Inaugural Autumn Budget date announced

Inaugural Autumn Budget date announced

The Chancellor, Philip Hammond, has announced that the first Autumn Budget to take place since the set-piece statement’s move to the end of the year will be on Wednesday 22 November 2017. Mr Hammond announced at the Autumn Statement in 2016 that there would no longer be two major fiscal statements each year. This means that the Autumn Statement has been replaced by the Autumn Read more…

The Finance Bill is back and little has changed

The Finance Bill is back and little has changed

Earlier this year the Government announced that a number of the controversial provisions within its Finance Bill would be dropped ahead of June’s snap general election to ensure an easy passage to Royal Assent. Making Tax Digital and a number of other flagship proposals were subsequently left by the wayside, creating a great deal of uncertainty about their long-term future. However, these provisions have been Read more…

Cricket club stumped by VAT dispute

Cricket club stumped by VAT dispute

An Oxfordshire cricket club has been left having to stump up a hefty tax bill after losing a VAT dispute. Despite the common misconception that charitable organisations are exempt from VAT, Eynsham Cricket Club was forced to pay 20 per cent VAT in respect of works to construct its new pavilion. A ruling by a Tax Tribunal found that the club was liable for VAT Read more…

All change for the UK’s cash

All change for the UK’s cash

It’s all change when it comes to cash. Last month saw the introduction of a new £10 note and this month sees our last chance to spend the old round £1 coin. Following on from the new Churchill £5 note, the new £10 note is made from the same polymer material, with sophisticated built-in security features. The new notes feature an image of novelist, Jane Read more…

Late payments damage the UK economy, research shows

Late payments damage the UK economy, research shows

Late payments are a headache that most small businesses are familiar with, but new research shows that late payments create problems for the economy as a whole. Figures published by the Department for Business, Innovation and Skills show that UK SMEs are losing £250 billion in cash flow as a consequence. Because SMEs tend to be positioned towards the end of the supply chain, they Read more…

Students could be entitled to a tax refund as they head back to university

Students could be entitled to a tax refund as they head back to university

Students who have been heading back to university in recent weeks could be entitled to a helpful tax refund, according to HM Revenue & Customs (HMRC). Those who worked through their summer holidays may have been taxed through PAYE, as if they were earning at that level year-round, but it is unlikely that their earnings will have exceeded the personal tax-free annual allowance of £11,500. Read more…

Dividend Tax changes set to hit small business owners and investors

Dividend Tax changes set to hit small business owners and investors

Changes to the Dividend Tax regime, which will see the existing tax-free allowance fall from £5,000 to £2,000 from April next year, are set to hit small business owners and investors. The changes currently being considered by MPs as part of the Finance Bill 2017-19 had been delayed when what is now the Finance Act 2017 was dramatically cut down in order to secure its Read more…