguing that the overarching aim of reasoning is not to deliver better or more logical decisions for individual reasoners, but to improve group decision making or to protect an individual's sense of self. This paper explores the range of challenges that experimental work has been taken to raise for the common-sense approach and suggests some potential responses. Overall, I argue that the experimental evidence should not (currently) lead us to a rejection of individual rationality. Emma Borg is Professor of Philosophy at the University of Reading and Joint Director of the Reading Centre for Cognition Research. She has held a number of visiting and advisory positions, including the White Distinguished Fellow for Philosophy at the University of Chicago, and sitting on the Executive Committee of the Mind Association. Currently she serves on the Advisory Board of the Leverhulme Trust, and (due to her work in business ethics) as an Independent Advisor to the Professional Standards Committee of Her Majesty's Revenue and Customs (HMRC). In the past, her research has focused on philosophy of language, particularly the semantics-pragmatics interface, but she currently holds a Leverhulme Trust Major Research Fellowship for work exploring our understanding of human action. This podcast is an audio recording of Dr Borg's talk - "In Defence of Individual Rationality" - at the Aristotelian Society on 25th April 2022. This recording was produced by the Backdoor Broadcasting Company.

We get to grips with ‘carbon colonialism' and ‘green washing' accusations surrounding Santos' proposed giant carbon capture and storage (CCS) hub offshore northern Australia in Timorese waters in this week's Energy Voice Out Loud.  Meanwhile rumour has it that Her Majesty's Revenue and Customs (HMRC) has hired Liam Neeson to enforce IR35 contractor rules and hit the oil companies where it hurts.  Allister also walks us through a report that finds new oil and gas licensing is not compatible with the UK's climate commitments and targets set out by the Paris Agreement. This has interesting implications for new fields and the incoming climate checkpoint system in the UK.    About Energy Voice Energy Voice investigates and reports on what matters in global energy, helping sector leaders understand the geopolitical and economic factors underpinning current events, and giving them a view on what's coming over the horizon. Each year, 3.4m professionals use Energy Voice as a trusted source of breaking news and insight. For more information on how you can speak to those professionals across multiple platforms to build your brand and generate actionable business leads, visit energyvoice.com/content-services. For a 30 day free trial subscription to the Energy Voice website and app, visit energyvoice.com/subscriptions.

Ian Wallis, Deputy Director, People, Analytics and Insight for HM Revenue and Customs, talks about his new book and how organizations can use data-driven insights to better serve their HR functions The success of an organization depends on the people who work in it. But while data analytics is becoming central to many business functions, most companies could be doing more to use data-driven insights to enhance their HR departments. This week'sBusiness of Data podcast guest, Ian Wallis, Deputy Director, People Analytics and Insight for the UK's HM Revenue and Customs (HMRC) department, specializes in exactly that. He believes people analytics is a “great, untapped way” to transform organizations and drive better CX through more engaged employees. “Getting the most out of our staff falls into my domain,” Wallis says. “Anything I can do to improve their experience ultimately leads to a difference for our customers.” Helping Staff to Harness the Power of Data Wallis argues that executives don't typically appreciate that HR is at the heart of a business' operations. As a result, people analytics is still an underrated discipline in modern business. “Looking at HR through the employee lens, there's a very direct relationship between good customer experiences and engaged, well-trained employees who are equipped for their roles,” Wallis says. To ensure its staff have the skills they need, Wallis helped HMRC to develop a voluntary information literacy program for its 65,000 employees. The program covers topics including why GDPR matters, how to deliver analytics and what data ownership is. “We're living in an information literacy era and people need to be comfortable using information in their daily tasks,” he quips. “That's a philosophy we're trying to embed.” Ensuring Continuity and Retaining Data Talent After more than 30 years working in data analytics, Wallis recently published Data Strategy: From Definition to Execution, a book sharing his experiences in planning, developing and implementing data strategies. In it, Wallace argues that a key issue when working with in-demand skills is ensuring a sense of continuity as employees come and go. “It becomes important to entrench a level of understanding beyond a few people,” he says. “One of the themes I cover in the book is the importance of building bridges with stakeholders to have a common understanding, and then linking the corporate strategy to the data strategy, so that it's not only enduring but also perfectly aligned.” Considering his own career, Wallis says one of the best ways to retain and develop talent is by creating opportunities for lateral career moves. “I've built a number of analytics and insight teams from scratch,” he says. “Here at HMRC, there are 14 of us that span everything from master data, data governance and data quality, all the way through to touching on data science.” “There are great opportunities to move sideways and broaden your career,” he says. “It makes you a well-rounded employee, allowing you to learn how this broad spectrum comes together.” Key Takeaways Encourage employee growth and career development. Fulfilled employees deliver better customer experiences HR is an underutilized resource. Partnering with HR to roll-out data literacy initiatives can help to drive business transformation efforts Provide opportunities for lateral career movement to retain valuable data and analytics talent

