News
Wealthiest UK families save nearly £700 million a year in Inheritance Tax
10 July 2019
A new report has found that a significant proportion of the UK’s Business Relief goes to those with more than £1 million in assets. Tax Justice UK, a campaigning organisation, has revealed that 234 wealthy families shared £458 million in tax relief in the 2015-16 year thanks to Inheritance Tax breaks via Business Relief.
Read more...
Taxpayers’ bills delayed by payment on account errors
10 July 2019
The Association of Taxation Technicians (ATT) has revealed that problems with HMRC’s IT systems earlier this year, relating to calculations for payment on account, mean that some taxpayers will not receive tax demands this month. The glitches in the tax authority’s systems during the self-assessment tax return...
Read more...
SMEs unaware of £1 million annual investment allowance
10 July 2019
A new study has found that more than half (58 per cent) of SMEs are not aware of a temporary two-year increase in the annual investment allowance (AIA), which could help them secure £1 million in funding. Last year, the Government increased the AIA from £200,000 to £1 million from 1 January 2019 to 31 December 2020...
Read more...
Businesses encouraged to increase readiness for no-deal Brexit
10 July 2019
Businesses across the UK are being encouraged to increase their readiness for a no-deal Brexit. The Institute of Directors (IoD) said that, while all firms should be preparing for a no-deal Brexit, it had found that fewer than half of businesses had plans in place. The IoD has also called on the Government...
Read more...
Value of UK SMEs reach £3 trillion
10 July 2019
New research has found that the total value of UK SMEs has reached more than £3 trillion – with the average small business now worth £2.9 million. The study by MarketInvoice found company valuation is something that two-thirds of owners consider a top priority and something they think about all the time.
Read more...
More than 150 chief financial officers and senior finance executives personally fined by HMRC last year
10 July 2019
Research by law firm, Pinsent Masons, has found that more than 150 chief financial officers and other senior finance executives have been fined personally by HM Revenue & Customs (HMRC) in relation to tax accounting issues during the last financial year. This is an increase of 22 per cent on the previous year...
Read more...
Remember to pay the annual data protection charge
10 July 2019
Businesses across the UK are being reminded that, if they process personal data, they are subject to a legal requirement to pay the Information Commissioner’s Office (ICO) an annual data protection charge, unless they have a relevant exemption. Any businesses that fail to pay the correct charge are at risk of a fine of up to £4,350.
Read more...
Incorporation no longer automatically resets the two year requirement for sole traders
10 July 2019
Entrepreneurs’ Relief (ER) entitles a business owner to significant relief from Capital Gains Tax (CGT) on the disposal of their business, often halving the consequent tax bill. To qualify for ER, the company must normally have been the business owner’s personal company for the whole of the last two years...
Read more...
Government confirms that HMRC will get a higher priority when firms go bust
10 June 2019
From April next year, HM Revenue & Customs (HMRC) will rank third just after secured creditors, such as banks, and insolvency practitioners in order to recover additional outstanding tax from failing businesses. Currently, HMRC is ranked alongside unsecured creditors, such as suppliers, trade creditors, contractors...
Read more...
MTD for VAT - relaxation on posting supplier statements
10 June 2019
HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements. One of the changes, secured with the help of the Chartered Institute of Taxation (CIoT), relates to purchase invoices from suppliers.
Read more...
Case Studies
-
Taxing demands with old school charm
-
Sometimes a business does exactly as it says on the tin
-
A shared passion for architecture and a head for numbers
-
Customer care is top of the list for packaging business
-
A modern approach required for music moguls
-
A taste for growth, a thirst for knowledge
-
Child's play with proactive accounts management
-
Cut above the rest in personal management style
-
Smiles all round for dental practice