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Businesses given flexibility to pay back loans

More than a million businesses that took out a Bounce Back Loan are to be offered more flexible repayment terms through a new ‘Pay as You Grow’ initiative. They will now have the option of extending the length of the loan from six years to 10, projected to cut monthly repayments by nearly half. Interest-only periods of up to six

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A Guide To Record-Keeping And Expenses For Bookkeepers

Whether your client is new or not to self-employment, record-keeping might sound like hard work to them – and certainly will be to you when they have days to spare for the deadline and cannot find ‘that receipt’. And while that may be true, it does come with its own reward – namely, that sole traders can claim back allowable

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Where do tax avoiders live?

Towns commonly associated with City workers have the biggest concentration of people who admit to tax avoidance. A study by UHY Hacker Young found Windsor leads the UK for the highest concentration of ‘avoiders’. The Berkshire town saw 23 disclosures to HMRC of unpaid tax per 100,000 population last year. The UK average is seven disclosures per 100,000 people. Affluent

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‘Household tax’ could replace TV licence fee

The TV licence fee could be replaced by a compulsory ‘household tax’ that would mean richer people pay more, says the outgoing director-general at the BBC, Lord Hall. He believes more progressive alternatives to the TV licence has to be looked at. Collection of the licence and tracking down evaders would be streamlined if the tax was collected with council

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Scammers target students

HMRC is warning students about a fresh wave of cyber frauds, offering them bogus tax refunds. The department explained it would normally expect to see a small, regular flow of scam referrals from students, but it has recently seen a sudden spike in students reporting suspected scams sent to their official university and college email addresses. When new scams emerge

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Google to pass on new digital tax

Google plans to pass on the entire cost of a new UK 2% digital services tax to advertisers. It has written to its clients to tell them that, from 1 November, they will be paying a new 2% charge on their adverts served in the UK. Where the charge is higher – like in Austria and Turkey – the increase

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HMRC payments to tax informants jumps by 63

The amount HMRC pays for information on tax evaders rose to £473,000 in 2019/20, up from £290,250 the previous year, according to research by law firm RPC. Adam Craggs, head of tax at RPC, said: “HMRC receives a large number of tip-offs to its hotline in relation to small-scale tax evasion, but it has come under pressure in recent years

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Friday Roundup Podcast 25th September 2020

The news from the week ending 11th September 2020 Janet Jack – CEO Sarah Palmer – COO Simon Jordan – Marketing Below are the notes from the podcast On this week’s Friday Roundup we have… Simon • Talks about our guest on this week’s coffee morning o Abby Anderson – Bookkeeper Quote o Rebecca Cole – Croner-i Janet The governments return to WFH and

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The lessons learnt in politics that can be applied to small business owners

Episode 13 of the IAB Podcast In this episode, I interview Fabian Hamilton, President of the IAB and shadow minister for peace and disarmament. I ask Fabian what the biggest lesson he’s learnt as an MP. What he’s learnt in his time in politics that can be applied to small business owners. What would he have done differently. How does

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