News and Events

UK’s tax gap continues to fall

UK’s tax gap continues to fall

Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall. The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and 7.3 per cent in 2005-06. It says that, had the Read more…

Small businesses say the Government should simplify business rates

Small businesses say the Government should simplify business rates

A survey has revealed strong support from the UK’s small business community for measures to simplify business rates. A total of 71 per cent of the small businesses questioned said business rates should be simpler and have a greater degree of flexibility. Meanwhile, 49 per cent of SMEs said the Government is doing too little to assist with business rate relief, with just 36 per Read more…

Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has called on the Treasury to resist pressure to reduce the VAT threshold from its current £85,000 until after the implementation of Making Tax Digital (MTD) and Brexit. The call came after the Office of Tax Simplification (OTS) urged the Treasury to review the current threshold, prompting it to issue a Read more…

A quarter of dads may be missing out on paternity pay, according to a new report

A quarter of dads may be missing out on paternity pay, according to a new report

The TUC has launched a new campaign calling on the Government to extend paternity pay to more workers, after discovering that a quarter of fathers may be missing out. It found that of the 620,000 new working dads last year, more than 140,000 did not qualify for paternity pay, which provides up to two weeks’ paid time off. This figure, it has said, is the Read more…

More than two-fifths of small business owners are still unaware of MTD

More than two-fifths of small business owners are still unaware of MTD

According to a new study, Making Tax Digital (MTD) is currently one of the biggest concerns for VAT-registered small business owners. The research, prepared by Intuit QuickBooks, found that more than three-quarters of SME owners found the legislation challenging and difficult to understand. It also reveals that 70 per cent were struggling to find the right new tools to help them comply, including 63 per Read more…

Building contractors will have to comply with complex new VAT rules

Building contractors will have to comply with complex new VAT rules

Those working in the construction and building industry are being encouraged to get to grips with a new way of accounting for VAT. From 1 October 2019, builders, contractors and other trades associated with the construction industry will have to change the way they invoice supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain. Under the new Reverse Charge for Read more…

‘Bank of Mum and Dad’ feels the squeeze

‘Bank of Mum and Dad’ feels the squeeze

The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of £21,600, those receiving assistance this year can expect an average contribution of £18,000. This equates to a fall in overall lending from £6.5 billion last Read more…

Vigilance urged as fraudsters fake security measures to access bank accounts

Vigilance urged as fraudsters fake security measures to access bank accounts

Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was supposedly from her bank saying that her account had been frozen owing to unusual transfers. The call had begun with some initial security questions, which Read more…

Ministers make an about-turn on tax haven transparency measures

Ministers make an about-turn on tax haven transparency measures

In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that are registered there. The measures were contained in an amendment to the Anti-Money Laundering Bill that was proposed by Labour MP Dame Margaret Hodge and Read more…

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution Foundation has floated the idea of a ‘lifetime receipts tax’, which would give individuals a lifetime tax-free allowance, with further thresholds above this amount for Read more…

We’re moving offices
to
1st Floor, Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL

from 233-237 Old Marylebone Road, London NW1 5QT over the weekend of 25th & 26th November. Please bear with us as staff and Partners will have no access to emails & other content on our servers from 6.00pm Thursday 24th November to midnight Sunday 26th November. We will be fully operational at 9.00am, Monday 27th November. In the event you have an urgent enquiry during the period when our servers are down, please phone Reception at our Stevenage office on 01438 758 100. All telephone numbers will remain the same.