Latest Business News

Businesses and contractors offered clarity on IR35

With less than six months left until the introduction of the IR35 regulations in the private sector, HM Revenue & Customs (HMRC) has finally released additional guidance to help clarify this complex area of taxation. From 6 April 2020, the off-payroll rules (IR35) are going to be extended across the private sector bringing large and…

Grant scheme opportunities for electric vehicle charging infrastructure at work

With the projected growth of electric car ownership in coming years, the Government is offering grants to support businesses who introduce charging infrastructure at their place of work. Provided by the Office of Low Emission Vehicles (OLEV), the Workplace Charging Scheme (WCS) is a voucher-based grant that offers support to companies with the up-front costs…

Countdown to the 31 January Self-Assessment Tax Return deadline begins

Fewer than 100 days now remain until the 31 January 2020 deadline for the online submission of Self-Assessment Tax Returns. Self-Assessment Tax Returns must be completed in respect of most income that has not been subject to PAYE. This includes the following groups: Self-employed individuals Sole traders Partners Individuals in receipt of rental income Individuals…

Renovated homes that have been empty for two years can qualify for a reduced rate of VAT

Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent. There are two circumstances in which this can apply. The first is where a dwelling has been empty for the…

HM Revenue & Customs has started carrying out PAYE tax investigations remotely

It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely. The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants that the wording of some of these questions could trip up unwary employers and prompt…

25,000 companies receive penalties for the late filing of accounts in just one month

The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September. This date marks a common deadline for companies, according to Companies House, with a further 643 companies narrowly avoiding a penalty by filing…

Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit

Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU. However, businesses that are not registered for VAT will need to register for an EORI number…