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…

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…