270,000 late penalty notices cancelled by the Revenue

2 May 2018

A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.

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OTS calls for overhaul of ‘complex’ tax charges and reliefs

2 May 2018

An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small and medium-sized enterprises (SMEs), the Office of Tax Simplification (OTS)

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1.3 million SMEs hoping to branch out internationally to boost growth

2 May 2018

An annual survey suggests that some 1.3 million UK-based small and medium-sized enterprises (SMEs) intend to branch out overseas this year in a bid to expand their horizons and fuel their growth plans. According to CitySprint’s latest annual survey of

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Workplace pension contributions more than double

2 May 2018

The percentage of salary employers and employees must contribute to a workplace pension has increased from 6 April 2018. Employees will now contribute three per cent (up from one per cent) of their annual salary into a personal workplace pension,

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Dividend Allowance cut could cost you £1,143. Is it time to restructure?

2 May 2018

For a while, company directors have been able to make a tax-efficient living by taking a combination of salary and dividends due to the generous Dividend Allowance. However, changes which took effect from 6 April 2018 have cut the allowance

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Do you offer an EMI scheme? These are the new rules you need to know about

2 May 2018

EU State Aid approval for the Enterprise Management Incentives (EMI) scheme expired on 6 April 2018, meaning any share options received after this date may not be eligible for tax reliefs. This is an important change for employers who currently

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Millions of people have not checked their online tax accounts for errors

5 Apr 2018

Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax

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Late payments in the spotlight after Carillion collapse

5 Apr 2018

Small businesses in the UK have long been scourged by late payments, but the problem was brought into sharp focus earlier this year following the collapse of construction giant, Carillion, emphasising the importance of careful credit control. According to the

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Quarterly digital reporting to HM Revenue & Customs opens to self-employed individuals

5 Apr 2018

Since March this year, self-employed individuals have had the option of reporting their income digitally to HM Revenue & Customs (HMRC) as part of a pilot of the Government’s Making Tax Digital (MTD) programme. The Government has long had the

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HMRC takes new steps to tackle online VAT fraud

5 Apr 2018

HM Revenue & Customs (HMRC) has been granted new powers to help combat online VAT fraud conducted on digital marketplaces. Originally outlined by the Chancellor in the 2017 Autumn Budget, the new powers – known by the term ‘joint-and-several liability’

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