HM Revenue & Customs (HMRC) has collected an extra £3.4 billion from the UK’s small and medium-sized enterprises (SMEs) as part of an enquiry into underpayment of Value Added Tax (VAT). Continue reading
Have you checked your tax code? One-off payments likely to be considered as recurring income, says regulator
Employees who receive a bonus should review their personal tax accounts to prevent wrong tax code numbers being issued, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned. Continue reading
Farmers in favour
According to a survey conducted recently by the National Farmers’ Union (NFU), an overwhelming majority of the British public are actively supporting the farming sector. Continue reading
SMEs missing out on benefits of cloud software, study suggests
The vast majority of the UK’s 5.4 million small and medium-sized enterprises (SMEs) are missing out on the benefits of cloud software due to a lack of understanding and awareness of modern technology, a new study suggests. Continue reading
MTD could cause problems for pensioners
The story of an 83 year old pensioner living abroad who has been billed for 7p by HM Revenue & Customs (HMRC) is being used to illustrate the problems for older taxpayers when Making Tax Digital (MTD) is brought in for personal tax returns after 2020. Continue reading
Research reveals true impact of cyber-attacks on SMEs
A new study suggests that almost a quarter of UK small and medium-sized enterprises (SMEs) have been forced to temporarily cease their operations as a result of a cyber-attack. Continue reading
Bank Referral Scheme to increase access to finance for small firms
The Treasury has recently appointed Alternative Business Funding (ABF) as the fourth lending platform under the Bank Referral Scheme, which allows small firms that have been rejected by banks to access funding. Continue reading
Card is king, according to a new study
Around half of customers would walk away from a business if cash was the only payment option, a new study has revealed. Continue reading
Businesses bogged down by misconceptions of R&D tax relief
A new study suggests that British small and medium-sized enterprises (SMEs) do not fully understand Research and Development (R&D) tax relief – and that many could be missing out as a result of their own misconceptions. Continue reading
VAT hike for sellers on eBay
Businesses selling goods on eBay have had to pay 20 per cent Value Added Tax (VAT) on top of their fees since the beginning of August following a legal restructuring that means sellers now pay their fees to eBay UK rather than its Luxembourg subsidiary. Continue reading