Blog

6
Nov

National Living Wage to rise in April 2019

National Living Wage to rise in April 2019

In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming this sudden pay rise, small business owners across the UK...

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6
Nov

Entrepreneurs’ Relief rules to be tightened

Entrepreneurs’ Relief rules to be tightened

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” of the...

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6
Nov

Research reveals Inheritance Tax hotspots across the UK

Research reveals Inheritance Tax hotspots across the UK

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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6
Nov

R&D Tax Credit system to be reviewed in light of fraudulent claims

R&D Tax Credit system to be reviewed in light of fraudulent claims

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 on fraudulent...

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6
Nov

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

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

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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6
Nov

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

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

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 into...

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6
Nov

Public pilot of Making Tax Digital for VAT opens

Public pilot of Making Tax Digital for VAT opens

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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29
Oct

Autumn Budget 2018

Autumn Budget 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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11
Oct

Budget date 2018 announced, with half the usual notice

Budget date 2018 announced, with half the usual notice

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. The Autumn Budget, which took place for the first time last year, having been moved from the traditional spring date, was initially trailed to take place...

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11
Oct

Employment claims from contractors brought within IR35 expected after HMRC settlement

Employment claims from contractors brought within IR35 expected after HMRC settlement

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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11
Oct

Just eight per cent of business loan applications successful with one high street bank

Just eight per cent of business loan applications successful with one high street bank

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, due to SMEs not having standardised...

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11
Oct

Government backed tax-free savings plan to help savers earn 50p on every £1

Government backed tax-free savings plan to help savers earn 50p on every £1

The Government has launched a new savings account that offers savers a 50 per cent tax-free bonus on the money they deposit. The new Help to Save account will offer savers up to 50p for every £1 that they save, which could mean that people could benefit from as much as £1,200 of tax-free money...

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11
Oct

HMRC investigates estate valuations as part of IHT campaign

HMRC investigates estate valuations as part of IHT campaign

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). The tax authority has revealed that 5,400 estates were investigated during the 2017/18 tax year – a five per cent increase...

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11
Oct

Micro businesses bear the brunt of late payments

Micro businesses bear the brunt of late payments

Recent research has shown that micro businesses are bearing the brunt of late payments, with just 52 per cent of the invoices they issue being paid on time. However, the research found significant regional variation, with 68 per cent of micro businesses in Peterborough encountering the scourge of late payments.

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11
Oct

HMRC finally launches MTD communications plan and simplified guidance

HMRC finally launches MTD communications plan and simplified guidance

With only six months left until the launch of Making Tax Digital for VAT, HM Revenue & Customs (HMRC) has finally begun sharing information with businesses about the new regime. While accountants and professional advisers across the UK have been making clients aware of the new digital system...

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11
Oct

Workers miss out on £15.6 million in pay through minimum wage breaches

Workers miss out on £15.6 million in pay through minimum wage breaches

Minimum wage breaches, including breaches of the National Living Wage, have cost workers from across the UK a combined total of £15.6 million in lost wages. Figures released by the Government show that around 200,000 workers were affected in 2017/18, in what was the highest underpayment since the National Minimum Wage was introduced.

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11
Oct

CIOT reports increase in R40 refund errors

CIOT reports increase in R40 refund errors

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC).

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17
Sep

Property investments once again hit by new tax rules

Property investments once again hit by new tax rules

In the last few years the property sector has been hit by a number of new tax rules, but now there are two new things on the horizon that landlords must consider.

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17
Sep

HMRC releases new advisory fuel rates for company car users

HMRC releases new advisory fuel rates for company car users

With the price of fuel going up, employees and businesses will welcome new changes to the fuel advisory rates, which from 1 September 2018 have slightly increased on the previous quarter for some vehicles.

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17
Sep

One in ten small businesses are concerned about business failure

One in ten small businesses are concerned about business failure

A new study has revealed that in the last three months the number of SMEs predicting they could close has doubled from five per cent to 10 per cent.

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17
Sep

A quick guide to the new penalties for late MTD filing and payments

A quick guide to the new penalties for late MTD filing and payments

HM Revenue & Customs (HMRC) has announced a pair of penalty systems for late filing and late payment under Making Tax Digital (MTD) for VAT, which is due to come into effect in April 2019.

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17
Sep

Regulator tells banks to stop victim-blaming

Regulator tells banks to stop victim-blaming

The increasing sophistication of bank scams means that customers who lose money to such schemes should not automatically be blamed, the Financial Ombudsman Service has said.

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17
Sep

Working 9 to 5? It’s an unusual way to make a living

Working 9 to 5? It’s an unusual way to make a living

The archetypal 9am to 5pm working day might be so ingrained into the psyche of workers across the Western world that Dolly Parton wrote a song about it, but new research has revealed that it is now an unusual way to make a living for UK workers.

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30
May

Finance Bill shrinks in the parliamentary wash-up as PM announces snap election

Finance Bill shrinks in the parliamentary wash-up as PM announces snap election

The announcement of a snap general election to take place on 8 June 2017 had an immediate impact on some of the most eye-catching announcements from the Spring Budget, with the parliamentary wash-up seeing key clauses dropped from the Finance Bill.

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30
May

New civil penalty notices are now in effect for residential landlords

New civil penalty notices are now in effect for residential landlords

A range of provisions which allow civil penalties to be levied against residential landlords who commit offences under the Housing Act 2004 came into effect last month.

