News and Events

Invoice fraud cost UK firms £93 million last year

A recent survey conducted by UK Finance revealed that more than four in 10 UK businesses are unaware of the potential risks associated with invoice fraud. Last year these scams cost UK firms almost £93 million, with 3,280 invoice and bank scam cases reported – costing on average £28,000 per case. Fortunately, in 2018, £29.6 million of the money lost to this type of fraud Read more…

Tax-free HMRC scheme assists families with childcare costs

A Government scheme set up by HM Revenue & Customs (HMRC) is advising parents to apply for the Tax-Free Childcare scheme, which provides contributions on savings used to cover childcare costs. Research has revealed that more than a million families are failing to make use of the Tax-Free Childcare scheme. The Tax-Free Childcare scheme is set to replace the already defunct Childcare Vouchers scheme. It Read more…

UK SMEs hit by £17.4 billion cybercrime bill in 2018

New research from internet service provider, Beaming, has revealed that in 2018 UK small and medium-sized enterprises (SMEs) were affected by cybercrime to the tune of £17.4 billion. Business cybercrime is the flavour of the month for fraudsters, with hacking, phishing and data breaches affecting millions of UK companies and causing billions of pounds of damage each year. As part of Beaming’s annual cybersecurity report, Read more…

ITV presenter Lorraine Kelly wins important IR35 appeal

Lorraine Kelly has won an appeal against HM Revenue & Customs (HMRC) at a First Tier Tribunal (FTT) following a £1.2 million demand for unpaid income tax and National Insurance Contributions (NICs). HMRC claimed that Lorraine Kelly should have been working inside the rules of IR35 at ITV Breakfast Ltd during the relevant period. This would have meant she was effectively an employee of ITV Read more…

Are you registered for Making Tax Digital yet?

Launched on 1 April 2019, most VAT registered businesses are now required to comply with the new Making Tax Digital for VAT regime. However, many businesses may not be aware that they are required to register to use the new system and that this process can take up to seven working days to complete. If you pay VAT by direct debit you will need to Read more…

Spring Statement 2019

On any other day, the Chancellor’s Spring Statement would have dominated the headlines. However, with the UK’s scheduled withdrawal from the EU just days away, and the Prime Minister’s latest Brexit deal voted down by the Commons just hours earlier, this seemed more like a sideshow than the main event. The little speculation there was in the days beforehand focused more on whether Mr Hammond Read more…

Insights into the new Capital Gains Tax rules – Business Breakfast

Westminster Business Council are delighted to be joining forces with Wilder Coe Ltd to hold an event for property professionals. Tim Cook, Senior Tax Partner, and Pauline Hudd, Partner and Head of Stamp Taxes, will be speaking at the breakfast event and sharing with you their insight into the new Capital Gains Tax rules which will impact all investors from April. These new rules are Read more…

National Living Wage to rise next month

From 1 April 2019, employers will be required by law to pay their employees a higher minimum wage rate. It is thought that this increase in the UK’s statutory wage requirements will benefit around 2.4 million workers and means that the annual earnings of a full-time minimum wage worker will have increased by over £2,750 since the introduction of the National Living Wage in April Read more…

Making Tax Digital productivity boost expected to be worth billions to UK SMEs

New research suggests that the UK’s SMEs could benefit to the tune of as much as £57 billion over the next five years because of digital productivity improvements associated with HM Revenue & Customs’ (HMRC) Making Tax Digital (MTD) initiative. The report by research firm, Volterra Partners, anticipates a ‘digital snowball’ effect from the launch of MTD for VAT in April this year that will Read more…

Delay in issuing Self-Assessment penalty notifications

While 93.68 per cent of the 11.5 million taxpayers who were required to file their Self-Assessment Tax Returns by midnight on 31 January did so on time, 731,186 missed the deadline. Those who missed the deadline will have to wait longer than in previous years to receive penalty notifications from HM Revenue & Customs (HMRC). The notifications of £100 penalties are usually sent in February Read more…