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Millions of people have not checked their online tax accounts for errors - April 11, 2018

Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax Accounts. The figure means that less than half of taxpayers have accessed their accounts, risking […more]

Late payments in the spotlight after Carillion collapse - April 11, 2018

Small businesses in the UK have long been scourged by late payments, but the problem was brought into sharp focus earlier this year following the collapse of construction giant, Carillion, emphasising the importance of careful credit control. According to the Federation of Small Businesses (FSB), some suppliers were waiting as long as 120 days to […more]

Quarterly digital reporting to HM Revenue & Customs opens to self-employed individuals - April 11, 2018

Since March this year, self-employed individuals have had the option of reporting their income digitally to HM Revenue & Customs (HMRC) as part of a pilot of the Government’s Making Tax Digital (MTD) programme. The Government has long had the ambition of taking most taxes including Income Tax, VAT and Corporation Tax onto a system […more]

HMRC takes new steps to tackle online VAT fraud - April 11, 2018

HM Revenue & Customs (HMRC) has been granted new powers to help combat online VAT fraud conducted on digital marketplaces. Originally outlined by the Chancellor in the 2017 Autumn Budget, the new powers – known by the term ‘joint-and-several liability’ (JSL) for online marketplaces – strengthen existing arrangements to make online marketplaces accountable for VAT […more]

Are you one of the 90 per cent of businesses that are unprepared for GDPR? - April 11, 2018

With less than 60 days left until the deadline for compliance with the General Data Protection Regulation (GDPR), more than 90 per cent of UK small businesses admit they are not yet fully ready. In fact, a poll conducted by the Federation of Small Business (FSB) found that only eight per cent of SMEs have […more]

Government extends childcare voucher scheme for additional six months - April 11, 2018

Working parents across the UK will be delighted to hear that the Government has agreed to a six-month extension of the childcare voucher scheme. It has been estimated that around 80 per cent of working parents may be better off using Childcare Vouchers rather than the new tax-free childcare scheme. The voucher scheme allows employees […more]

Spring Statement 2018 - March 13, 2018

By the time Chancellor Phillip Hammond rose to his feet in the House of Commons to deliver the first Spring Statement, he had already offered plenty of hints that this would be a low-key affair. Gone was the primetime Wednesday slot after Prime Minister’s Questions, gone was the trailing of policy announcements in the days […more]

Tax-Free Childcare launches for all parents of under-12s - March 6, 2018

A scheme, enabling parents of children aged 12 and under to benefit from up to £2,000 towards the cost of childcare, has now been extended to all working parents with children in the age group. The scheme provides a Government top-up worth £2 for every £8 contributed by parents, up to a maximum of £2,000 […more]

SMEs invest three working weeks a year on tax compliance - March 6, 2018

A new study, prepared by the Federation of Small Businesses (FSB), has found that the UK’s average small business spends nearly three working weeks every 12 months complying with tax rules. This costs SMEs around £5,000 a year on average, according to the survey of 1,000 small businesses. Of the challenges they face, around half […more]

Does Nesquik attract VAT? It depends on the flavour, Revenue says - March 6, 2018

An apparently counterintuitive judgement was handed down last month by the Upper Tier Tribunal as it ruled VAT should be applied to the strawberry and banana flavours of Nesquik milk powder, but not to the chocolate equivalent. The case arose after Nestlé, the manufacturer of the powders made a repayment claim to HM Revenue & […more]

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