News
R&D Tax Credit system to be reviewed in light of fraudulent claims
06 November 2018
According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief, Philip Hammond has promised to clamp down...
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HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error
06 November 2018
The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator may have wrongly computed the tax liability.
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Payee names to be required for bank transfers in effort to combat fraud and errors
06 November 2018
From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked when making a transfer, something which has been exploited by fraudsters to trick people...
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Public pilot of Making Tax Digital for VAT opens
06 November 2018
HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.
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Autumn Budget 2018
29 October 2018
The sun was already edging behind the London skyline by the time Chancellor Philip Hammond rose to the despatch box to deliver the first Monday Budget since 1962 – pushed back to 3.30pm because of later Parliamentary sitting times on Mondays.
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Budget date 2018 announced, with half the usual notice
11 October 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.
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Employment claims from contractors brought within IR35 expected after HMRC settlement
11 October 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.
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Just eight per cent of business loan applications successful with one high street bank
11 October 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...
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Government backed tax-free savings plan to help savers earn 50p on every £1
11 October 2018
The Government has launched a new savings account that offers savers a 50 per cent tax-free bonus on the money they deposit.
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HMRC investigates estate valuations as part of IHT campaign
11 October 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).
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Case Studies
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A shared passion for architecture and a head for numbers
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Customer care is top of the list for packaging business
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Cut above the rest in personal management style
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A taste for growth, a thirst for knowledge
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Taxing demands with old school charm
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Sometimes a business does exactly as it says on the tin
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Smiles all round for dental practice
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A modern approach required for music moguls
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Child's play with proactive accounts management