News
House of Lords calls for a delay to Making Tax Digital
12 December 2018
The House of Lords Economic Affairs Committee has criticised HM Revenue & Customs (HMRC) for its handling of Making Tax Digital (MTD) and called for a delay to some of the regime’s mandatory requirements.
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UK takes second spot for tax compliance in G20
12 December 2018
New research from the World Bank has revealed that the UK has the second most effective tax system amongst the G20 nations for tax compliance and ease of paying corporate taxes.
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Unwrapping Christmas tax gifts
12 December 2018
Christmas is a time for giving, but many businesses may not be aware that their gifts can be made in a tax-efficient manner, which could make raising festive spirits that little bit cheaper. While Christmas parties may not be for everyone, HM Revenue & Customs (HMRC) does provide an allowable tax deduction of up to £150 per head per year for events.
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National Living Wage to rise in April 2019
06 November 2018
In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming this sudden pay rise, small business owners...
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Entrepreneurs’ Relief rules to be tightened
06 November 2018
Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr Hammond said that “encouraging entrepreneurs must be at the heart...
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Research reveals Inheritance Tax hotspots across the UK
06 November 2018
New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax the town in 2015/16, paying on average £231,000 each.
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R&D Tax Credit system to be reviewed in light of fraudulent claims
06 November 2018
According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief, Philip Hammond has promised to clamp down...
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HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error
06 November 2018
The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator may have wrongly computed the tax liability.
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Payee names to be required for bank transfers in effort to combat fraud and errors
06 November 2018
From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked when making a transfer, something which has been exploited by fraudsters to trick people...
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Public pilot of Making Tax Digital for VAT opens
06 November 2018
HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.
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Case Studies
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A taste for growth, a thirst for knowledge
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Smiles all round for dental practice
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A modern approach required for music moguls
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A shared passion for architecture and a head for numbers
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Taxing demands with old school charm
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Child's play with proactive accounts management
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Cut above the rest in personal management style
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Customer care is top of the list for packaging business
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Sometimes a business does exactly as it says on the tin