News and Events

Just over half of businesses are prepared for Making Tax Digital

A new study into preparations for Making Tax Digital amongst businesses has found that only 57 per cent of firms are ready to comply with the new regime by 1 April 2019. Despite the various delays and changes to the Government’s new digital tax system, businesses have had several years to prepare themselves for this landmark change in taxation. Initially, the new system will only Read more…

Late payers to be flagged up to businesses under new proposals

The Small Business Commissioner, Paul Uppal, has recommended a new “traffic light” system that will warn smaller firms which businesses have a consistent record of late payment and those most likely to request longer payment terms. It is thought that around £2.5 billion is lost annually within the economy due to late payments and they have been attributed to the closure of around 50,000 businesses Read more…

HM Revenue & Customs drops insistence that all company directors must submit tax returns

HM Revenue & Customs (HMRC) has dropped its insistence that all company directors must submit tax returns following a series of tribunal rulings. For several years, HMRC has advised in its guidance on the gov.uk website that company directors should register for Self-Assessment and this has also been part of online tools designed to help individuals determine whether they need to submit a tax return. Read more…

Automatic Enrolment contributions to increase

The next increase in Automatic Enrolment (AE) pension contributions for both employees and employers will take place from 6 April 2019. The minimum employer contribution will increase from two per cent to three per cent, while the employee contribution will rise from three per cent to five per cent – taking the total minimum contribution from five per cent to eight per cent. The minimum Read more…

Debt recovery costs small businesses an average of £9,000

The cash flow difficulties that late payments cause small businesses are well known. However, the cost of recovering late payments is less well publicised, despite being a major and growing expense – coming in at around £9,000 last year for an average business. Research by Bacs Payment Schemes found that the cost of recovering late payments has increased considerably in recent months. Collecting money owed Read more…

Brexit uncertainty sends small business confidence to a seven-year low

Confidence amongst small businesses has tumbled to a seven-year low – in part due to the uncertainty of Brexit. A survey carried out by the Federation of Small Businesses (FSB) has found that nearly one in three small exporters think that sales to overseas customers will fall during the early part of this year. Meanwhile, one in seven of the more than 1,000 small businesses Read more…

An end to the Entrepreneurs’ Relief ‘dilutions dilemma’?

As a business takes off, the level of investment it needs in order to expand can significantly outpace growth in revenues and profits. One of the options open to entrepreneurs at this stage in the development of a business is to issue new shares that secure new investment, without the financial pressures that come with loans. However, until now, this has created the potential for Read more…

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

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…