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… Read more…
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… Read more…
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… Read more…
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… Read more…
A number of operators within the gig economy have announced that they are changing the benefits that they offer to their contractors in light of a number of cases regarding employment status. However, Midlands-based accountancy firm, Salhan Accountants, fears that drivers may get caught out when completing and returning their tax affairs if they fail… Read more…
One of the Midlands’ leading firms of accountants, Salhan Accountants, has criticised the Chancellor’s Spring Statement for failing to deliver anything meaningful to small businesses. Salhan Accountants said that few businesses expected Philip Hammond to pull any rabbits out of his hat, but that the lack of any assistance to small businesses was disappointing against… Read more…
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… Read more…
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).… Read more…
New advisory fuel rates from 1 March 2019 for drivers of company cars have fallen for all but one class of vehicle. The rates apply where a business is reimbursing employees for travel in a company car, or where employees must repay the cost of fuel used when travelling in a company car in a… Read more…
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