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HMRC Agent Update – Issue 70

HMRC’s Agent Update 70 is available now and contains a variety of articles and updates. This latest issue features a new section on EU Exit, with articles on preparing businesses for EU Exit and training and support for customs intermediaries. Other highlights include articles about: disguised remuneration loan charge reporting requirements and the need to take action to settle clients’ schemes by

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Personal insolvency hits seven-year high during 2018

A jump in personal insolvencies in the fourth quarter of 2018 sent the total number of people going bankrupt in England and Wales to the highest level since 2011. Debt advisers blamed Brexit uncertainty, weak wages growth and tighter credit rules for forcing more people to declare themselves insolvent. Money Advice Trust, the charity that runs National Debtline, said the

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What we want to change about our workspaces!

Are you fed up of outdated traditions that still crop up in the workplace? Most of us have experienced frustration with this at some point, whether it’s tedious meetings, lengthy tea rounds or even the flexible working debate. In fact, new research from leading independent jobs website, CV-Library, has found that four in 10 (39%) finance professionals think these stuffy

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Thousands of savers could face shock tax bills following pension upgrade

Tiny changes to the company pensions of thousands of workers following a recent court case could land them with unexpected six-figure tax bills unless urgent action is taken by HMRC, according to Steve Webb, Director of Policy at insurance giant Royal London. A Freedom of Information (FOI) reply supplied to Royal London shows that over 100,000 people have secured ‘Fixed

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Finance professionals urged to share best practice over money laundering

Professionals working in accountancy related professions are being encouraged to share best practice in order to tackle money laundering in response to the Government’s ‘Flag It Up’ Campaign. The National Crime Agency (NCA) estimates that the scale of money laundering within the UK is as high as hundreds of billions of pounds each year, with the illegal funds fuelling societal

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HMRC warns of email scam promising tax refunds

Criminals are targeting self assessment taxpayers, emailing them saying they are entitled to tax refunds and asking for bank details to transfer the money. The scam phishing emails are being sent from verio.net domain names and contain endless hash tags and requests for bank information, addressed to ‘user HMRC taxpayer’. However, they do cite a random, fabricated UTR number –

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Ditch paper receipts – as VAT goes digital

Senior Decision Makers in finance and accounting admit to not being the best at keeping receipts, as 65% confess to having lost them, according to a new YouGov poll out. The poll run by YouGov for HM Revenue and Customs (HMRC) also found that 92 percent of  senior decision makers personally bank online, almost two thirds (62%) support all tax

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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: Employers – what’s new for 2019-20? Join this live webinar for an overview of ‘what’s new’ – including the new rates for National Insurance, National Living Wage/National Minimum Wage and Statutory Payments, changes to expenses and benefits and Student Loan deductions. Plus,

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KPMG to close small business service

KPMG Enterprise is to close its small business accounting service, five years after it promised its cloud-based platform would “disrupt and dominate the SME market”! The Big 4 firm invested £40m into the technology platform, which it promised would deliver the accounting services to small and micro-businesses at affordable prices. It appears the firm has now written to all its

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