Latest News

CIOT reports increase in R40 refund errors
Posted: October 5, 2018

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC). Individuals can use R40 forms to claim tax refunds on tax deducted from savings income. Following the CIOT report, HMRC has now confirmed that _ Read more



Workers miss out on £15.6 million in pay through minimum wage breaches
Posted: October 5, 2018

Minimum wage breaches, including breaches of the National Living Wage, have cost workers from across the UK a combined total of £15.6 million in lost wages. Figures released by the Government show that around 200,000 workers were affected in 2017/18, in what was the highest underpayment since the National Minimum Wage was introduced. In total, _ Read more



HMRC finally launches MTD communications plan and simplified guidance
Posted: October 5, 2018

With only six months left until the launch of Making Tax Digital for VAT, HM Revenue & Customs (HMRC) has finally begun sharing information with businesses about the new regime. While accountants and professional advisers across the UK have been making clients aware of the new digital system for more than two years, the nation’s _ Read more



Micro businesses bear the brunt of late payments
Posted: October 5, 2018

Recent research has shown that micro businesses are bearing the brunt of late payments, with just 52 per cent of the invoices they issue being paid on time. However, the research found significant regional variation, with 68 per cent of micro businesses in Peterborough encountering the scourge of late payments. The research was based on _ Read more



HMRC investigates estate valuations as part of IHT campaign
Posted: October 5, 2018

The number of investigations conducted against estates thought to be avoiding Inheritance Tax (IHT) has increased, according to new data from HM Revenue & Customs (HMRC). The tax authority has revealed that 5,400 estates were investigated during the 2017/18 tax year – a five per cent increase on the previous year’s figure (5,100 estates). This _ Read more



Government backed tax-free savings plan to help savers earn 50p on every £1
Posted: October 5, 2018

The Government has launched a new savings account that offers savers a 50 per cent tax-free bonus on the money they deposit. The new Help to Save account will offer savers up to 50p for every £1 that they save, which could mean that people could benefit from as much as £1,200 of tax-free money _ Read more



Just eight per cent of business loan applications successful with one high street bank
Posted: October 5, 2018

On average, less than one in 10 SME loan applications to one nameless high street bank are successful. The figures were released by SME funding platform, Code Investing, whose CEO, Ayan Mitra, said: “Due to regulation, due to banks having huge cost structures, due to SMEs not having standardised data, there’s quite a big funding _ Read more



Employment claims from contractors brought within IR35 expected after HMRC settlement
Posted: October 5, 2018

A freelance marketing and business development consultant has reached a settlement with HM Revenue & Customs (HMRC) after arguing that she should be entitled to holiday pay as she was considered to be a worker for tax purposes. Susan Winchester had claimed £4,200 in holiday pay against HMRC after she was deemed to fall within _ Read more



Budget date 2018 announced, with half the usual notice
Posted: October 5, 2018

The Chancellor has announced that the 2018 Budget will take place on Monday 29 October 2018, having given just half the usual 10 weeks’ notice of the date. The Autumn Budget, which took place for the first time last year, having been moved from the traditional spring date, was initially trailed to take place annually _ Read more



Working 9 to 5? It’s an unusual way to make a living
Posted: September 5, 2018

The archetypal 9am to 5pm working day might be so ingrained into the psyche of workers across the Western world that Dolly Parton wrote a song about it, but new research has revealed that it is now an unusual way to make a living for UK workers. The YouGov survey found that just six per _ Read more