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Newsletter 437: The taxman gets tougher | IR35 updated guidance

by Newsletter Editor at 10:15 30/07/14 ( Shout99 Newsletter)

While the rest of the country is winding down for the summer holidays, it seems that HM Revenue and Customs is stepping up its activities by dusting down some of its existing powers and preparing to introduce some new - and controversial - ones.

Among those high on the list for cries of 'foul' is the new debt recovery powers, which will allow the tax man direct access to bank accounts of small firms to take what it is believe is owed, Call to scrap plans for HMRC debt recovery powers Meanwhile, HMRC is making greater use of one of the existing weapons in its arsenal - that of winding-up businesses in a bid to uncover unpaid taxes. HMRC increases use of winding up petitions to recoup tax debt The tax avoidance schemes are coming under greater scrutiny, including those used by some contractors. HMRC has given a 'carrot and stick' settlement chance to those using contractor loan schemes - come forward voluntarily, or it will be worse if we come after you. HMRC gives settlement chance to contractor loan schemes HMRCs has also published a list of tax avoidance schemes that it will target for the controversial 'accelerated payments' programme, whereby they demand upfront payment of any disputed tax associated with these schemes. Controversial 'accelerated payments' hit list published New HMRC tax avoidance powers could lead to insolvencies ...and the promoters of tax planning schemes also face a new set of rules, with potential penalties of up to £1 million £1 million fines for promoters of tax planning schemes Shout99 - the free news site for freelancers, contractors and small firms. www.shout99.com *************** Also in Shout99 *************** Long overdue updated IR35 guidance from HMRC NHS row sparks IR35 concerns amongst contractors False self-employment: What is control? Self-employed buck trend for pay stagnation No rest for the self-employed and small businesses Businesses are busy but battling bad debts Self-employment rises again Welcome for move away from dispensations HMRC hits a record high on property raids Have you received a domain registration email from China? ****************************************************** Advertisement - Protection against IR35 investigations (FO35) ****************************************************** Advertisement Protection against disputes with HMRC on tax matters, including IR35, is available for £116.00 a year. Freelancers Outside IR35 (FO35) is a complete operating system for small businesses with guidance on compliance; draft contracts; a helpline; status assessments; and representation by Qdos Consulting in the event of a dispute with the Revenue on tax; VAT; or IR35 issues. FO35 is available online for immediate cover for £116.00 a year. For more information or to order, see...... Freelancers Outside IR35 ************ Also in Shout99 ************ Ask An Expert, our expert panel answers questions from freelancers, including retained profits. Letters from Freelancers opens up discussions on a number of subjects of interest to freelancers. The Clubhouse is an area for 'off-topic' discussions. ******** Twitter ******** For the twitters and tweeters among our readers, you can follow Shout99's headline news on Twitter. ************************ Shout99 - Newsletter ************************ Please forward this newsletter to any other freelancer or small businesses who may be interested in news and information related to running a small business. You can subscribe to receive your own free copy of this newsletter on the home page of Shout99. Susie Hughes, Editor Newsletter 437 Shout99 - the network for freelancers Tweet

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