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Business News

Don’t put it off – Register for 2017-18 Self-Assessment by 5 October

24th Sep 2018 | Posted by: Suzy Hill

HM Revenue and Customs (HMRC) is reminding customers that time is running out to register for Self Assessment. Anyone submitting a Self Assessment (SA) return for the first time will need to register for SA by 5 October so that they can complete their return by 31 January.

Inflation rate rises to six-month high

21st Sep 2018 | Posted by: Suzy Hill

Data published by the Office for National Statistics (ONS) has revealed that inflation unexpectedly rose to a six-month high of 2.7% in August.

Over 40% of UK Businesses ‘unaware of Making Tax Digital for VAT’

20th Sep 2018 | Posted by: Suzy Hill

Research carried out by the Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that over 40% of UK businesses are 'not yet aware' of Making Tax Digital for VAT (MTD for VAT).

New laws aim to help small businesses to secure funding

14th Sep 2018 | Posted by: Suzy Hill

Small businesses struggling to access invoice finance could be helped by the introduction of proposed new laws under the government’s ‘modern Industrial Strategy’.

HMRC outlines ‘no deal’ preparations for EU-only UK traders

14th Sep 2018 | Posted by: Suzy Hill

HMRC has written to 145,000 VAT-registered businesses across the UK, including Northern Ireland, which only trade with the EU, explaining changes to customs, excise and VAT in the event of a ‘no deal’ Brexit.

Government launches new Help to Save scheme

13th Sep 2018 | Posted by: Suzy Hill

The Government has launched its new ‘Help to Save’ scheme, which is designed to encourage workers on lower incomes to save.

Government scraps national insurance tax cut for the self-employed

7th Sep 2018 | Posted by: Suzy Hill

The government has announced that it has scrapped a planned national insurance tax cut for self-employed workers.

Think tank urges government to abolish Entrepreneurs’ Relief

6th Sep 2018 | Posted by: Suzy Hill

Think tank the Resolution Foundation has dubbed Entrepreneurs’ Relief (ER) the UK’s ‘worst tax break’, and has urged the government to abolish the initiative altogether.

HMRC increases late tax payment rate

30th Aug 2018 | Posted by: Suzy Hill

HMRC has announced an increase in its late tax payment rate, although it has not increased the corresponding interest rate for repayments to taxpayers who have overpaid their tax.

HMRC to take on football clubs in tax match

29th Aug 2018 | Posted by: Suzy Hill

Despite some high-profile run-ins between elite football players and the taxman, while football club finance directors remain concerned about tax compliance risks, few are expecting difficulties in defending any actions HMRC may take, according to analysis by BDO

Tax on plastic waste – Treasury outlines proposals

24th Aug 2018 | Posted by: Suzy Hill

In response to a recent call for evidence, the Treasury has outlined proposals to use the UK tax system to reduce plastic waste from single-use items, such as straws, cutlery, coffee cups and takeaway packaging.

HMRC advisory fuel rates for company car users from 1 September

24th Aug 2018 | Posted by: Suzy Hill

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2018 introducing a 4p advisory electricity rate for fully electric cars

Business groups respond to interest rates rise

3rd Aug 2018 | Posted by: Suzy Hill

Business groups, including the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) have responded to the Bank of England’s decision to raise interest rates for the second time in a decade.

Independent review to consider the impact of ‘cashless technology’

1st Aug 2018 | Posted by: Suzy Hill

An independent review has been set up to examine the impact and implications of using new technology to make payments over the course of the next five to 15 years.

Cybercrime – how can you protect your business?

27th Jul 2018 | Posted by: Suzy Hill

Cybercrime remains a serious problem for businesses, with potentially significant consequences. Here, we take a look at strategies you may wish to utilise.

Two-tier Making Tax Digital penalty regime confirmed

10th Jul 2018 | Posted by: Suzy Hill

The penalty system for Making Tax Digital will kick in within 15 days of an overdue payment and will be a two-tier system.

Almost half of SMEs ‘unaware of Making Tax Digital’

6th Jul 2018 | Posted by: Suzy Hill

A recent report has revealed that 41% of small business owners are ‘still unaware’ of Making Tax Digital (MTD).

Business leaders call on Chancellor to review UK tax system

2nd Jul 2018 | Posted by: Suzy Hill

In a letter to Chancellor Philip Hammond, leaders of some of the UK’s most prominent business associations have urged the government to undertake a review of the so-called ‘tax burden’ that faces the finance industry and UK entrepreneurs.

Paying family members

29th Jun 2018 | Posted by: Suzy Hill

A recent tax case highlights the need for care when paying family members for work done in the business, says Brearley and Co Tax manager, Andrew Cowe.

Don’t miss the P11D Deadline!

28th Jun 2018 | Posted by: Suzy Hill

Do you provide expenses or benefits to employees or directors? Then by law you need to complete and submit a P11d form to HMRC for each employee that has received the benefits or expenses payment and a P11d (b) to summarise the class 1A NIC due

Making Tax Digital is coming

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