Business News

Unwrapping Christmas tax gifts

Posted in Business News | Posted on 5 Dec, 2018

Christmas is a time for giving, but many businesses may not be aware that their gifts can be made in a tax-efficient manner, which could make raising festive spirits that little bit cheaper. While Christmas…

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UK takes second spot for tax compliance in G20

Posted in Business News | Posted on 5 Dec, 2018

New research from the World Bank has revealed that the UK has the second most effective tax system amongst the G20 nations for tax compliance and ease of paying corporate taxes. According to the survey,…

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House of Lords calls for a delay to Making Tax Digital

Posted in Business News | Posted on 5 Dec, 2018

The House of Lords Economic Affairs Committee has criticised HM Revenue & Customs (HMRC) for its handling of Making Tax Digital (MTD) and called for a delay to some of the regime’s mandatory requirements….

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Italian e-invoicing requirements make Making Tax Digital look like a walk in the park

Posted in Business News | Posted on 5 Dec, 2018

While a series of false starts and changes of direction have made Making Tax Digital (MTD) seem more complicated than it might need to be, new e-invoicing requirements that come into effect in Italy from…

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180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)

Posted in Business News | Posted on 5 Dec, 2018

Figures released by HM Revenue & Customs (HMRC) have revealed that 180,500 first-time buyers have benefited from the Government’s changes to Stamp Duty Land Tax (SDLT). HMRC estimates that first-time…

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Big increase in P2P lending

Posted in Business News | Posted on 5 Dec, 2018

The fifth annual UK Alternative Finance Industry Report has revealed a 65 per cent year-on-year increase in peer-to-peer (P2P) lending. The P2P lending market is now worth £2 billion and small and medium-sized…

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Smaller estates should not have to file Inheritance Tax paperwork, says Office for Tax Simplification

Posted in Business News | Posted on 5 Dec, 2018

The Office for Tax Simplification (OTS) has said that smaller and less complex estates should not be subject to the requirement to file Inheritance Tax (IHT) paperwork. The call was part of a review into…

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Public pilot of Making Tax Digital for VAT opens

Posted in Business News | Posted on 12 Nov, 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…

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Payee names to be required for bank transfers in effort to combat fraud and errors

Posted in Business News | Posted on 12 Nov, 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…

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HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error

Posted in Business News | Posted on 12 Nov, 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…

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