In this episode we discuss Jacky Wright's experience as the Chief Digital and Information Officer of Her Majesty's Revenue and Customs (HMRC), the UK's tax and customs department. She shares how to build a digital organization at scale and how to create an inclusive culture to deliver the best outcomes. Wright has held leadership roles in both the public and private sector and rejoined Microsoft in 2019 as the Chief Digital Officer and Corporate Vice President. Click here for transcript of this episode. Her Majesty's Revenue and Customs (HMRC) Jacky Wright [guest] | LinkedIn | Twitter Olivia Neal [host] | LinkedIn | Twitter Microsoft Public Sector Center of Expertise

The UK economy fell by 9.9% in 2020, yet property prices went up, and the market is still hot! House sales and property prices have surged amid government moves to stimulate the housing market. New data from HM Revenue and Customs (HMRC) showed UK property transactions in March hitting the highest monthly level since modern records began in 2005. The housing market has been almost immune to the Covid crisis as people rethink their lives and where they want to live. Official data also shows average UK house prices rose 8.6% in a year. HMRC figures show that there were 180,690 UK property sales recorded in March, which was more than double the number in March last year and 50% higher than February! Many people are asking if prices will fall in 2021. There are a number of factors which could prevent a fall in prices, one of them being the recent launch of a government-back 95% mortgage guarantee scheme to allow people to buy a property with just 5% down. Another factor is that when governments have pumped billions into the economy asset prices, such as property, have usually risen – as they did after the 2008 financial crisis. The truth is, nobody really knows for sure. Some experts are predicting a new boom. In the long term, property has always gone up in value and there is still a massive shortage of housing in the UK. But what if there was a strategy which enabled you to invest in property without risking your own money and makes money for you whether the market goes up or down? My friend Kevin McDonnell is hosting a complimentary event tonight to show you the benefits and the potential of creating a property portfolio, without putting your own life savings down. In this webinar, you will discover the beauty of No Money Down Investing! Kevin is one of the smartest property investors I know and he can show you how he went from broke and in debt to multi-millionaire in a few short years. Kevin is not worried about a market correction because he will make money in a rising or falling market. His next session is on Thursday 22nd April Why is this strategy right for you? You will leave seeing how invaluable this strategy is, no matter the obstacles that come your way. You will learn how to gain assets with little/none of your own money and how to create the relationships to do so! There is so much that people do not understand about this strategy, that is why the No Money Down webclass will be showing you strategies on how to build and grow your property portfolio - without risking your savings. This strategy is timeless. If this sounds right up your street then join Kevin on Thursday 22nd April at 7pm when he will reveal how to quickly build and maintain a successful property portfolio. Don’t miss out - Claim your spot now! More details - https://bit.ly/3eiiIiA Missed the class? No problem. Just drop me a message charles@charleskelly.net and I'll book you on a future class.

Candid but honest conversation with Former UK SFO prosecutor Lloydette Bai-Marrow on Deferred Prosecution Agreement (DPA) & Non Prosecutorial Agreement (NPA) process with the U.K. SFO, lack of insensitive in the whistleblower program, and of course about Africa.Lloydette Bai-Marrow is a former Principal Investigative Lawyer at the U.K’s Serious Fraud Office (SFO). She specialises in the investigation of top-tier and high profile complex bribery, fraud and corruption cases, involving some of the biggest corporations in the U.K. and globally. Lloydette was the Case Lawyer for the second Deferred Prosecution Agreement ever entered into by the SFO – deeply involved in the drafting and negotiating of the agreement. Her experience includes investigating and helping to bring to court both domestic and foreign entities and individuals, negotiating extradition requests and working with law enforcement agencies and government institutions in other jurisdictions. Lloydette has extensive experience of working within the U.K.’s criminal justice system as a prosecutor and has worked in a number of government departments including the Crown Prosecution Service (CPS), Her Majesty’s Revenue and Customs (HMRC), and the Revenue and Customs Prosecution Office (now part of CPS). She has lectured on various legal topics at the University of London and the Open University. Lloydette has also designed and delivered training to diverse audiences within the public and private sectors. Lloydette earned her B.A. (Hons) in Law with North American Studies from Sussex University in 2004, her Postgraduate Diploma in Law from the College of Law in 2005 and her LLM in Law, Governance and Development from the School of Oriental and African Studies (University of London) in 2009. She is admitted as a Solicitor Advocate in England and Wales. She now runs her own boutique firm PARAMETRICS GLOBAL https://www.parametricglobal.co.uk/about-us

