Latest News

Clear Books successfully completes pilot Making Tax Digital filing

Clear Books has successfully submitted a pilot digital tax return to HMRC. The pilot submission was a vital milestone in preparation for HMRC’s Making Tax Digital (MTD) initiative, which will begin in April 2019 for VAT. MTD requires the UK’s 2.8 million VAT registered businesses to keep business financial records digitally and to submit quarterly returns using HMRC recognised software.

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issue. Forthcoming ones include: Business expenses for the self-employed: This webinar has been designed to provide guidance on what is and isn’t classed as an allowable business expense, and will include motoring and premises costs. HMRC subject matter experts will be online during the meeting to

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Pensions dashboard back on government agenda

The government is to go ahead with its plans to support a pensions dashboard, which will bring together information about all of an individual’s pension pots in one place. The creation of a pensions dashboard was originally announced by the then-Chancellor George Osborne in 2016, who said it would be up and running in 2019. Subsequently, responsibility for the dashboard

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HMRC updates VAT cash accounting guidance

HMRC has updated its guidance on how the VAT cash accounting scheme works, to provide information on how businesses should account for VAT if they leave the scheme voluntarily, or if their turnover exceeds the ceiling. The scheme allows businesses to account for VAT on their sales on the basis of payments they receive, rather than on tax invoices they

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Government announces new measures to boost funding for SMEs

The Government is proposing new laws that will arm small businesses against unfair contracts that stop them raising money from unpaid invoices. Currently, a small supplier’s contract with a larger company may prevent it from securing invoice finance from providers such as banks and other investors. Under the new proposed laws, any such contractual restrictions entered into after 31 December

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Business confidence falls to 15-month low

UK business optimism has hit its lowest level since the snap General Election in 2017, as companies grow increasingly concerned over a lack of progress with the Brexit negotiations. The drop, which landed hardest in the services industry, comes after the sector contracted for the first time in eight years. For the second month in a row, research by accountants

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Update to the Government Gateway

As part of the work needed to update and enhance the Government Gateway, HMRC are changing the location of a number of Agent User Interfaces today (10 Sep‌tem‌ber 2018). This may result in users who attempt to access pages being presented with a blank screen, a page that can be read but not updated or a message advising them to

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Students urged to claim tax refunds

The Low Income Tax Reform Group (LITRG) is reminding students who have been working over the summer to make sure they have not overpaid tax and, if they have, to claim a refund from HMRC. Victoria Todd, Head of Team at LITRG, said: “Many students will be coming to the end of the temporary jobs they have held over the

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New online form for claiming VAT refunds for those not registered for VAT

HMRC have released a new online form for organisations not registered for VAT to claim VAT refunds. Online service (VAT126) can be used by charities, local authorities, academies and public bodies to claim back VAT. Claims must be submitted within three years after the end of the month in which the supply is received by a local authority or within

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