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30
May

A furnished holiday letting won’t just give your customers much needed relief

A furnished holiday letting won’t just give your customers much needed relief

Landlords should be aware of the different rules which apply to furnished holiday lets and private rented properties, as the tax implications can be enormous.

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30
May

P11D dispensations have been dispensed with

P11D dispensations have been dispensed with

Last year saw an important change to the way tax-deductible business expenses, which are paid to employees, are dealt with.

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30
May

Online VAT fraud and error costing UK dear

Online VAT fraud and error costing UK dear

A report published by the National Audit Office (NAO) estimates that online VAT fraud and error cost the UK somewhere between £1bn and £1.5bn in lost tax revenue during the 2015/16 financial year.

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30
May

HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax

HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax

Small-scale internet traders, including individuals and businesses who sell goods on websites such as eBay and Amazon, are being hit with ‘tougher penalties’ than larger businesses if they do not declare their income and pay the appropriate tax on their sales, according to a new study.

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30
May

HMRC goes “nuclear” in pursuit of unpaid taxes

HMRC goes “nuclear” in pursuit of unpaid taxes

HM Revenue & Customs (HMRC) issued a record number of court orders to seize company assets in 2016, indicating that the tax office is happy to go after all businesses suspected of tax evasion.

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30
May

Could you benefit from Tax-Free Childcare?

Could you benefit from Tax-Free Childcare?

Last month saw a scheme which has the potential to offer major savings on childcare costs start to be phased in.

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28
Apr

Give your business’ finances a spring clean

Give your business’ finances a spring clean

With the clocks now having sprung forward and the new tax year upon us, what better time to give your business’ finances a spring clean?

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28
Apr

Does Annual Tax on Enveloped Dwellings (ATED) apply to you?

Does Annual Tax on Enveloped Dwellings (ATED) apply to you?

While changes affecting private residential landlords have made headlines in recent years, the ATED regime is a significant cost for companies, LLPs and partnerships that own a UK residential property valued at more than £500,000.

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28
Apr

Businesses are more buoyant, says the Bank of England

Businesses are more buoyant, says the Bank of England

New research from the Bank of England has shown that Britain’s businesses are feeling more confident and are planning to invest more in the months ahead.

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28
Apr

Record number of employers underpaying workers

Record number of employers underpaying workers

As the National Minimum Wage prepares to go up this month, the Department for Business, Energy and Industrial Strategy has released its latest ‘rogue’s gallery’ of under payers – and it is the biggest list to date.

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28
Apr

Cash basis accounting for landlords

Cash basis accounting for landlords

HM Revenue & Customs (HMRC) confirmed that it will extend the simplified cash basis of accounting for businesses with a turnover below £150,000.

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28
Apr

Trivial in name only – do you know the rules on trivial benefits in kind?

Trivial in name only – do you know the rules on trivial benefits in kind?

Although designated as ‘trivial’ by the taxman, trivial benefits in kind can result in tax savings for you and your employees, which can be anything but trivial.

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28
Apr

Warning over unexpected late payment notices in relation to now-liquidated companies

Warning over unexpected late payment notices in relation to now-liquidated companies

A number of prominent UK collection agencies appear to be closely monitoring liquidations and issuing some businesses and individuals who have purchased goods and services from now-liquidated companies with unexpected payment notices.

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28
Apr

Small businesses see changes to the VAT Flat Rate Scheme

Small businesses see changes to the VAT Flat Rate Scheme

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes, which came into effect at the beginning of this month.

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22
Mar

Spring Budget 2017

Spring Budget 2017

Various rumours were swirling around Westminster in the days before Philip Hammond rose to deliver his first Budget – confirmed as the last time a major fiscal statement will be made in the spring.

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16
Aug

The Restaurant Show: Preview

The Restaurant Show: Preview

Come and see us at the Restaurant show: The show is the definitive platform for the restaurant and foodservice market.

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5
Jan

Pub 16

Pub 16

If we’ve not told you already, we’re part of the Pub 16 show, the only dedicated show for the UK pub industry.

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10
Nov

HMRC enquiries

HMRC are under pressure to deliver more revenue to the government in an attempt to balance the books.

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20
Oct

The Restaurant Show: What does it have to do with pubs?

The Restaurant Show: What does it have to do with pubs?

A lot, if you want to learn the lessons of the growth hospitality sector of the decade: Casual Dining.

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9
Oct

Private investment in pubs

The government’s Enterprise Initiative Scheme (or EIS), a 30 second summary.

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31
Jul

Summer Budget Statement 2015

Two months on from the General Election result, the Chancellor of the Exchequer delivers his second Budget of 2015.

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30
Jul

Miller Magic!

Miller Magic!

The Miller of Mansfield have been voted ‘Readers Restaurant of the Year’ by readers of the Good Food Guide.

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12
Jun

Retail Rate relief scheme

Detailed in the 2014 Budget, you should claim the £1000 concession on your Business Rates.

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6
Apr

If you’re an employer, you should read this

Auto Enrolment (AE) into pensions is the one of the most far reaching changes for SMEs that the UK has seen for many years.

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11
Feb

Pensions Auto Enrolment: All employers must read this…

Auto Enrolment (AE) into pensions is now well underway and will be reaching your business VERY soon.

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