The Office for Tax Simplification (OTS) has said that smaller and less complex estates should not be subject to the requirement to file Inheritance Tax (IHT) paperwork. The call was part of a review into IHT, which Chancellor Philip Hammond ordered earlier this year. While just five per cent of estates are subject to IHT,… Read more…
An increase in the National Living and Minimum Wage and rising workplace pension contributions could create the perfect storm for small businesses next April, according to multi-award-winning Midlands accountancy firm Salhan Accountants. The firms, which has offices in central Birmingham, Droitwich and London, is encouraging small businesses owners to prepare themselves for the changes ahead,… Read more…
HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years. Some other groups will need to wait to join, including those: trading… Read more…
From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked when making a transfer, something which has been exploited by fraudsters to trick people into transferring tens of thousands of… Read more…
The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator may have wrongly computed the tax liability. The review will begin on 19 November 2018… Read more…
According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief, Philip Hammond has promised to clamp down on fraudulent claims by reintroducing a Pay As… Read more…
New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax the town in 2015/16, paying on average £231,000 each. In comparison, Wigan in Greater Manchester saw just 31 estates liable for IHT… Read more…
Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr Hammond said that “encouraging entrepreneurs must be at the heart” of the Government’s strategy but he recognised the relief as… Read more…
In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming this sudden pay rise, small business owners across the UK are being left to pick up the bill. From April… Read more…
Despite pledges to bring an end to austerity in the UK, Midlands-based Salhan Accountants has said that the Chancellor’s latest Budget has failed to deliver enough for small businesses. Rising to address the House of Commons, Philip Hammond said the Autumn Budget would be for the “strivers, the grafters and the carers who are the… Read more…
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