This next episode of the Withers talks: cryptocurrency podcast, ‘Tax considerations for UK crypto investors,' focuses on the current tax landscape and top considerations for crypto investors, day traders and miners in the UK.  In a lively discussion between members of our US and UK tax teams, podcast host Charles Kolstad is joined by Lauren Rapeport, an attorney in our private client and tax team based in Withers' London office, who advises clients invested in cryptocurrencies.In the UK, Her Majesty's Revenue and Customs (HMRC) have tried to bring crypto assets into the existing tax framework.  So what does that mean for crypto investors?  Are hardforks and airdrops taxable events?  What are the reporting requirements for investors in cryptocurrencies, and how do the tax treatment and approach to enforcement in the UK differ from the US?  Listen as Lauren Rapeport and Charles discuss this timely topic in the evolving world of cryptocurrency. 

Here is the latest instalment of The LB Weekly Roundup! This week our Managing Director Sarah Alexander discusses the Self-Assessment deadline, Off payroll working (IR35) from April 2021, Grants for traineeships and other updates and information! Please see the key points and dates from the session below. Key points from the session:Thank you and well done the the Lewis Brownlee team for their hard work during this busy season!HMRC have said HM Revenue & Customs (HMRC) has announced that it will waive fines for self-assessments that miss the 31 January deadline, as long as they are filed online by 28 February - however any tax liabilities are still due by 31 January.29 January is the deadline to apply for the third SEISS grantHMRC's National Minimum wage unit being in charge of compliance for furlough claimsOff-payroll working (IR35) was deferred in April 2020 but looks like it will start properly from 6 April 2021 - we will be sharing more information on this in due courseGrants for traineeships available - Employers can now apply for a £1,000 cash grant to help them take on new trainees. See more details here: https://www.gov.uk/government/news/fu...​Key dates:29 January - SEISS third grant application deadline31 January - Pay July 2020 and January 2021 tax bill (or have agreed a payment plan)28 February - SA filing deadline1 March - Domestic VAT reverse charge for construction services3 March - Budget day5 March - Our webinar on the key announcements from the budget12 March - Our webinar providing a more detailed review of the budget31 March - Pay last years VAT (or have agreed a payment plan)31 March - Deadline to apply for a bounce back loan or CIBLs loan (if not already had one, or a top up if you need more)30 April - Furlough scheme closes (but watch this space)If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates: www.lewisbrownlee.co.uk

Welcome to the Taxing Matters podcast brought to you by RPC. In this series we review land-mark cases and key tax principles and discuss the commercial impact they could have on your business.In this episode, we talk to Harry Smith about Her Majesty's Revenue and Customs (HMRC) as a public authority; what they can do, and, more importantly, what they can't. Please see our website www.rpc.co.uk/TaxingMatters for a transcript of this episode. All information is correct at the time of recording. Taxing Matter is not a substitute for legal advice.If you would like to discuss any of the matters raised in this episode please contact taxingmatters@rpc.co.uk.Show references:HMRC's Litigation and Settlement Strategy RPC's tax judicial review expertise As ever, a huge thank you to our miracle working producer, Mary Mitchell, and Josh McDonald, the man who actually does all the work.The music you hear was kindly written and arranged for Taxing Matters by the musical genius Andrew Waterson.All material is copyright to RPC LLP See acast.com/privacy for privacy and opt-out information.

Don't miss out and listen to this conversation in which Hatti Suvari and Tax Law barrister, Thomas Talbot-Ponsonby, talk about VAT, HMRC and VAT inspections. Hatti and Thomas discuss how VAT works, why Her Majesty's Revenue and Customs (HMRC) carry out VAT inspections on businesses, and how HMRC select which businesses to inspect, and importantly, how you can prepare for a VAT inspection. If you have a VAT inspection coming up, then you really should listen to this free episode, giving you tons of take-away information, breaking down the jargon, and bring you legal conversation in plain simple English language. Get a good understanding on some of the crucial points on VAT.#taxlaw #hmrc #vatinspection #tax #vat #legalhelp #legalassistance #legallearning #getlegallyspeaking

