News
Value of UK SMEs reach £3 trillion
10 July 2019
New research has found that the total value of UK SMEs has reached more than £3 trillion – with the average small business now worth £2.9 million. The study by MarketInvoice found company valuation is something that two-thirds of owners consider a top priority and something they think about all the time.
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More than 150 chief financial officers and senior finance executives personally fined by HMRC last year
10 July 2019
Research by law firm, Pinsent Masons, has found that more than 150 chief financial officers and other senior finance executives have been fined personally by HM Revenue & Customs (HMRC) in relation to tax accounting issues during the last financial year. This is an increase of 22 per cent on the previous year...
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Remember to pay the annual data protection charge
10 July 2019
Businesses across the UK are being reminded that, if they process personal data, they are subject to a legal requirement to pay the Information Commissioner’s Office (ICO) an annual data protection charge, unless they have a relevant exemption. Any businesses that fail to pay the correct charge are at risk of a fine of up to £4,350.
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Incorporation no longer automatically resets the two year requirement for sole traders
10 July 2019
Entrepreneurs’ Relief (ER) entitles a business owner to significant relief from Capital Gains Tax (CGT) on the disposal of their business, often halving the consequent tax bill. To qualify for ER, the company must normally have been the business owner’s personal company for the whole of the last two years...
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Government confirms that HMRC will get a higher priority when firms go bust
10 June 2019
From April next year, HM Revenue & Customs (HMRC) will rank third just after secured creditors, such as banks, and insolvency practitioners in order to recover additional outstanding tax from failing businesses. Currently, HMRC is ranked alongside unsecured creditors, such as suppliers, trade creditors, contractors...
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MTD for VAT - relaxation on posting supplier statements
10 June 2019
HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements. One of the changes, secured with the help of the Chartered Institute of Taxation (CIoT), relates to purchase invoices from suppliers.
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Significant lack of awareness around gifting rules for IHT
10 June 2019
A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that only 25 per cent of those who had made a gift had a ‘working knowledge’ of...
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EIS and SEIS tax relief funding passes £2.1 billion
10 June 2019
A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark. The EIS scheme saw the larger increase in approved funding, with an increase in funds raised of £28 million.
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New code launched to help protect victims of sophisticated banking fraud
10 June 2019
A new code has been launched by 17 UK banks to protect customers who fall victim to a sophisticated form of fraud known as Authorised Push Payment (APP) scams. APP scams involve tricking people into making payments to fraudsters, who are masquerading as legitimate payees.
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Revenue tests new trigger to increase the accuracy of PAYE codes
10 June 2019
HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes. According to HMRC, as many as half a million tax codes being used by employers across the UK could be incorrect, leading to employees either overpaying or underpaying tax.
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Case Studies
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Sometimes a business does exactly as it says on the tin
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Taxing demands with old school charm
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A shared passion for architecture and a head for numbers
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A taste for growth, a thirst for knowledge
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A modern approach required for music moguls
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Smiles all round for dental practice
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Cut above the rest in personal management style
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Customer care is top of the list for packaging business
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Child's play with proactive accounts management