"> April 2019 - IAB | International Association of Bookkeepers

April 2019

Business expenses: so what’s allowed?

Which expenses can be claimed as an allowable business expense and which are not allowed by HMRC? Tax expert David Redfern explains all Whatever the expense, HMRC rules state that they must be purely business related – no expenses for personal or non-business use are allowed by the Revenue. HMRC use the term ‘wholly and exclusively’ to define what is

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Springtime tax scams target young and vulnerable, warns HMRC

Young adults who may have less experience of the tax system should be especially vigilant against springtime refund scams, HMRC is warning. Scammers are increasingly targeting vulnerable or elderly people and those with less familiarity with the tax system, such as young adults. During April and May, fraudsters regularly blitz taxpayers with refund scams by email or text pretending to

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Playing field for tax not level, say UK’s small businesses

Businesses believe the UK tax system is fundamentally unfair and want more support to stay compliant, according to new research from the British Chambers of Commerce. Its survey of over 1,000 firms from across the UK found that nearly three-fifths (58%) of respondents think that the UK tax regime is unfair to businesses like theirs. The findings largely signal concerns

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Three-fifths of firms fall victim to cyber crime

Cyber attacks against businesses have rocketed in the past 12 months, with six out of 10 companies reporting at least one incident last year, a survey has revealed. The financial cost of cyber crime also sharply increased, with the average loss reported at £283,000 – up nearly two-thirds on the previous year, according to the Hiscox Cyber Readiness Report 2019.

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NatWest pioneers biometric bank card

The first biometric fingerprint card issued by a UK bank entered circulation on 25 April. As part of a national trial NatWest is piloting cutting edge, biometric fingerprint technology with 200 customers. These customers are able to use their fingerprint to verify transactions above the £30 contactless limit, increasing security and making it easier for customers when paying for goods

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: Statutory Maternity Pay: This webinar has been designed to provide guidance on what payments can be made and how to work them out. HMRC subject matter experts will be online during the webinar to take your questions. Thursday 25 April – 1pm

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Making Tax Digital – information required by Agents to sign up a client

HMRC has provided further details on business information which is requested during an agent led sign up to Making Tax Digital. Please click here to view a flowchart that shows the information requested when an agent signs up a business, which varies slightly depending on the entity type.  

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HMRC trials payroll changes to earlier year updates

In a bid to improve payroll reporting, HMRC is running a trial aimed at simplifying the process for reporting corrections by extending the use of the real time information (RTI) full payment submission (FPS). Employers can continue to report revised year to date payroll data after the current deadline of 19 April, following the end of the tax year, making

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Taxpayers fight back as number of tax tribunals surges

Disputes between HMRC and taxpayers are increasing as the tax authority makes greater use of data collected from banks and foreign tax authorities, and more cases head to tax tribunals. The number of cases heard in the First Tier Tax (FTT) tribunal jumped by 43% over the last two years, according to figures obtained by accountancy firm Price Bailey. There

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