Key workers who are returning to the NHS to help it cope during the coronavirus pandemic are being targeted by promoters of tax avoidance schemes, a Money Box investigation has found. Adverts posted on social media are designed to push key workers towards umbrella companies operating on the fringes of the law which, alongside standard ones, act as employers for freelance contractors. Posing as a health care worker, our reporter was told how she could legally hide a large chunk of salary from the taxman saving thousands of pounds. Her Majesty's Revenue and Customs (HMRC) is warning people not to sign up to what it describes as these "unscrupulous companies", saying some people could end up with large, unexpected tax bills. Presenter: Paul Lewis Reporter: Anna Meisel Editor: Emma Rippon

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Welcome to Finance and Fury, the Say What Wednesday Edition Today we have a question from Luke. Hi Louis, I listen to you often. Very informative and interesting episodes. My question is regarding super/pensions. I lived and worked in the U.K. for about 10 years - and still have a pension there. I also have Super here in Australia. I heard I could bring my U.K. pension back to Australia, then I heard they stopped it, and then I heard I still could. I was hoping you could clarify this for me. Great question! This was a big change to expats retirement planning a couple of years ago that seemed to go pretty unnoticed, so thanks for bringing the topic up. Created issues The issue with the UK Pension transfers to Australia occurred with changes to UK legislation back in 2015. This was due to the UK pensions prohibiting people from transferring their pension funds before they have reached the minimum UK pension age of 55, due to changes in accessibility laws between the two countries (i.e. the UK didn’t want people transferring their Pension accounts to Australia and being able to access the funds at an earlier date).  Anyone who has worked in the UK will normally have built up some form of UK pension benefits. It is now compulsory by law for all employers in the UK to enroll their employees into a workplace pension scheme. This means when people leave the UK, they will need to decide what to do with the pension fund they have built up. You can transfer your UK pension to an Australian Superannuation as long as the Superannuation has QROPS status.  A qualifying recognised overseas pension scheme or QROPS for short, is an overseas pension scheme that the UK recognises as eligible to receive transfers from registered pension schemes in the UK. To qualify as a QROPS the scheme must meet the requirements set by UK tax law. To check if a pension is a QROPS you can check the list of schemes that have told HM Revenue and Customs (HMRC) that they meet the conditions to be a recognised overseas pension scheme (ROPS). From 2015 only people who are over 55 and either have an SMSF, or have a complying APRA super fund (i.e. regular super funds like an industry or for profit fund) are eligible. Anyone who meets these requirements is eligible to transfers their UK pension funds through following the non-concessional contribution rules.   These are separate rules to UK pension transfers - These are as follows: The transfer amount has to be within the non-concessional contribution cap of $100,000 per annum.  A bring forward rule applies to members under age 65, allowing an amount of $300,000 in one lump sum through using the contribution limit over a three-year period. However, for anyone aged over 65 but under 75, they need to meet a work test too contribute funds to super, along with being limited to $100,000 p.a. as the bring forward rule is no longer available after 65. Upon turning 75, no further contributions can be made. A lifetime contribution limit of $1.6 million will also apply. If your total super balance is over $1.6 million, you won’t be able to make any further non-concessional contributions. Introduced with a different round of super reforms Part of balance transfer caps - $1.6m in Pension environment – cap amount in super Was going to be a lifetime cap of $500k retrospectively. The Non-Concessional If the transfer is made within 6 months of moving to Australia, then the whole transfer is treated as a non-concessional contribution and therefore subject to the NCC limits and rules. If the transfer is made after 6 months of moving to Australia, then the rules are slightly different. The value of your UK pension on the date you arrived in Australia is treated as a non-concessional contribution. The growth in the value of your fund between the date you arrived in Australia and the date your transfer is treated as fund earnings and therefore subject to tax in Australia. This part of the transfer is neither treated as a concessional contribution or NCC. There is only one retail superannuation with QROPS status, the Australian Expatriate Superannuation Fund, the rest are all self-managed superannuation funds (SMSF). Once you transfer your pension to a QROPS in Australia then it becomes subject to normal Superannuation rules, as well as being subject to UK rules for 10 years after the transfer. Few practical examples of how this works and explain the process of transfer further You are 45 – No go You are 55 and super of $1.7m – no go You are 60, super of $900k and UK pension work $280k – Okay to transfer (if super fund complies) You are 67, not working – No go, cant transfer into super here Side note – lots of other pension funds (like RSA) can be transferred into super in Aus, but they do have their own laws and tax treatments with withdrawn early – just make you aware   Thanks for listening, if you want to get in contact you can do so here. 

