Businesses often struggle to claim VAT refunds because they do not keep adequate records. But there are ways around it. “If you’ve got receipts, invoices, purchase orders, you can go straight to HMRC,” says tax expert Mark Boleat. “You can reclaim half of the value of goods bought for business use.” He adds that businesses…
HM Revenue & Customs (HMRC) has issued a statement regarding claims it has received for overpayments of income tax. The department says it will issue repayments automatically to those who have overpaid through PAYEs. However, there are strict deadlines for claiming refunds, so taxpayers must act quickly. The statement reads: “We want to make sure…
Overview Self assessment is an online process whereby individuals or businesses can submit information about their income, deductions and allowances. This includes information such as how much you earn, what you pay into taxes and whether you claim benefits like housing benefit or child benefit. HM Revenue & Customs (HMRC) will use this data to…