Tax campaigners have raised concerns that safeguards for taxpayers from whose bank accounts HM Revenue & Customs (HMRC) wishes to directly take money are not “watertight”. The Summer Finance Bill 2015, published on 15 July, includes measures to give HMRC the power to seize money directly from the bank and building society accounts of tax… Read more…

Budget Summary Two months on from the General Election result, the Chancellor of the Exchequer today delivered his second Budget of 2015. George Osborne will have known, as he stood up to address the Commons, that there was plenty riding on what came out of the famous red box. This was the first Conservative Budget… Read more…

Companies House has launched a new, free of charge search service of digital data held on the UK register of companies. The service provides access to more than 170 million records concerning companies and directors, including financial accounts, company filings and details of directors and company secretaries throughout the life of the company. Companies House… Read more…

HM Revenue & Customs (HMRC) has updated its guidance on how to keep VAT records. The guidance, issued on 22 June, replaces the edition published in December 2007. As well as correcting out of date information, the publication includes new guidance on issuing VAT simplified invoices by businesses other than retailers. Topics covered in the… Read more…

The UK has maintained its position as the number one destination for foreign direct investment (FDI) in Europe after attracting a record number of projects in 2014-15. Annual figures from UK Trade & Investment (UKTI), published on 17 June, revealed that the UK attracted 1,988 FDI projects – 12 per cent more than 2013-14 –… Read more…

Tax experts have welcomed an HM Revenue & Customs’ (HMRC) announcement that it will take a less rigid approach to penalties for employers who provide PAYE information late. HMRC announced on 17 June that rather than issuing late filing penalties automatically to employers whenever they missed a deadline for sending PAYE information, it would take… Read more…

New research has shown that women are less than half as likely as men to try and cut their unnecessary tax payments. Analysis carried out by Prudential and unbiased.co.uk found that only seven per cent of women took any steps to reduce their tax bill in the past year, compared with 19 per cent of… Read more…

A major shake-up for HM Revenue & Customs (HMRC) helpline numbers took effect from 30 June. HMRC withdrew its 0845 numbers from that date and customers now need to use one of its 03 helplines instead. There are 132 of the 03 numbers, dealing with issues ranging from air passenger duty to VAT. HMRC said:… Read more…

HM Revenue & Customs (HMRC) has issued updated guidance on the new reports that employment intermediaries – like employment agencies and recruitment firms – need to provide for agency workers if they do not operate PAYE. The guidance, published on 6 April, is designed to help businesses that arrange work placements for individuals with third… Read more…

A new government initiative has been launched to help businesses expand into international markets for the first time. The First Time Exporters (FTE) initiative, run by UK Trade & Investment (UKTI), includes training and advice for companies selling overseas for the first time, such as the opportunity to take part in trade missions to nearby… Read more…