Workers in a number of different sectors are often obliged to spend small amounts each year maintaining or replacing tools and special clothing, which are deemed necessary for them to carry out their employment duties. In order to provide support to these workers, HM Revenue & Customs (HMRC) allows a flat-rate expense to cover these costs. While this has been the case for a long Read more…

 New rules introduced as part of the government’s Making Tax Digital proposals could see fines for late tax payments triple. Currently small businesses face a fine worth five per cent of their outstanding tax bill if they pay late. This is charged at 30 days, six months and then again at 12 months, slowly accumulating at a slow rate if the tax remains unpaid. However, Read more…

A new report from insolvency trade body R3 has revealed the damage done to small firms by customers making late payments for goods and services. According to their most recent survey of the insolvency profession, late payment was the primary cause in 23 per cent of insolvencies during the last 12 months, while the closure of a supplier or customer was the major factor in Read more…

Almost half of Britain’s business owners do not think Brexit will have an impact on their company, according to a new study from delivery service CitySprint. Surprisingly a fifth of those questioned also said they wanted the government to immediately trigger Article 50 of the Lisbon Treaty, which will officially start Britain’s exit from the EU. Despite the pound falling to a 30-year low only Read more…

In August HM Revenue & Customs (HMRC) issued the first wave of consultation documents on its Making Tax Digital (MTD) initiative. This first wave of consultation documents set out the Revenue’s plans for the implementation of MTD for the smallest businesses and, as expected, a large number of small businesses will need to report on a quarterly basis using ‘designated software packages.’ Only the very Read more…

The previous Chancellor announced at the Budget in March 2016 that the government would consider restricting the range of Benefits in Kind (BiKs) that are exempt from Income Tax and National Insurance. In August, HM Revenue & Customs (HMRC) launched its formal consultation on the changes – which proposes that almost all BiKs should be subject to Income Tax and National Insurance. The only BiKs Read more…

As part of a raft of recently launched consultations, the government has unveiled its latest plans for the changes to non-dom status announced by the previous Chancellor in his 2015 Budget. Under the plans, non-doms who are deemed to be long-term residents will be required to pay UK tax on their worldwide income. The changes are designed to prevent people living in the UK with Read more…

We are pleased to announce that Tax Partner, Tim Cook,  will be speaking in an upcoming Strafford live webinar, “U.K.-Based Retirement Accounts for U.S. Taxpayers: Mastering Reporting, Maximizing Planning Opportunities” scheduled for Wednesday, September 7, 1:00pm-2:50pm EDT. Because of your affiliation with Wilder Coe Ltd, you are eligible to attend this program at half off. As long as you use the links above, the offer Read more…

A leading London accountant has said HMRC’s repeated broken promises to seek public consultation on its revolutionary plans for Making Tax Digital, are “plainly just wrong.” The development of HMRC’s Making Tax Digital software appears to be at an advanced stage, despite the fact that the project’s latest four consultation documents – including details on the mechanics of quarterly reporting for companies – have yet Read more…

Figures published recently by the Prudential have shown a significant increase in the total amount put away by UK workers towards their pension pots. UK workers’ pension contributions last year amounted to more than £9.3 billion – a 17 per cent increase on the 2010/11 tax year and the second highest figure in the last 25 years. Prudential has said that these figures “can be Read more…