Autumn Budget 2018

Autumn Budget 2018

The sun was already edging behind the London skyline by the time Chancellor Philip Hammond rose to the despatch box to deliver the first Monday Budget since 1962 – pushed back to 3.30pm because of later Parliamentary sitting times on Mondays. Officially, the traditional Wednesday slot was dispensed with this year to allow as much time as possible for debate in Parliament. The more cynical Read more…

Autumn Budget 2018

Autumn Budget 2018

The sun was already edging behind the London skyline by the time Chancellor Philip Hammond rose to the despatch box to deliver the first Monday Budget since 1962 – pushed back to 3.30pm because of later Parliamentary sitting times on Mondays. Officially, the traditional Wednesday slot was dispensed with this year to allow as much time as possible for debate in Parliament. The more cynical Read more…

CIOT reports increase in R40 refund errors

CIOT reports increase in R40 refund errors

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC). Individuals can use R40 forms to claim tax refunds on tax deducted from savings income. Following the CIOT report, HMRC has now confirmed that there is an issue with R40 computations. The issue lies Read more…

Workers miss out on £15.6 million in pay through minimum wage breaches

Workers miss out on £15.6 million in pay through minimum wage breaches

Minimum wage breaches, including breaches of the National Living Wage, have cost workers from across the UK a combined total of £15.6 million in lost wages. Figures released by the Government show that around 200,000 workers were affected in 2017/18, in what was the highest underpayment since the National Minimum Wage was introduced. In total, more than 600 employers were named and shamed in 2017/18 Read more…

HMRC finally launches MTD communications plan and simplified guidance

HMRC finally launches MTD communications plan and simplified guidance

With only six months left until the launch of Making Tax Digital for VAT, HM Revenue & Customs (HMRC) has finally begun sharing information with businesses about the new regime. While accountants and professional advisers across the UK have been making clients aware of the new digital system for more than two years, the nation’s official tax authority has remained fairly quiet on what has Read more…

Micro businesses bear the brunt of late payments

Micro businesses bear the brunt of late payments

Recent research has shown that micro businesses are bearing the brunt of late payments, with just 52 per cent of the invoices they issue being paid on time. However, the research found significant regional variation, with 68 per cent of micro businesses in Peterborough encountering the scourge of late payments. The research was based on data from 50,000 users of a prominent cloud accounting software Read more…

HMRC investigates estate valuations as part of IHT campaign

HMRC investigates estate valuations as part of IHT campaign

The number of investigations conducted against estates thought to be avoiding Inheritance Tax (IHT) has increased, according to new data from HM Revenue & Customs (HMRC). The tax authority has revealed that 5,400 estates were investigated during the 2017/18 tax year – a five per cent increase on the previous year’s figure (5,100 estates). This means that nearly a quarter (24 per cent) of all Read more…

Just eight per cent of business loan applications successful with one high street bank

Just eight per cent of business loan applications successful with one high street bank

On average, less than one in 10 SME loan applications to one nameless high street bank are successful. The figures were released by SME funding platform, Code Investing, whose CEO, Ayan Mitra, said: “Due to regulation, due to banks having huge cost structures, due to SMEs not having standardised data, there’s quite a big funding gap.” He added that he expected this low level of Read more…

Employment claims from contractors brought within IR35 expected after HMRC settlement

Employment claims from contractors brought within IR35 expected after HMRC settlement

A freelance marketing and business development consultant has reached a settlement with HM Revenue & Customs (HMRC) after arguing that she should be entitled to holiday pay as she was considered to be a worker for tax purposes. Susan Winchester had claimed £4,200 in holiday pay against HMRC after she was deemed to fall within the IR35 rules, which apply to freelancers working as if Read more…