Latest News

HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: Expenses & benefits – Trivial benefits: This webinar is part of a series covering expenses and benefits. It has been designed to provide an overview of trivial benefits including what is a trivial benefit, what conditions have to be met to be

Read more

Read more

Rise in number of businesses struggling to stay afloat

Some 484,000 UK businesses are in significant financial distress, with the property sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. Begbies Traynor’s Red Flag Alert data for Q1 2019, which monitors the financial health of UK companies, found that 16% of all UK businesses were experiencing ‘significant’ financial distress at the end

Read more

Read more

Cash is still king

On average, every UK small business is owed £24,841 as a result of late payments, according to the latest analysis from Xero’s Small Business Insights. Xero’s director of Partner and Product, Damon Anderson, told delegates to Accountex that late payments cause a real cashflow squeeze that contributes heavily to some 50,000 small business failures a year. He explained that the

Read more

Read more

Call for Simple Consolidated Tax

A new report ‘Think Small’, from the Centre of Policy Studies, is arguing that companies with revenue of under £1m should be given the option to replace corporation tax, business rates, VAT and employer’s National Insurance with a simple levy on turnover, charged on a cash basis – the Simple Consolidated Tax (SCT). As the SCT would be voluntary; it

Read more

Read more

Bring PAYE into the modern world, say OTS

The UK’s PAYE system needs a major overhaul to bring it into the modern world, says a new report from the Office of Tax Simplification. The OTS is calling on the government to create a more joined-up approach between employers, tax agents and HMRC. Bill Dodwell, OTS tax director said: “HMRC data shows over 70% of small businesses use a

Read more

Read more

Call for mental health tax

Doctors and MPs are calling on technology companies to pay a mental health tax, and for addiction to social media to be classed as a disease. A report, from an all-parliamentary group on social media and young people’s mental wellbeing, has suggested a 0.5% tax on profits to fund research and education. The head of NHS England, Simon Stevens, has

Read more

Read more

Millions raised from tax evading dog breeders

More than £5 million has been raised by a HMRC taskforce tackling dishonest dog breeders who sell puppies on the black market. HMRC set up the taskforce in October 2015 after discussions with animal welfare groups suggested tens of thousands of puppies were being reared in unregulated conditions and sold illicitly every year. Officers uncovered fraudsters selling puppies on a

Read more

Read more

HMRC to set up digital complaints system

HMRC will allow taxpayers to complain online following pressure from MPs and controversy over its long helpline wait times. Until now, taxpayers contacting HMRC’s Adjudicator’s Office (AO), which handles escalated complaints, were forced to write by post or phone its helpline, where they often face a long wait. The move comes after Nicky Morgan MP, chair of the Treasury Committee,

Read more

Read more

Pension benefits rules set to align with younger partner

The government is overhauling the date couples can receive pension age benefits so they will only be payable when the second person in the couple reaches retirement age, rather than the eldest as now. The rules come into force from 15 May 2019 and mean that couples will no longer be able to choose to claim pension age benefits as

Read more

Read more