Welcome to 3Sixty Accountancy online

HMRC warns of fake tax rebate emails

HM Revenue & Customs (HMRC) has issued a warning over the latest round of 'phishing' emails.

As the self-assessment deadline approaches, the emails in question pose as HMRC notifying the recipient that they are due a tax rebate.

The email then links to a clone of HMRC's website, and asks for bank or credit card details, which are then used to empty accounts.

In the last three months HMRC has helped to shut down 185 websites that were responsible for sending such emails.

HMRC is urging taxpayers not to get caught out. Commenting, Joan Wood, director of HMRC Online and Digital said: "We only ever contact customers who are due a tax refund in writing by post. We currently don't use telephone calls, emails or external companies in these circumstances. If anyone receives an email claiming to be from HMRC, please send it to 'phishing@hmrc.gsi.gov.uk' before deleting it permanently.

HMRC record checks defy red tape reduction plans

HMRC has been accused of defying the Government's own attempts to reduce red tape by ramping up its business record checks.

The checks, which will affect 20,000 small and medium-sized businesses in 2012/13, are adding to the red-tape that is already throttling businesses, the Forum of Private Business (FPB) claims.

According to the FPB, HMRC's SME strategy warns of an increase in 'potential rule breakers' between now and 2015, estimating that 28% of SMEs could be found to have poor records. Failure to produce adequate records could result in fines of up to £3,000.

But rather than fines, these businesses, that are already facing difficult trading conditions, should be offered better advice, guidance and support, the FPB claims.

Commenting, the Forum's chief executive Phil Orford said: "Small businesses want to keep proper records but struggle with the significant administrative barriers that exist in the UK. They also want to pay their tax bills on time but the reality is that many firms are struggling with cash flow in extremely tough economic conditions - yet HMRC is being completely inflexible.

Autumn Statement 2011

As the UK recovers from the most severe financial crisis in generations, the Autumn Statement 2011 could only focus on one objective; strengthening the economy. 

As expected, the Office for Budget Responsibility downgraded its growth forecasts, and revealed that Government debt is higher than expected; meanwhile the sovereign debt crisis in Europe adds external pressures over which we have little control.

As a result, announcements spanned from protective measures such as raising the state pension age to reflect an ageing society, to the much anticipated credit easing, designed to reduce the cost of loans to small businesses and easing access to funding.

Other significant announcements included the National Infrastructure Plan, which will see up to £30 billion of new capital investment pumped into the key challenges in energy, transport, telecommunications, waste and water, while a new housing strategy looks set to ease lending to first time buyers.