TechLaw10 hosts Jonathan Armstrong and Eric Sinrod discuss legal issues related to information technology. In this episode, Jonathan and Eric discuss a GDPR case against Her Majesty's Revenue and Customs (HMRC) in the UK. The ICO (Information Commissioner's Office) found that HMRC didn't observe transparency rules with regard to a system of voice recognition over the phone..

The Institute for Government was delighted to welcome Jon Thompson, Chief Executive and Permanent Secretary of HM Revenue and Customs (HMRC) and Head of Profession for Operational Delivery to deliver a keynote speech. He is responsible for the profession which delivers services to millions of citizens each day, from processing benefits payments to undertaking immigration checks. The speech was an opportunity to reflect on how operational delivery skills are being developed across government, and the crucial role that civil servants working in this area play in preparing for the challenges facing government, including Brexit. This event was chaired by Bronwen Maddox, Director of the Institute for Government.

In this episode Kevin and Graham chat about the changes coming up in the UK tax system that are going to make a big difference to the way UK businesses will file their taxes in the future. Making Tax Digital is the programme that Her Majesty's Revenue and Customs (HMRC) are rolling out that will make the UK tax system the most technologically advanced tax regime in the world. Making Tax Digital is coming along over the next 3 years, and is the next big thing to hit us after pensions auto- enrolment. Tax is already digital to some extent – we all file our tax returns, whether personal, business or VAT online. MTD is much more than just online filing. The UK Chancellor's budget speeches have mentioned simplifying or getting rid of tax returns, and that's what Making Tax Digital is all about……. But only if you are an individual. If you are a business there's a lot more to it, and you need to start thinking about it now. Making Tax Digital for individuals Government already receives lots of information from banks, employers, etc but doesn't really do a whole lot with it that helps the average person. Making Tax Digital changes this and will mean HMRC put this info straight into your “personal tax account” which you can access online. You won't need to give HMRC the information that comes from your P60, P11D, bank statements, gift aid donations etc. So, the principal of Making Tax Digital is that information is taken from the various systems that hold it and it gets put into a personal tax account at HMRC. Making Tax Digital for businesses A good deal of the information HMRC will need to populate a personal tax account will come from businesses. Employers provide information about tax deducted from employees through PAYE and submit P11D with information about expenses and benefits. The first stage of getting ready for the personal tax account was getting PAYE submissions sorted. Employers use real time PAYE submissions rather than annual returns that were carried over from manual payroll processing. We are now 3 years into real time PAYE submissions. The next stage that business owners see will be how you submit your business accounts to HMRC. The big change, an automatic API that sucks information out of your accounting software and into HMRC. You won't prepare a set of accounts and then go into HMRC's system to submit them. At the moment the submission to HMRC is annual, in future it will be quarterly. We don't know all the details yet. HMRC issued a white paper, followed by consultation. They have also responded to issues raised during consultation. When will Making Tax Digital affect your business? Due to come in in 2018 for larger unincorporated businesses, but the budget statement of a few weeks ago gave businesses under the VAT threshold an extra year, 2019. Companies then follow in 2020. So, for a lot of us, registered for VAT but not operating a limited company MTD is under a year away, and as far as most business owners are concerned it's implications are a well-guarded secret. So the Making Tax Digital timetable is currently: 2018 - Schedule D income tax for businesses with turnover above the VAT registration threshold 2019 - Schedule D income tax for businesses with turnover below the VAT registration threshold 2020 - Corporation tax submissions from limited companies. At the moment HMRC say Making Tax Digital won't apply to businesses with turnover under £10k. UPDATE (29 April 2017): SINCE THE SHOW WAS RECORDED THINGS HAVE CHANGED. THIS IS DUE TO THE SNAP UK GENERAL ELECTION. THE LAST ITEM TO BE RUSHED THROUGH PARLIAMENT BEFORE THE ELECTION WAS THE FINANCE BILL. THE PART OF THE BILL THAT WOULD HAVE MADE "MAKING TAX DIGITAL" LAW WAS REMOVED. THIS IS LIKELY TO DELAY THE PROPOSALS BY A YEAR, AND ITS UNLIKELY ANY BUSINESS WILL NEED TO FILE TAX DIGITALLY UNTIL 2019. http://www.telegraph.co.uk/news/2017/04/25/controversial-digital-tax-returns-delayed-dropped-finance-bill/ ...

We bring you a special mini episode this week, featuring an interview with James Averill of the Northampton Town Supporters' Trust. The Cobblers are in financial crisis, and have been issued with a winding up order by HM Revenue and Customs (HMRC), who are owed £166,000 by the club. A date for the case has been... See acast.com/privacy for privacy and opt-out information.