HMT News – June 2016

Insights: the debt market for SMEs
Before the financial crisis, most SMEs used their local High Street Bank for clearing services, working capital facilities and medium-term debt requirements.  In effect, Banks were one-stop shops dominating the markets they operated in and business customers were very loyal and rarely changed bank, explains our debt advisory team in their article for The Business Magazine. Click here for the full story

Employers take note
Our tax team is explaining the changes that have been introduced in payroll and benefits reporting recently. Click here for the full story

Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2016.
Click here for the full story

VAT Flat Rate Scheme guidance updated
HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover.
Click here for the full story

NAO report says HMRC’s customer service quality ‘collapsed’
According to a report by the National Audit Office (NAO) the quality of service at HMRC ‘collapsed’ over an 18 month period between 2014 and 2015.
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HMRC update phishing scam advice
HMRC have updated their guidance to taxpayers on how to spot phishing scam emails.
Click here for the full story

HMRC urges claimants to renew tax credits online
HMRC are urging people to renew their tax credits claim well before the 31 July deadline.
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P11D deadline approaching
The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July 2016.
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Savings allowance
A new savings allowance is available to basic and higher rate taxpayers for 2016/17.
Click here for the full story