Business news

‘Bank of Mum and Dad’ feels the squeeze

4 Jun 2018

The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of … Continue reading

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 … Continue reading

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 … Continue reading

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 … Continue reading

Government Brexit redeployments to delay Making Tax Digital for Individuals

4 Jun 2018

A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part … Continue reading

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 … Continue reading

Gifts out of income and their benefits to beneficiaries

4 Jun 2018

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts … Continue reading

270,000 late penalty notices cancelled by the Revenue

4 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. … Continue reading

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

4 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) … Continue reading

1.3 million SMEs hoping to branch out internationally to boost growth

4 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 … Continue reading

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