Making Tax Digital dropped from Finance Bill ahead of General Election

In a surprise move, the Government’s hotly contested Making Tax Digital (MTD) project has been dropped from Finance Bill 2017 – the last Bill to be debated in the House of Commons prior to the snap General Election.Continue reading→

Study sheds light on business cyber attack trends

As many as one in five British businesses have been hit by at least one cyber attack in the last 12 months, a new study has revealed.Continue reading→

Online sellers could face further crack downs from HMRC

Members of Parliament (MPs) have called upon internet selling platforms such as eBay and Amazon to work harder to ensure that regular users are declaring their online income to HM Revenue & Customs (HMRC).Continue reading→

What company directors need to know about new anti-money laundering rules coming this June

The Government has warned companies to be aware of important anti-money laundering rule changes coming this summer.Continue reading→

Almost half of SMEs think Making Tax Digital will overcomplicate tax, study reveals

A new study suggests that almost half of small and medium-sized enterprises (SMEs) believe that the Government’s Making Tax Digital (MTD) project will overcomplicate tax.Continue reading→

Employers cutting it fine in setting up workplace pension, says study

Almost one in six businesses are applying for a workplace pension after their staging date has passed, according to new research from Aviva.

The study notes that this trend is on the rise, rising from 14 per cent the previous quarter (Oct – Dec 2016).

Year-on-year, that figure has jumped from just one per cent.

Likewise, a record-low number of companies are making preparations more than two months in advance, sitting at just 25 per cent.

The study claims that companies dragging their feet are putting themselves at risk of a fine or are limiting themselves when it comes to choosing a pension scheme – as not all providers will take on “late stagers”.

Andy Beswick, MD Business Solutions at Aviva, said: “While some of these numbers are disappointing, it’s not unexpected. SMEs tend to be less well-resourced and aren’t blessed with large HR departments or budgets to help them through their auto-enrolment journey.

“What the figures do highlight is that there is still work to be done to make business owners aware of their obligations. As an industry, we’ve been talking about auto-enrolment since the early 2000s and implementing it for over four years now. But to thousands of employers and employees, it is still a brand new concept and we need to make sure people aren’t getting left behind.”

Around 500,000 small and medium-sized enterprises (SMEs) are due to set up a workplace pension this year.

IPSE urges contractors to check IR35 status with HMRC

The Association of Independent Professionals and the Self Employed (IPSE) is calling upon UK contractors to use the Government’s new IR35 status tool to ensure that they are paying the correct amount of tax.Continue reading→

Half of UK SMEs eyeing up imminent revenue growth, study finds

50 per cent of UK small and medium-sized enterprises (SMEs) expect to achieve revenue growth of 4 per cent or more before the end of the year, a new study suggests.Continue reading→

Party leader dubs late payment “a national scandal”

Plans were outlined yesterday to crack down on the big name companies who fail to pay suppliers on time.Continue reading→

Landlords confused about recent tax changes

A new survey has revealed a worrying lack of awareness of recent changes to mortgage interest tax relief – which were phased in at the beginning of this month and affect most UK landlords.

Previously, UK landlords would pay tax on profits at their highest rate of Income Tax. However, between April 2017 and 2020, this system is gradually being replaced.Continue reading→