Latest News

HMRC takes new steps to tackle online VAT fraud
Posted: April 6, 2018

HM Revenue & Customs (HMRC) has been granted new powers to help combat online VAT fraud conducted on digital marketplaces. Originally outlined by the Chancellor in the 2017 Autumn Budget, the new powers – known by the term ‘joint-and-several liability’ (JSL) for online marketplaces – strengthen existing arrangements to make online marketplaces accountable for VAT _ Read more

Are you one of the 90 per cent of businesses that are unprepared for GDPR?
Posted: April 6, 2018

With less than 60 days left until the deadline for compliance with the General Data Protection Regulation (GDPR), more than 90 per cent of UK small businesses admit they are not yet fully ready. In fact, a poll conducted by the Federation of Small Business (FSB) found that only eight per cent of SMEs have _ Read more

Government extends childcare voucher scheme for additional six months
Posted: April 6, 2018

Working parents across the UK will be delighted to hear that the Government has agreed to a six-month extension of the childcare voucher scheme. It has been estimated that around 80 per cent of working parents may be better off using Childcare Vouchers rather than the new tax-free childcare scheme. The voucher scheme allows employees _ Read more

Spring Statement 2018
Posted: March 13, 2018

By the time Chancellor Philip Hammond rose to his feet in the House of Commons to deliver the first Spring Statement, he had already offered plenty of hints that this would be a low-key affair. Gone was the primetime Wednesday slot after Prime Minister’s Questions, gone was the trailing of policy announcements in the days _ Read more

Landowners could lose £150 million a year in post-Brexit shake-up of farming subsidies
Posted: March 5, 2018

The Government has launched a consultation paper on the Future of Food, Farming and the Environment, encouraging landowners to give their views on the proposals. It had been announced that famers will continue to receive the £3 billion they currently receive in subsidies from the EU each year until 2019 with a transitional period up _ Read more

Tax-Free Childcare launches for all parents of under-12s
Posted: March 5, 2018

A scheme, enabling parents of children aged 12 and under to benefit from up to £2,000 towards the cost of childcare, has now been extended to all working parents with children in the age group. The scheme provides a Government top-up worth £2 for every £8 contributed by parents, up to a maximum of £2,000 _ Read more

SMEs invest three working weeks a year on tax compliance
Posted: March 5, 2018

A new study, prepared by the Federation of Small Businesses (FSB), has found that the UK’s average small business spends nearly three working weeks every 12 months complying with tax rules. This costs SMEs around £5,000 a year on average, according to the survey of 1,000 small businesses. Of the challenges they face, around half _ Read more

Does Nesquik attract VAT? It depends on the flavour, Revenue says
Posted: March 5, 2018

An apparently counterintuitive judgement was handed down last month by the Upper Tier Tribunal as it ruled VAT should be applied to the strawberry and banana flavours of Nesquik milk powder, but not to the chocolate equivalent. The case arose after Nestlé, the manufacturer of the powders made a repayment claim to HM Revenue & _ Read more

Only a third of EIS taken up by companies outside London
Posted: March 5, 2018

New data from HM Revenue & Customs (HMRC) shows that businesses in London and the South East account for 66 per cent of the Enterprise Investment Schemes (EIS) uptake. Despite accounting for 62 per cent of the UK economy, businesses outside London and the South-East only account for £610 million out of nearly £1.9 billion _ Read more

Cash payments plunge as digital payments become the default for many consumers
Posted: March 5, 2018

New research from finance and banking trade body, UK Finance, has found that debit card transactions will overtake those made with cash this year. Meanwhile, ATM usage peaked several years ago, with more than 2.9 billion transactions taking place in 2012, falling to 2.7 billion in 2016, which amounted to £6 billion less than in _ Read more