HM Revenue & Customs (HMRC) has announced the creation of a new Worldwide Disclosure Facility (WDF) that will allow people to ensure their affairs are correct before the Common Reporting Standard (CRS) comes into force on in October 2018. The WDF is available to all UK and non-UK resident businesses, organisations and individuals that have… Read more…

If you employ graduates, you will almost certainly be making student loan repayment deductions from their wages, which will go directly to HMRC. HMRC has introduced a new system for the 2016/17 tax year, and recently issued updated guidance to all employers on correctly implementing it. The new rules follow the introduction of Plan 2… Read more…

Workers in a number of different sectors are often obliged to spend small amounts each year maintaining or replacing tools and special clothing, which are deemed necessary for them to carry out their employment duties. In order to provide support to these workers, HM Revenue & Customs (HMRC) allows a flat-rate expense to cover these… Read more…

New rules introduced as part of the government’s Making Tax Digital proposals could see fines for late tax payments triple. Currently small businesses face a fine worth five per cent of their outstanding tax bill if they pay late. This is charged at 30 days, six months and then again at 12 months, slowly accumulating… Read more…

A new report from insolvency trade body R3 has revealed the damage done to small firms by customers making late payments for goods and services. According to their most recent survey of the insolvency profession, late payment was the primary cause in 23 per cent of insolvencies during the last 12 months, while the closure… Read more…

Almost half of Britain’s business owners do not think Brexit will have an impact on their company, according to a new study from delivery service CitySprint. Surprisingly a fifth of those questioned also said they wanted the government to immediately trigger Article 50 of the Lisbon Treaty, which will officially start Britain’s exit from the… Read more…

In August HM Revenue & Customs (HMRC) issued the first wave of consultation documents on its Making Tax Digital (MTD) initiative. This first wave of consultation documents set out the Revenue’s plans for the implementation of MTD for the smallest businesses and, as expected, a large number of small businesses will need to report on… Read more…

The previous Chancellor announced at the Budget in March 2016 that the government would consider restricting the range of Benefits in Kind (BiKs) that are exempt from Income Tax and National Insurance. In August, HM Revenue & Customs (HMRC) launched its formal consultation on the changes – which proposes that almost all BiKs should be… Read more…

As part of a raft of recently launched consultations, the government has unveiled its latest plans for the changes to non-dom status announced by the previous Chancellor in his 2015 Budget. Under the plans, non-doms who are deemed to be long-term residents will be required to pay UK tax on their worldwide income. The changes… Read more…

Figures published recently by the Prudential have shown a significant increase in the total amount put away by UK workers towards their pension pots. UK workers’ pension contributions last year amounted to more than £9.3 billion – a 17 per cent increase on the 2010/11 tax year and the second highest figure in the last… Read more…