Business news

Don’t forget the Self-Assessment deadline

7 Dec 2017

While most people will be focused on the festive celebrations at this time of the year, businesses and their owners must not forget the all-important Self-Assessment deadline. The deadline for sending 2016-17 tax returns to HMRC is midnight on 31 … Continue reading

SMEs risk losing out on Christmas income totalling £2bn if they don’t accept cards

7 Dec 2017

A new study has revealed that almost half of all shoppers will not spend money with a business this Christmas if it doesn’t provide facilities to pay by card. A study, commissioned by card machine provider Paymentsense, has found that … Continue reading

Business rates to switch from RPI to CPI, saving SMEs billions of pounds

7 Dec 2017

Businesses across the UK have welcomed the Chancellor’s decision to bring forward plans changing the way business rates are set by two years. In the Autumn Budget, Philip Hammond announced that from April 2018 business rates would rise in line … Continue reading

Class 2 and 4 NIC merger delayed until 6 April 2019

7 Dec 2017

The abolition of Class 2 National Insurance Contributions (NIC) will now be delayed until 6 April 2019, according to a new written statement to the House of Commons. HM Treasury has written to MPs to let them know that the … Continue reading

Simple by name, but not necessarily by nature

7 Dec 2017

Earlier this year, HM Revenue & Customs (HMRC) introduced Simple Assessments for some taxpayers who have, until now, been required to complete Self-Assessment Tax Returns. Those affected are taxpayers with relatively straightforward financial affairs where HMRC considers that it already … Continue reading

Chasing outstanding debts from an individual or sole trader? The process has changed

7 Dec 2017

Outstanding payments can be a major headache for SMEs as they can have a significant effect on cashflow and seeking payment can take up time that would be better spent on running the business. In fact, according to Bacs, the … Continue reading

Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations

7 Dec 2017

The Office for Tax Simplification (OTS) recently published its findings following a review intended to ensure the VAT system remains relevant. On the basis of its findings, the OTS made eight core recommendations: The Government should examine the current approach … Continue reading

Autumn Budget 2017

22 Nov 2017

When Chancellor Philip Hammond stepped up to the despatch box, he would have been acutely aware of the pressure he was under. Some 24 hours before the Chancellor was due to open his famous red box, the Office for National … Continue reading

HMRC to implement changes to how it is paid

14 Nov 2017

HM Revenue & Customs (HMRC) is to change the way that taxpayers and their agents can make payments. From 15 December 2017 and 13 January 2018, the pay at the post office service will be withdrawn and HMRC will no … Continue reading

Over-50s cutting back on essentials to leave inheritance

14 Nov 2017

According to new data from Populus, nearly half of people aged over 50 are willing to forgo luxuries in later life to leave a larger inheritance for their children. The study, commissioned by Saga Money, also found that 80 per … Continue reading

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