UK’s tax gap continues to fall

5 Jul 2018

Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall. The Revenue has revealed that the tax gap for the 2016-17 tax

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Small businesses say the Government should simplify business rates

5 Jul 2018

A survey has revealed strong support from the UK’s small business community for measures to simplify business rates. A total of 71 per cent of the small businesses questioned said business rates should be simpler and have a greater degree

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Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

5 Jul 2018

The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has called on the Treasury to resist pressure to reduce the VAT threshold from its current £85,000 until after the implementation of Making Tax Digital (MTD)

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More than two-fifths of small business owners are still unaware of MTD

5 Jul 2018

According to a new study, Making Tax Digital (MTD) is currently one of the biggest concerns for VAT-registered small business owners. The research, prepared by Intuit QuickBooks, found that more than three-quarters of SME owners found the legislation challenging and

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Building contractors will have to comply with complex new VAT rules

5 Jul 2018

Those working in the construction and building industry are being encouraged to get to grips with a new way of accounting for VAT. Draft legislation, subject to consultation until 20 July, provides that from 1 October 2019 builders, contractors and

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Vigilance urged as fraudsters fake security measures to access bank accounts

4 Jun 2018

Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was

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Ministers make an about-turn on tax haven transparency measures

4 Jun 2018

In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that

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Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

4 Jun 2018

With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution

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Twice as many workers receiving back pay through National Minimum Wage enforcement

4 Jun 2018

According to HM Revenue & Customs (HMRC), the number of underpaid workers getting the money they are owed under the National Minimum Wage (NMW) legislation has more than doubled. The Revenue’s latest figures show that in the 2017/18 tax year

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Employers attempting to avoid auto-enrolment penalties could have assets seized

4 Jun 2018

The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules.

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