Business News

How do I comply with Making Tax Digital?

Making Tax Digital is now here to stay The Making Tax Digital (MTD) programme has now become law. With effect 1 April 1.2 million VAT registered businesses earning over £85,000 are required to keep their records digitally and submit their VAT Returns beginning on or after 1 April 2019 via MTD compliant software. For businesses…

Businesses get to grips with new employment costs

Employers across the UK are starting April with a sudden increase in employment costs following a rise in workplace pension contributions and minimum wage costs. The sharp increase in expenditure on staff couldn’t come at a worse time for business who are experiencing growing uncertainty over the UK and wider global economy. Minimum contributions for…

Invoice fraud cost UK firms £93 million last year

A recent survey conducted by UK Finance revealed that more than four in 10 UK businesses are unaware of the potential risks associated with invoice fraud. Last year these scams cost UK firms almost £93 million, with 3,280 invoice and bank scam cases reported – costing on average £28,000 per case. Fortunately, in 2018, £29.6…

Tax-free HMRC scheme assists families with childcare costs

A Government scheme set up by HM Revenue & Customs (HMRC) is advising parents to apply for the Tax-Free Childcare scheme, which provides contributions on savings used to cover childcare costs. Research has revealed that more than a million families are failing to make use of the Tax-Free Childcare scheme. The Tax-Free Childcare scheme is…

UK SMEs hit by £17.4 billion cybercrime bill in 2018

New research from internet service provider, Beaming, has revealed that in 2018 UK small and medium-sized enterprises (SMEs) were affected by cybercrime to the tune of £17.4 billion. Business cybercrime is the flavour of the month for fraudsters, with hacking, phishing and data breaches affecting millions of UK companies and causing billions of pounds of…

ITV presenter Lorraine Kelly wins important IR35 appeal

Lorraine Kelly has won an appeal against HM Revenue & Customs (HMRC) at a First Tier Tribunal (FTT) following a £1.2 million demand for unpaid income tax and National Insurance Contributions (NICs). HMRC claimed that Lorraine Kelly should have been working inside the rules of IR35 at ITV Breakfast Ltd during the relevant period. This…

How do I find out more about cloud accounting?

With the Government’s flagship Making Tax Digital (MTD) campaign nearly upon us, more and more businesses are looking towards cloud accounting to help them get to grips with managing their tax and financial information online. Cloud accounting offers a number of fantastic benefits for businesses aside from helping them to become MTD-compliant. A strong, effective…