Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations

Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations

The Office for Tax Simplification (OTS) recently published its findings following a review intended to ensure the VAT system remains relevant. On the basis of its findings, the OTS made eight core recommendations: The Government should examine the current approach to the level and design of the VAT registration threshold, with a view to setting out a future direction of travel for the threshold, including Read more…

Chasing outstanding debts from an individual or sole trader? The process has changed

Chasing outstanding debts from an individual or sole trader? The process has changed

Outstanding payments can be a major headache for SMEs as they can have a significant effect on cashflow and seeking payment can take up time that would be better spent on running the business. In fact, according to Bacs, the not-for-profit entity that runs the eponymous payment service, late payments cost UK SMEs more than £2 billion each year. This means that recent changes to Read more…

Simple by name, but not necessarily by nature

Simple by name, but not necessarily by nature

Earlier this year, HM Revenue & Customs (HMRC) introduced Simple Assessments for some taxpayers who have, until now, been required to complete Self-Assessment Tax Returns. Those affected are taxpayers with relatively straightforward financial affairs where HMRC considers that it already has sufficient information to be able to calculate the tax owed. The first groups to be subject to the Simple Assessment regime are people who Read more…

Class 2 and 4 NIC merger delayed until 6 April 2019

Class 2 and 4 NIC merger delayed until 6 April 2019

The abolition of Class 2 National Insurance Contributions (NIC) will now be delayed until 6 April 2019, according to a new written statement to the House of Commons. HM Treasury has written to MPs to let them know that the move has been delayed to allow additional consultation with interested parties, particularly in respect of the effect of the abolition of Class 2 NIC for Read more…

Business rates to switch from RPI to CPI, saving SMEs billions of pounds

Business rates to switch from RPI to CPI, saving SMEs billions of pounds

Businesses across the UK have welcomed the Chancellor’s decision to bring forward plans changing the way business rates are set by two years. In the Autumn Budget, Philip Hammond announced that from April 2018 business rates would rise in line with the Consumer Price Index (CPI) measure of inflation, not the Retail Price Index (RPI).  This move will help around 5.5 million small businesses to Read more…

SMEs risk losing out on Christmas income totalling £2bn if they don’t accept cards

SMEs risk losing out on Christmas income totalling £2bn if they don’t accept cards

A new study has revealed that almost half of all shoppers will not spend money with a business this Christmas if it doesn’t provide facilities to pay by card. A study, commissioned by card machine provider Paymentsense, has found that 45 per cent of UK shoppers walk out of cash-only smaller retailers and independent outlets because they cannot pay by card, while a quarter of Read more…

Don’t forget the Self-Assessment deadline

Don’t forget the Self-Assessment deadline

While most people will be focused on the festive celebrations at this time of the year, businesses and their owners must not forget the all-important Self-Assessment deadline. The deadline for sending 2016-17 tax returns to HMRC is midnight on 31 January 2018. The penalty regime for missing the 31 January filing deadline includes an initial £100 penalty, which applies even if there is no tax Read more…