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Welcome to our June 2019 Newswire

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

 

Chris's Run Every Day in May

So what is Run Every Day in May?

Simplistically it’s a statement of intent, a challenge to get in a run on every single day of the month of May.

With my 40th Birthday in June, I have been, over the last six months, on a fitness quest that has seen a loss of 25% of my body weight and my 5km time drop from over 34 minutes to 24 min 16 seconds at my last Park Run. As this landmark birthday has drawn closer it’s clearer than ever that I need challenges and to be challenged to be the best me that I can be.

Government confirms that HMRC will get a higher priority when firms go bust

 

From April next year, HM Revenue & Customs (HMRC) will rank third, just after secured creditors such as banks and insolvency practitioners in order to recover additional outstanding tax from failing businesses.

Currently, HMRC is ranked alongside unsecured creditors, such as suppliers, trade creditors, contractors and customers, who on average rarely recover more than four per cent of debts owed.

MTD for VAT - relaxation on posting supplier statements

HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements.

One of the changes, secured with the help of the Chartered Institute of Taxation (CIoT), relates to purchase invoices from suppliers.

 

Significant lack of awareness around gifting rules for IHT

 

A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift.

Its study found that only 25 per cent of those who had made a gift had a ‘working knowledge’ of the IHT rules and fewer than half reported being aware of IHT rules or exemptions when they had given their largest gift.

EIS and SEIS tax relief funding passes £2.1 billion

A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark.

The EIS scheme saw the larger increase in approved funding, with an increase in funds raised of £28 million. In comparison, SEIS approved funding rose by approximately £2 million over the year, despite a fall in the number of companies receiving investment.

 

New code launched to help protect victims of sophisticated banking fraud

 

A new code has been launched by 17 UK banks to protect customers who fall victim to a sophisticated form of fraud known as Authorised Push Payment (APP) scams.

APP scams involve tricking people into making payments to fraudsters, who are masquerading as legitimate payees.

Revenue tests new trigger to increase the accuracy of PAYE codes

HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes.

According to HMRC, as many as half a million tax codes being used by employers across the UK could be incorrect, leading to employees either overpaying or underpaying tax.