CIOT reports increase in R40 refund errors

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC). Individuals can use R40 forms to claim tax refunds on tax deducted from savings income. Following the CIOT report, HMRC has now confirmed that… Read more…

Micro businesses bear the brunt of late payments

Recent research has shown that micro businesses are bearing the brunt of late payments, with just 52 per cent of the invoices they issue being paid on time. However, the research found significant regional variation, with 68 per cent of micro businesses in Peterborough encountering the scourge of late payments. The research was based on… Read more…

Property investments once again hit by new tax rules

In the last few years the property sector has been hit by a number of new tax rules, but now there are two new things on the horizon that landlords must consider. Rent-a-Room Scheme The current Rent-a-Room scheme offers people up to £7,500 a year tax-free from letting out a spare room. However, HM Revenue &… Read more…