HM Revenue & Customs (HMRC) has confirmed that, as part of a crackdown on cash-in-hand payments, it is monitoring the proportion of card payments processed by small businesses, including restaurants and retailers. According to the Revenue, on average, approximately 30 per cent of sales made by small businesses are paid in cash. However, it says… Read more…

Research has found a 28 per cent increase in premises raids by HM Revenue & Customs (HMRC) over the last year and a 53 per cent increase over the last five years. Last year, HMRC carried out 761 property searches, compared with 593 the previous year and 499 five years ago. The increase comes against… Read more…

The Federation of Small Businesses (FSB) has issued a warning about the impact of the introduction of the new National Living Wage (NLW) on the ability of some SMEs to turn a profit. Research, published by the FSB in September, found that the introduction of the NLW of £7.20 per hour in April 2016 had… Read more…

New guidance has been issued by HM Revenue & Customs (HMRC) about a recently discovered capital gains tax (CGT) avoidance scheme, as the Revenue continues to try and prevent taxpayers from exploiting loopholes in the tax regime. HMRC has identified a scheme that attempts to exploit Entrepreneurs’ Relief by turning income into a capital gain,… Read more…

New research from the British Chambers of Commerce (BCC) has revealed that more than one in three businesses have not heard of the apprenticeship levy. The BCC is calling on the government to communicate better with businesses about the apprenticeship funding reforms, which will affect businesses with a pay bill that exceeds £3 million a… Read more…

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…