Research by law firm, Pinsent Masons, has found that more than 150 chief financial officers and other senior finance executives have been fined personally by HM Revenue & Customs (HMRC) in relation to tax accounting issues during the last financial year. This is an increase of 22 per cent on the previous year when 125…
New research has found that the total value of UK SMEs has reached more than £3 trillion – with the average small business now worth £2.9 million. The study by MarketInvoice found company valuation is something that two-thirds of owners consider a top priority and something they think about all the time. Business owners cited…
Businesses across the UK are being encouraged to increase their readiness for a no-deal Brexit. The Institute of Directors (IoD) said that, while all firms should be preparing for a no-deal Brexit, it had found that fewer than half of businesses had plans in place. The IoD has also called on the Government to make…
A new study has found that more than half (58 per cent) of SMEs are not aware of a temporary two-year increase in the annual investment allowance (AIA), which could help them secure £1 million in funding. Last year, the Government increased the AIA from £200,000 to £1 million from 1 January 2019 to 31…
HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes. According to HMRC, as many as half a million tax codes being used by employers across the UK could be incorrect, leading to employees either overpaying or underpaying tax. To address the problem,…
A new code has been launched by 17 UK banks to protect customers who fall victim to a sophisticated form of fraud known as Authorised Push Payment (APP) scams. APP scams involve tricking people into making payments to fraudsters, who are masquerading as legitimate payees. Victims of these scams who notify the banks signed up…
A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark. The EIS scheme saw the larger increase in approved funding, with an increase in funds raised of £28 million. In comparison, SEIS approved funding…
HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements.
From April next year, HM Revenue & Customs (HMRC) will rank third just after secured creditors, such as banks, and insolvency practitioners in order to recover additional outstanding tax from failing businesses.
HM Revenue & Customs (HMRC) has warned businesses across the UK that the registration process for Making Tax Digital (MTD) for VAT takes seven working days. This means that VAT-registered businesses turning over £85,000 or more need to register more than seven days before submitting a return if they want to pay their tax bill…