Changes to the Dividend Tax regime, which will see the existing tax-free allowance fall from £5,000 to £2,000 from April next year, are set to hit small business owners and investors. The changes currently being considered by MPs as part of the Finance Bill 2017-19 had been delayed when what is now the Finance Act… Read more…

Students who have been heading back to university in recent weeks could be entitled to a helpful tax refund, according to HM Revenue & Customs (HMRC). Those who worked through their summer holidays may have been taxed through PAYE, as if they were earning at that level year-round, but it is unlikely that their earnings… Read more…

Late payments are a headache that most small businesses are familiar with, but new research shows that late payments create problems for the economy as a whole. Figures published by the Department for Business, Innovation and Skills show that UK SMEs are losing £250 billion in cash flow as a consequence. Because SMEs tend to… Read more…

It’s all change when it comes to cash. Last month saw the introduction of a new £10 note and this month sees our last chance to spend the old round £1 coin. Following on from the new Churchill £5 note, the new £10 note is made from the same polymer material, with sophisticated built-in security… Read more…

An Oxfordshire cricket club has been left having to stump up a hefty tax bill after losing a VAT dispute. Despite the common misconception that charitable organisations are exempt from VAT, Eynsham Cricket Club was forced to pay 20 per cent VAT in respect of works to construct its new pavilion. A ruling by a… Read more…

Research published in September has found that 5.6 per cent of working time at small businesses in the UK is spent on back-office and admin tasks. This time could be worth as much as £33 billion a year. According to the report, “Sweating the Small Stuff: the impact of the bureaucracy burden”, accounting tasks were… Read more…

Earlier this year the Government announced that a number of the controversial provisions within its Finance Bill would be dropped ahead of June’s snap general election to ensure an easy passage to Royal Assent. Making Tax Digital and a number of other flagship proposals were subsequently left by the wayside, creating a great deal of… Read more…

The Chancellor, Philip Hammond, has announced that the first Autumn Budget to take place since the set-piece statement’s move to the end of the year will be on Wednesday 22 November 2017. Mr Hammond announced at the Autumn Statement in 2016 that there would no longer be two major fiscal statements each year. This means… Read more…

Businesses need to know the difference between capital and revenue expenditure, as this will have an impact on the way that tax and other finances are reported and handled. In short, capital expenditure is an amount spent to acquire or improve long-term assets, while revenue expenditure is amount that is spent immediately in relation to… Read more…

Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications. Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that… Read more…