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News

NI increase for self-employed scrapped by government

16th March 2017

Philip Hammond has ditched plans to increase National Insurance contributions for the self-employed yesterday, in a humiliating U-turn just a week after the measure formed the centrepiece of his first budget. The chancellor signalled the abrupt change of heart in a letter to Conservative MP Andrew Tyrie, the chair of the treasury select committee, following…
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Are you due £432 for the marriage tax allowance?

13th March 2017

Astonishingly only two in five couples are claiming the £220-a-year marriage tax allowance, official figures show, highlighting the failure of the scheme introduced by former prime minister David Cameron. The allowance allows married couples to pass unused tax-free personal allowance between each other. HMRC figures show that of the 4.2m people eligible for the allowance,…
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16% of UK small businesses still use a ‘shoebox method’ to manage their accounts

7th March 2017

A new report has revealed that 65% of UK small enterprises are not prepared for Making Tax Digital. 16% of UK small businesses still use a ‘shoebox method’ to manage their accounts despite the fact all taxes will be managed online by 2020. According to research by UK200Group, just 35% of smaller firms use online…
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Do Britain’s wealthiest people get preferential treatment from HMRC?

31st January 2017

Commons public accounts committee says failure to crack down on wealthy tax dodgers undermines confidence in system. Britain’s wealthiest people appear to get preferential treatment from HM Revenue & Customs and are not being properly pursued for outstanding tax bills, parliament’s spending watchdog has concluded. HMRC’s failure to clamp down on rich tax dodgers is…
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Self-assessment tax return – the 10 most common mistakes to avoid

11th January 2017

The clock is ticking with just weeks to go to file your tax return. Almost six million of the 11 million or so people in Britain required to fill in a tax return still haven’t sent it in yet. But it is still easy to trip up, due to carelessness, not being organised enough, or…
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New Year’s Accounting Resolutions from XERO

19th December 2016

The beginning of the year is a great time to reflect on the past twelve months and prepare for the next. Here are some useful accounting tips to help you get your business finances up-to-date and ready for the year. XERO have put together a list of 10 New Year’s Accounting Resolutions for 2017.  They…
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HMRC is chasing almost £2bn from UK’s richest

1st November 2016

The National Audit Office said HMRC’s specialist unit recovered £416m in 2015 from 6,500 “high net worth individuals” with wealth of more than £20m. But efforts are ongoing to recover an estimated £1.9bn, the NAO said. Each one of the group of 6,500 is assigned their own HMRC official to liaise with over their tax…
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Asset seizures by HMRC up 145% in a year

14th September 2016

THE number of businesses whose assets were seized by HMRC in order to settle outstanding debts grew sharply in the last year; up 145%, from 649 in 2014/15 to 1,592 in 2015/16, according to Funding Options, the online business finance supermarket. Funding Options said that HMRC seized assets to recover £42.6m of outstanding debt in…
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