News
Entrepreneurs’ Relief rules to be tightened
06 November 2018
Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr Hammond said that “encouraging entrepreneurs must be at the heart...
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Research reveals Inheritance Tax hotspots across the UK
06 November 2018
New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax the town in 2015/16, paying on average £231,000 each.
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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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