Business news

Could you benefit from Tax-Free Childcare?

5 May 2017

Last month saw a scheme which has the potential to offer major savings on childcare costs start to be phased in. Tax-Free Childcare will be open to working families – defined as couples or individuals who are each expected to … Continue reading

HMRC goes “nuclear” in pursuit of unpaid taxes

5 May 2017

HM Revenue & Customs (HMRC) issued a record number of court orders to seize company assets in 2016, indicating that the tax office is happy to go after all businesses suspected of tax evasion. The figures, published by Funding Options, … Continue reading

HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax

5 May 2017

Small-scale internet traders, including individuals and businesses who sell goods on websites such as eBay and Amazon, are being hit with ‘tougher penalties’ than larger businesses if they do not declare their income and pay the appropriate tax on their … Continue reading

Online VAT fraud and error costing UK dear

5 May 2017

A report published by the National Audit Office (NAO) estimates that online VAT fraud and error cost the UK somewhere between £1bn and £1.5bn in lost tax revenue during the 2015/16 financial year. Under current UK tax rules, any traders … Continue reading

P11D dispensations have been dispensed with

5 May 2017

Last year saw an important change to the way tax-deductible business expenses, which are paid to employees, are dealt with. Until the beginning of the 2016-17 tax year, employers who did not have a dispensation from HM Revenue & Customs … Continue reading

A furnished holiday letting won’t just give your customers much needed relief

5 May 2017

Landlords should be aware of the different rules which apply to furnished holiday lets and private rented properties, as the tax implications can be enormous. Privately rented properties that are not a principal private residence, and therefore do not qualify … Continue reading

New civil penalty notices are now in effect for residential landlords

5 May 2017

A range of provisions which allow civil penalties to be levied against residential landlords who commit offences under the Housing Act 2004 came into effect last month. Local authorities are now empowered to levy fines of up to £30,000 against … Continue reading

Finance Bill shrinks in the parliamentary wash-up as PM announces snap election

5 May 2017

The announcement of a snap general election to take place on 8 June 2017 had an immediate impact on some of the most eye-catching announcements from the Spring Budget, with the parliamentary wash-up seeing key clauses dropped from the Finance … Continue reading

HMRC launches digital tax pilots

11 Apr 2017

In a bid to calm fears about the introduction of Making Tax Digital (MTD), HM Revenue & Customs (HMRC) is to invite selected businesses and agents to take part in a pilot programme to report their income and expenses as … Continue reading

Small businesses see changes to the VAT Flat Rate Scheme

11 Apr 2017

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes, which came into effect at the beginning of this month. The Flat Rate Scheme was created … Continue reading

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