Wilder Coe LTD - November 2016

Chancellor urged to reform tax policymaking

A trio of influential organisations has urged the Chancellor to implement a series of reforms to the tax policymaking process. The Chartered Institute of Taxation (CIOT), Institute for Fiscal Studies (IFS) and The Institute for Government (IfG) jointly called on the Chancellor to make five key changes to the process: Publicly state the guiding principles …

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The clock is ticking away on BPRA (Business Premises Renovation Allowance)

The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017. The allowance, which has attracted controversy in the past after being exploited illegally by a number of tax avoidance schemes, can only be used in …

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Accountancy body issues cyber crime warning

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to businesses about the need to put measures in place to avoid falling victim to cyber crime. In its Audit Insights: Cyber Security report, the organisation warns that while businesses have a good awareness of the risks around cyber crime, this has not translated …

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UK tax gap falls to record low as HMRC targets serial offenders

Official statistics have shown that the UK tax gap fell to its lowest-ever level of 6.5 per cent in 2014/15, as HM Revenue & Customs (HMRC) intensifies its crackdown on tax avoidance, evasion and non-compliance. HMRC has made significant progress in reducing the tax gap – the difference between the amount of tax due and the amount collected – …

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HMRC to roll out real time PAYE coding adjustments by 2017

HM Revenue & Customs (HMRC) has released a list of priorities to allow for real time adjustments to taxpayer’s tax codes so that they pay the right amount of tax within the current tax year, as part of their ongoing Making Tax Digital (MTD) campaign. The plans, which HMRC intends to implement in the 2017-18 tax year, will ensure that real time …

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Businesses reminded of changes to National Minimum Wage

From 1 October the UK national minimum wage (NMW) has increased for all workers under the age of 25. For the 270,000 workers aged 21-24 in the UK earning the NMW this means they have seen their hourly wage rise to £6.95 from £6.70, which for those working a typical 35 hour week will mean an annual pay rise of £450 a year. For NMWRead more…

Don’t miss the self-assessment deadline

With only a few months left to ensure that their tax returns are completed correctly and filed on time, businesses and individuals are being encouraged to seek help. Those required or who have elected to complete a self-assessment tax return must prepare their annual records before the end of the fiscal year. Whilst the paper deadline for tax returns …

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