News
Company tax returns must include COVID-19 grants says HMRC
17 March 2022
Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers.
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HMRC focuses on backlog of work by shuttering telephone services
17 March 2022
HM Revenue & Customs (HMRC) has announced that it is having to prioritise its essential services by temporarily closing some of its telephone hotlines, following a surge in enquiries during and since the pandemic.
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Brexit: UK exports to single market fall amid “unstable” trading environment
11 March 2022
UK exports to the European Union have fallen by almost £20 billion since leaving the single market in 2021, a major study has revealed. The figures, published by the Office for National Statistics (ONS), come after research revealed that half of traders are “not confident” in exporting internationally...
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International trade: UK moves into second and final phase of accession to join CPTPP
03 March 2022
The UK has moved into the second and final phase of accession to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), it has been announced. Membership will give British businesses unlimited access to a global market worth £8.4 trillion each year.
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Brexit: new competition rules to replace retained EU laws
25 February 2022
The Government is set to repeal EU laws that discourage “efficiencies, investment, and innovation” and replace them with regulations that work for British businesses, it has been announced. If you own a business, here’s what you need to know.
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UK Single Trade Window to save traders time and money in wake of Brexit
18 February 2022
The Government is planning to build a central hub to “encompass everything traders do” to support businesses in the wake of Brexit. Known as the Single Trade Window, the digital service will allow international traders to input all of their import and export data in one place.
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Top tax tips to help your business save money
14 February 2022
Whether you are setting up a new business, or already have a successful, well-established company, there are many ways that you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that can be invested in their company.
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Nearly half a million SMEs at risk of failing due to late payments crisis
14 February 2022
According to a new survey from the Federation of Small Business (FSB), more than 440,000 small businesses could fail because of a new late payment crisis. The national small business organisation has called for the Government to step in and take urgent action to improve how companies are paid.
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Fears over move to MTD, as few take part in income tax pilot scheme
14 February 2022
A pilot scheme using software in preparation for the next phase of HM Revenue & Customs’ (HMRC) Making Tax Digital (MTD) initiative has seen a slump in users. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD...
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Company directors banned for Bounce Back Loan fraud
14 February 2022
Two company directors have been banned for a total of 21 years after they fraudulently claimed £100,000 in bounce back loans. Following an investigation by the Insolvency Service, Aamer Aslam from Huddersfield and Razwan Ashraf from Keighley were disqualified for 11 and 10 years respectively...
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