Government wants overhaul of student loans repayment system
The new government has promised to introduce an online service designed to prevent overpayments at the end of the student loan term. The move comes after it was discovered that £300m was overpaid in student loans in the nine-year period from 2009-10 and 2017-18. More than 510,000 students continued to have deductions made even after they had paid off their
Read moreReview of contractor rules ‘must pave way for IR35 delay’
The Treasury’s recent announcement of a review into off-payroll tax rules (IR 35) is a great opportunity to reassess the ‘flawed’ legislation, according to the Federation of Small Businesses (FSB). Responding to the government’s launch of its IR35 review, FSB National Chairman Mike Cherry said: “This important review presents an opportunity to reassess our flawed off-payroll legislation. We’ve already heard
Read moreFifth MLD passed onto statute books
The EU’s Fifth Anti-Money Laundering Directive (5AMLD) came into effect on Friday 10 January 2020. Building on regulations brought in by 4AMLD in June 2017, the new legislation designed to better tackle the threats of money laundering and counter terrorist financing (CTF). Included in its scope are: Stricter conditions for the issuing of e-money and prepaid cards. A clampdown on
Read moreHMRC winding up petitions hit four-year high
More businesses were forced by HMRC to liquidate in the 12 months to September than at any point over the past four years, business advisory group Moore has revealed. A total of 4,308 businesses were wound up last year following HMRC intervention. This was up 6% on the previous year to September, when 4,073 companies were forced to liquidate. Any
Read morePull the other one, says HMRC
HMRC has published a list of its ‘favourite’ bizarre excuses for not filing a tax following the 31 January Self Assessment deadline. “To wrap up the decade and with two weeks to the deadline, HMRC has highlighted 10 of the most weird and wonderful ones we have received from customers who missed the deadline over the last ten years,” a
Read moreNumber of firms wound up by the taxman hits four-year high
More UK companies were forced into liquidation in the 12 months to September than at any time over the past four years, business advisory group Moore has revealed. Some 4,308 businesses were wound up last year following HMRC intervention. This was an increase of 6% on the previous 12-month period when 4,073 companies were forced out of business. Any creditor
Read moreNational living wage to rise by 6.2% in April
The national living wage will rise by 6.2% to £8.72 in 2020, the biggest increase since its introduction in April 2016. The government has estimated that almost three million UK workers will receive increases to their pay as a result of the increase, which will come into effect on 1 April 2020, and will result in an annual rise of
Read moreNew guidance on mobile phone taxation
HMRC has issued new guidance on the tax rules relating to employees’ mobile phones. The ‘Guidance: Company mobile phones (480: Chapter 22); How to tax company mobile phones given to employees’ starts by explaining that there’s no charge to tax on a mobile phone given to an employee, or on any line rental or the cost of any private calls
Read moreMicro-businesses work for 10 weeks a year on finances
UK micro-businesses spend 10 weeks of the year working on financial admin, according to a new report from digital bank Starling. The report, Make Business Simple, shines a light on the practices of the UK’s 5.6 million micro-firms, which make up 96% of the business population, and encourage them to embrace new ways of cutting down time spent on financial
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