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Remain-supporting former minister strikes optimistic note on post-Brexit economy - February 7, 2018

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Former Conservative Treasury Minister, Lord Jim O’Neil has told the BBC that gloomy predictions for the post-Brexit UK economy are likely to be ‘dwarfed’ by global growth figures surpassing expectations. He said: “I certainly wouldn’t have thought the UK economy would be as robust as it currently seems. “That is because some parts of the […more]

Millennials set for ‘inheritance boom’… but not until the 2030s - February 7, 2018

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A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents. The think-tank estimates that the average value of inheritances will more than double over the next two decades, peaking in 2035. […more]

Ban on passing credit card fees on to consumers hits small businesses in the pocket - February 7, 2018

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A ban on passing on charges from credit card providers to consumers, which came into effect last month, is hitting small businesses in the pocket. Businesses are now faced with the option of either increasing prices for all customers to cover the charges or taking a hit to their own bottom lines. Before the ban […more]

Excuses, excuses: HMRC reveals top late tax return apologies - February 7, 2018

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HM Revenue & Customs (HMRC) has once again revealed the worst excuses that taxpayers have given them for failing to meet the 31 January Self-Assessment (SA) deadline. Whilst there are sometimes reasonable excuses for a late submission, such as a serious illness, disability or a serious mental health condition that makes a person incapable of […more]

HMRC offers practical support to businesses affected by Carillion’s collapse - February 7, 2018

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The start of 2018 saw the somewhat unexpected collapse of one of the UK’s largest construction and contracting businesses, Carillion.   Despite winning a number of new public sector bids, including a £1.4 billion contract for HS2, it was revealed in early January that the company would be going into compulsory liquidation.   In the […more]

Are you ready for the latest minimum wage rise? - February 7, 2018

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On 1 April 2018, the National Minimum Wage (NMW) and National Living Wage (NLW) will increase for all age groups. Aimed at improving the prospects of young workers, the Chancellor Philip Hammond announced in the Autumn Budget that statutory wage rates would once again increase this year. For those currently receiving the NLW, i.e. anyone […more]

Revenue aims for 100 serious and complex tax crime prosecutions by 2022 - January 8, 2018

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With tax avoidance and evasion continuing to be high on the political agenda, HM Revenue & Customs (HMRC) has announced its intention to achieve 100 serious and complex tax crime prosecutions by the end of the current Parliament in 2022. The announcement was included in HMRC’s Single Department Plan, published last month, which sets out […more]

Points mean penalties in HM Revenue & Customs late filing reforms - January 8, 2018

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A shake-up of penalties for late submissions and payments under the Government’s Making Tax Digital (MTD) programme is to see a points-based system introduced, HM Revenue & Customs (HMRC) has confirmed. The new system is set to be introduced in tandem with the launch of MTD for VAT in 2019 and will see taxpayers receiving […more]

Don’t PIN your hopes on paying your tax by credit card - January 8, 2018

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If you have in the past paid your tax bill using a credit card, you will need to use a different method this year. That is because credit card payments to HM Revenue & Customs (HMRC) have fallen victim to a Government initiative originally intended to make it easier to pay for goods and services […more]

Recently given your staff a gift? - January 8, 2018

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Maybe you have recently given your staff members a bottle of wine or a voucher to help celebrate the New Year or as a thank you for their services in 2018, but did you know this could be classed as a trivial benefit in kind. While the cost may not be ‘trivial’ to some, this […more]

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