With the Chancellor, Philip Hammond, announcing his first Autumn Statement on 23rd November, all eyes will undoubtedly be on him to discover what changes, if any, he will bring to the Treasury. Will he focus all his efforts on economic plans for the country post-Brexit, or will he also make changes to personal tax and,… Read more…

A trio of influential organisations has urged the Chancellor to implement a series of reforms to the tax policymaking process. The Chartered Institute of Taxation (CIOT), Institute for Fiscal Studies (IFS) and The Institute for Government (IfG) jointly called on the Chancellor to make five key changes to the process: Publicly state the guiding principles… Read more…

The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017. The allowance, which has attracted controversy in the past after being exploited illegally by a number of tax… Read more…

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to businesses about the need to put measures in place to avoid falling victim to cyber crime. In its Audit Insights: Cyber Security report, the organisation warns that while businesses have a good awareness of the risks around cyber crime, this… Read more…

Official statistics have shown that the UK tax gap fell to its lowest-ever level of 6.5 per cent in 2014/15, as HM Revenue & Customs (HMRC) intensifies its crackdown on tax avoidance, evasion and non-compliance. HMRC has made significant progress in reducing the tax gap – the difference between the amount of tax due and… Read more…

HM Revenue & Customs (HMRC) has released a list of priorities to allow for real time adjustments to taxpayer’s tax codes so that they pay the right amount of tax within the current tax year, as part of their ongoing Making Tax Digital (MTD) campaign. The plans, which HMRC intends to implement in the 2017-18… Read more…

From 1 October the UK national minimum wage (NMW) has increased for all workers under the age of 25.   For the 270,000 workers aged 21-24 in the UK earning the NMW this means they have seen their hourly wage rise to £6.95 from £6.70, which for those working a typical 35 hour week will… Read more…

With only a few months left to ensure that their tax returns are completed correctly and filed on time, businesses and individuals are being encouraged to seek help. Those required or who have elected to complete a self-assessment tax return must prepare their annual records before the end of the fiscal year. Whilst the paper… Read more…

HMRC have announced further details of the new Tax Free childcare scheme which is to be introduced in 2017. To be eligible, families will have to have all parents in work and each expecting to earn at least £115 per week and less than £100,000 a year and not be already receiving support through Tax… Read more…

If you are a private landlord, the amount of relief you can receive on property finance costs will be restricted from April 2017. Private landlords of residential properties may currently claim income tax relief on the total cost of finance, such as mortgage and loan interest, but new restrictions come into force next year. Relief… Read more…