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…

Tax specialists have warned that planned changes to schemes designed to encourage investment in small and growing businesses could deter some investors from taking advantage of the reliefs. The warning came from the Chartered Institute of Taxation (CIOT) following plans in the March 2015 Budget to reform Enterprise and Seed Enterprise Investment Schemes (EIS/SEIS) and… Read more…

Cyber insurance should become as common a purchase for UK businesses as property insurance within the next decade, says the Association of British Insurers (ABI). The ABI said that any business using the internet was vulnerable to threats, including deliberate attacks by thieves and data losses caused by human error, and that cyber cover should… Read more…

Cutting £10 billion of red tape for small businesses and freezing key tax rates are among the highlights of the new Conservative government’s legislative programme. A range of measures to reduce regulation on small businesses, making it easier for them to create jobs, was included in the Queen’s Speech, delivered on 27 May, which set… Read more…

Chancellor of the Exchequer George Osborne has announced there will be a surprise second Budget in July. Following the Conservative victory in the 7 May general election, he confirmed on 16 May that there would be a summer Budget on 8 July. Writing in the Sun newspaper, Mr Osborne said: “I am going to take… Read more…