Taxpayers offered online tool to assess their self-assessment requirement

Taxpayers offered online tool to assess their self-assessment requirement

It should seem obvious whether an individual must submit a self-assessment tax return annually. Yet, each year, thousands of people find themselves brought into the regime unwittingly. To help taxpayers prepare their affairs accordingly, HM Revenue & Customs (HMRC) is offering a free online tool to help people find out whether they need to submit a return. Typically, an individual must submit a tax return Read more…

Taxpayers treated unfairly by HMRC, says House of Lords report

Taxpayers treated unfairly by HMRC, says House of Lords report

The House of Lords Economic Affairs Committee has criticised some of the powers granted to HM Revenue & Customs (HMRC), describing them as disproportionate and lacking effective taxpayer safeguards. The committee’s latest report says that HMRC’s powers are now too broad and the penalties too high, deterring taxpayers from appealing and creating injustice within the system. It has demanded that the Government reviews the current Read more…

On-boarding

On-boarding

Let’s be frank finding the right candidate can be a lengthy and expensive process so once you have received a formal acceptance from the “ideal” candidate you want to make sure that your processes and systems support their integration into the company “on-boarding” as swiftly as possible. Here are a few practical things that you should consider; Before the employee starts; share any important information Read more…

Unwrapping Christmas tax gifts

Unwrapping Christmas tax gifts

Christmas is a time for giving, but many businesses may not be aware that their gifts can be made in a tax-efficient manner, which could make raising festive spirits that little bit cheaper. While Christmas parties may not be for everyone, HM Revenue & Customs (HMRC) does provide an allowable tax deduction of up to £150 per head per year for events. This means companies Read more…

UK takes second spot for tax compliance in G20

UK takes second spot for tax compliance in G20

New research from the World Bank has revealed that the UK has the second most effective tax system amongst the G20 nations for tax compliance and ease of paying corporate taxes. According to the survey, companies take an average of 105 hours per year to prepare and file their taxes in the UK, which equates to around three hours per week. The report looks at Read more…

House of Lords calls for a delay to Making Tax Digital

House of Lords calls for a delay to Making Tax Digital

The House of Lords Economic Affairs Committee has criticised HM Revenue & Customs (HMRC) for its handling of Making Tax Digital (MTD) and called for a delay to some of the regime’s mandatory requirements. The majority of VAT-registered businesses with taxable turnover above the VAT registration threshold of £85,000 will need to keep digital records and file their VAT returns using HMRC-compliant software or methods Read more…

Italian e-invoicing requirements make Making Tax Digital look like a walk in the park

Italian e-invoicing requirements make Making Tax Digital look like a walk in the park

While a series of false starts and changes of direction have made Making Tax Digital (MTD) seem more complicated than it might need to be, new e-invoicing requirements that come into effect in Italy from 1 January 2019 make it look like a walk in the park. The Italian tax authorities will require VAT-registered businesses to issue electronic invoices converted into .XML format to other Read more…

180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)

180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)

Figures released by HM Revenue & Customs (HMRC) have revealed that 180,500 first-time buyers have benefited from the Government’s changes to Stamp Duty Land Tax (SDLT). HMRC estimates that first-time buyers have saved a total of more than £426 million since Chancellor Philip Hammond announced the First-Time Buyers’ Relief (FTBR) in November 2017. At Budget 2018, the Chancellor announced an extension of the scheme to Read more…

Big increase in P2P lending

Big increase in P2P lending

The fifth annual UK Alternative Finance Industry Report has revealed a 65 per cent year-on-year increase in peer-to-peer (P2P) lending. The P2P lending market is now worth £2 billion and small and medium-sized enterprises (SMEs) appear to be the dominant force behind it. To put the rise of P2P lending into context, its value is equal to nearly a third (29.2 per cent) of all Read more…