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UK digital businesses ‘struggle with complexity of tax compliance’

Research carried out by HMRC has revealed that UK digital businesses 'struggle with the complexity of tax requirements'.

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Half of small businesses make VAT return errors

Half of small businesses say they have made mistakes when sending in their VAT return and only a quarter are confident they have the figures correct despite spending more than an hour checking

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Company insolvencies hit five-year high

The number of company insolvencies in England and Wales has risen to its highest level in five years, according to the latest data from the Insolvency Service.

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Chancellor urged to ‘take a new approach to making tax policy’

The Chartered Institute of Taxation (CIOT), the Institute for Fiscal Studies (IFS) and the Institute for Government (IfG) have urged Chancellor Sajid Javid to 'take a new approach to making tax policy'

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Changes to Entrepreneurs’ Relief can catch the unwary

“Entrepreneurs’ Relief (ER) gives a reduced rate of Capital Gains Tax of 10% to business owners, providing certain conditions are met”, says Brearley & Co Tax Manager, Andrew Cowe.  “However since April 2019, two significant changes to those conditions have been in place.”

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FMB urges government to delay ‘disruptive’ VAT changes

The Federation of Master Builders (FMB) has urged the government to delay 'disruptive' VAT changes in order to 'avoid construction chaos'.

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Plastic waste tax set for 2022 launch

The Treasury plans to go ahead with plans for a single-use plastic waste tax, covering all plastics and chargeable by weight, although it will not become law for three years

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Many firms ‘support extension of pensions auto-enrolment’

Research carried out by the Confederation of British Industry (CBI) and insurer Scottish Widows has revealed that many UK businesses would like to see the pensions auto-enrolment scheme made available to more workers.

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Household name companies shamed over late payments

Eighteen companies – including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code (PPC) for failing to pay suppliers on time

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HMRC promises leniency despite slow take up of Making Tax Digital

HMRC has promised not to throw the book at firms who struggle to register for Making Tax Digital (MTD) as new figures show total take-up lagging in certain sectors

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Economic growth ‘stalling’, BCC warns

The British Chambers of Commerce (BCC) has warned that UK economic growth is 'stalling' amid a 'manufacturing slowdown'.

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MPs condemn HMRC for long helpline wait times

MPs have criticised HMRC for the long wait times experienced by taxpayers looking to get through to VAT helplines.

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Significant number of individuals ‘choosing to live cashless life’

Research carried out by trade association UK Finance has suggested that many individuals in the UK are choosing to live a ‘largely cashless life’.

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Rise in rental costs ‘deterring young people from moving around country for jobs’

Research carried out by think tank the Resolution Foundation has suggested that young people are ‘less likely to move around the country for a better job’ as a result of a considerable rise in rental costs.

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Grocery delivery company tops deliberate defaulters list with £1.14m tax bill

HMRC’s latest list of major tax defaulters owing over £16.5m in unpaid tax, was topped by a grocery delivery company owing £1.14m and a metal and industrial chemical company owing £1.1m, with buy-to-let landlords, online traders and accountants, also featuring

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UK inward investment double Germany and France

Foreign direct investment into the UK was worth $1.89 trillion (£1.48 trillion), more than Germany ($939bn) and France ($825bn) combined, with their total of $1.76 trillion. Between 2010 and 2018, the value of inward investment in the UK increased by 77%.

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Government tax investigations ‘taking three years to complete’

Data published by law firm Pinsent Masons has suggested that government tax investigations into large businesses are taking 'three and a half years' to complete.

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FSB urges government to ‘push through late payments reform package’

The Federation of Small Businesses (FSB) has called for the government to 'push through the late payments reform package' announced in the 2019 Spring Statement.

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Banking code offering ‘increased protection from criminals’ takes effect

From 28 May 2019, a new 'banking code' designed to offer consumers 'increased protection from criminals' takes effect.

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MPs urge government to make ‘radical improvements’ to apprenticeship programme

HMRC is ramping up a campaign targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators, according to analysis from BDO

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